Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve steady growth in plasma collection, leading to stable long-term performance [5] - The company maintains a leading position in the domestic market with a projected plasma collection volume of approximately 2,781 tons in 2024, representing a year-on-year growth of 15.15% [7] - The introduction of new products, such as the fourth-generation chromatographic immunoglobulin, is anticipated to significantly enhance profit margins [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,180 million RMB - 2024: 6,032 million RMB (growth of 16.44%) - 2025E: 6,716 million RMB (growth of 11.35%) - 2026E: 7,633 million RMB (growth of 13.65%) - 2027E: 8,627 million RMB (growth of 13.02%) [6] - Net profit forecasts are as follows: - 2023: 1,110 million RMB - 2024: 1,549 million RMB (growth of 39.58%) - 2025E: 1,626 million RMB (growth of 4.93%) - 2026E: 1,859 million RMB (growth of 14.37%) - 2027E: 2,124 million RMB (growth of 14.25%) [6] - The company’s earnings per share (EPS) are projected to be: - 2023: 0.56 RMB - 2024: 0.78 RMB - 2025E: 0.82 RMB - 2026E: 0.94 RMB - 2027E: 1.07 RMB [6] Market Performance - The closing price of the company's stock is 19.10 RMB, with a total market capitalization of approximately 37,767.79 million RMB [3]

证券研究报告·公司点评报告·生物制品 奥浦迈（688293） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 243.12 | 297.24 | 390.60 | 518.08 | 655.77 | | 同比（%） | (17.41) | 22.26 | 31.41 | 32.64 | 26.57 | | 归母净利润（百万元） | 54.04 | 21.05 | 66.50 | 108.58 | 140.94 | | 同比（%） | (48.72) | (61.04) | 215.86 | 63.29 | 29.80 | | EPS-最新摊薄（元/股） | 0.48 | 0.19 | 0.59 | 0.96 | 1.24 | | P/E（现价&最新摊薄） | 86.68 | 222.49 | 70.44 | 43.14 | 33.23 | [Table_Tag] [Table_Summary] 投资要点 2025 年 04 月 ...

Core Viewpoint - The blood products industry, once considered a "golden track," is facing significant challenges in Q1 2025, with major companies experiencing over 20% declines in net profits, contrasting sharply with their strong performance in 2024. This downturn is attributed to a combination of price wars, inventory buildup, and technological substitution [1]. Group 1: Financial Performance - TianTan Bio reported a revenue increase of 7.84% to 1.318 billion yuan, but its net profit plummeted by 22.9%. Operating cash flow fell by 65.75%, and accounts receivable surged by 1093%, indicating deteriorating sales collection efficiency [2]. - Boya Bio's revenue grew by 19.49%, yet its net profit decreased by 8.25%, with core products like human albumin seeing price declines of 2.65% to 12% [2]. - Pailin Bio experienced a revenue drop of 14% and a net profit decline of 26.95%, with operating expenses rising to 18.04%, indicating a failure in cost control [2]. - Shanghai Laishi's net profit growth rate fell from 23.25% to -25.20%, highlighting operational pressures despite expansion efforts [2]. Group 2: Industry Dynamics - The industry's sudden performance decline is driven by price wars, inventory accumulation, and technological substitution. In 2024, blood product inventory growth (36.02%) significantly outpaced cost growth (7.12%), forcing companies to lower prices to clear stock. The terminal price of human albumin has dropped to 350-380 yuan per bottle [3]. - Although not included in national procurement, regional alliance negotiations and competition from imported products create "invisible procurement pressure," with imported albumin's market share rising to 69% and over 70% in tertiary hospitals [3]. - Disruptive technologies are eroding the industry's competitive advantages, with plant-based recombinant albumin potentially reducing costs to below 10 yuan per gram, halving current blood-derived product prices. Additionally, recombinant coagulation factor VIII has captured a 30 billion yuan market share, further compressing the premium space for blood-derived products [3]. Group 3: Opportunities and Challenges - The reliance on imports and the threat from recombinant technologies make domestic production crucial for overcoming current challenges. Tariffs on imports from the U.S. could increase imported albumin prices by 10%-15%, highlighting the cost-effectiveness of domestic products, which currently hold a 31% market share that needs to rise above 50% [4]. - Leading companies are accelerating technological advancements, with TianTan Bio achieving a revenue of over 6 million yuan per ton of plasma and aiming for a 50% domestic production rate for coagulation factors. Shanghai Laishi is investing 4.2 billion yuan to acquire Nanyue Bio, increasing its plasma collection stations to over 50, with the top five companies controlling over 80% of plasma collection [4]. - However, the disruptive threat from recombinant technologies remains, with the clinical adaptation and market education for recombinant albumin expected to take 5-8 years, providing traditional companies with a valuable window for transformation [4]. Group 4: Conclusion - The blood products industry's challenges are not coincidental but rather a painful transition in market logic. As price wars and inventory pressures push companies towards efficiency competition, the race for survival in this trillion-yuan market will test not only the number of plasma collection stations but also product quality, cost control, and strategic foresight [5].

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0500 | -0.6900 | 92.75 | -0.5700 | | 每股净资产（元） | 19.8 | 20.64 | -4.07 | 26.72 | | 每股公积金(元) | 26.58 | 26.57 | 0.04 | 26.71 | | 每股未分配利润(元) | -7.88 | -6.99 | -12.73 | -0.87 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.37 | 1.14 | 20.18 | 1.01 | | 净利润(亿元) | -0.12 | -1.7 | 92.94 | -1.4 | | 净资产收益率(%) | -0.24 | -3.28 | 92.68 | -2.09 | | 名称 | 持有数量(万股) | 占总股本比例( ...

证券研究报告 科前生物 (688526 CH) Q1 业绩同比修复延续,关注新品研发 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 29 日│中国内地 | 农林牧渔 | 科前生物发布 2024 年报及 2025 年一季报，2024 年实现营收 9.42 亿元 （yoy-11.48%），归母净利 3.82 亿元（yoy-3.43%）；其中 Q4 实现营收 2.76 亿元（yoy+16.81%，qoq+4.31%），归母净利 1.22 亿元（yoy+216.18%， qoq+12.74%）。25Q1 实现营收 2.45 亿元（yoy+19.65%，qoq-11.30%）， 归母净利 1.08 亿元（yoy+24.08%，qoq-11.10%）。下游需求或持续修复， 看好公司多种、多类新品上市持续带动公司业绩向好，维持"买入"评级。 收入同比逐季改善，Q1 业绩同比修复延续 2024 年，公司营收、盈利均有所承压，毛利率亦同比下降约 8pct。我们分 析，或主要系下游生猪养殖行业虽在 2024H1 迎来周期反转向上、并实现扭 亏为盈，但动保产品使用积极性修 ...

成大生物公告，2025年第一季度营收为3.58亿元，同比下降1.73%；净利润为7221.8万元，同比下降 11.35%。 ...

Core Insights - Yongshun Bio achieved operating revenue of 269 million yuan and net profit of 40 million yuan in 2024, maintaining a steady operational trend [1] - The company has successfully expanded its overseas revenue, surpassing 20 million yuan for the first time [1] - In Q1 2025, Yongshun Bio reported operating revenue of 65.46 million yuan and net profit attributable to shareholders of 7.92 million yuan, continuing its stable performance [1] Product and Market Position - Yongshun Bio is a leading domestic veterinary biological product company, focusing on swine and poultry vaccines with over 30 product varieties [2] - The company holds a strong market position in core products, with significant market shares in swine vaccines, particularly the classical swine fever live vaccine and the three-in-one vaccine for swine [2] - Key products such as the pseudorabies live vaccine and the porcine circovirus type 2 inactivated vaccine saw substantial sales growth, with revenues of 14.91 million yuan (up 35.47%) and 8.12 million yuan (up 71.71%) respectively in 2024 [2] Financial and Operational Efficiency - Yongshun Bio has optimized its financial structure, reducing total liabilities by 16.35% compared to the beginning of the year, enhancing its balance sheet [2] - The company invested 23 million yuan in R&D in 2024, accounting for 8.54% of its operating revenue, and obtained new drug registration certificates and patents, enriching its product line [3] - The production system has undergone technological innovation and management upgrades, with successful GMP dynamic acceptance of its bacterial inactivated vaccine production line [3] International Expansion - Yongshun Bio has successfully registered new products in Egypt, adding to its international presence alongside Vietnam, with a total of 7 and 2 products registered in these countries respectively [4] - The company’s overseas revenue reached over 20 million yuan in 2024, marking a year-on-year growth of 34.31%, indicating an increasing contribution from international markets [4]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 2.65 billion yuan, a year-on-year decrease of 23.7%, and a net profit attributable to shareholders of 200 million yuan, down 76.6% year-on-year [1] - For Q1 2025, the company reported operating revenue of 650 million yuan, an increase of 42.9% year-on-year, while the net profit attributable to shareholders was 20 million yuan, a decrease of 58.5% year-on-year [1] - The quarterly breakdown for 2024 shows operating revenues of 450 million yuan (Q1), 750 million yuan (Q2), 820 million yuan (Q3), and 630 million yuan (Q4), with corresponding net profits of 50 million yuan, 110 million yuan, 190 million yuan, and a loss of 150 million yuan [1] Group 2: Vaccine Production and Pipeline - The company experienced a mixed performance in vaccine batch approvals in 2024, with significant increases in several products, including a 3262.5% rise in human diploid rabies vaccine approvals, and a 49.9% increase in 13-valent pneumonia vaccine approvals [2] - The company has multiple products in the research pipeline, with progress reported on several vaccines, including the Sabin strain inactivated polio vaccine and the quadrivalent influenza virus split vaccine [2] - A collaboration agreement with AstraZeneca has been signed to establish a joint venture for the development of innovative vaccines [2] Group 3: Earnings Forecast - The expected earnings per share (EPS) for the company are projected to be 0.34 yuan in 2025, 0.43 yuan in 2026, and 0.52 yuan in 2027 [3]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.1068 | -0.0731 | -46.1 | -0.0474 | | 每股净资产（元） | 0.36 | 0.47 | -23.4 | 0.54 | | 每股公积金(元) | 0.03 | 0.03 | 0 | 0.03 | | 每股未分配利润(元) | -0.71 | -0.60 | -18.33 | -0.53 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.04 | 2.35 | -13.19 | 2.7 | | 净利润(亿元) | -1.1 | -0.75 | -46.67 | -0.49 | | 净资产收益率(%) | -25.72 | -14.49 | -77.5 | -8.39 | 前十大流通股东累计持有： 42659.83万股，累计占流通股比： 41.44%，较上期变化： -1309.64万股。 | 名称 | 持有 ...

奥浦迈 20250428 摘要 奥浦迈公司在战略布局上取得了多项进展。太仓工厂琼脂糖产线及液体培养基 灌装线已正式投入试运营，这不仅增强了新产品工艺开发和生产能力，还能替 代进口高端琼脂糖产品。此外，美国全职子公司的实验室已正式运营，并吸引 了一些优秀人才加入，使得美国项目可以直接进行细胞培养基应用开发实验。 同时，公司加快推进美国工厂建设，以应对双边贸易战带来的挑战。在国际化 方面，公司正在推动收购腾讯项目，将 CR CDMO 延伸为 CRDMO，进一步完 善细胞培养产品与服务整合解决方案。 奥浦迈公司的未来发展前景如何？ 尽管国际形势复杂且充满变化，但奥浦迈公司已经做好准备迎接新一轮的快速 增长。不论外部环境如何挑战，公司都能够稳扎稳打地实现业务增长和国际化 进度，为股东创造更大的价值。在接下来的第二季度，公司将继续努力推动各 项业务的发展，并期待未来持续可观的增长。 • 奥浦迈 2025 年一季度营收 8,367.8 万元，同比增长 4.98%；归母净利润 1,466 万元，同比下降 25%，主要因研发投入增加导致税费增加，预计四 季度税费调整后业绩将改善。培养基业务稳健增长 2.5%，未发货订单增 加 ...