风险提示：1、合作协议签署后执行进度不及预期；2、国际贸易摩擦加剧；3、市场竞争加剧。 海外重大合作协议落定，业务出海动能显现。业务出海有望成为未来几年公司业绩增长的核心驱动力， 2025 年4 月，公司与全球生物技术巨头科汉森签署了为期五年、总目标金额7306 万欧元（约合人民币6 亿元）的乳制品检测产品合作协议。本次合作是公司出海战略的里程碑事件，一方面，本次合作将为公 司未来五年海外业务带来确定性增量，另一方面，我们看好后续海外新签大订单持续落地：1）公司与 科汉森的合作范围有望从乳制品检测领域向非乳制品检测领域拓展；2）本次重大合作形式为双品牌， 依托本次合作带来的品牌力提升，有助于公司加快推进与其它大型国际企业的合作，2025 年9 月，在 BIOEASY 第6 届易瑞生物峰会中公司宣布新签四项重磅国际合作，随着后续新签大订单持续落地，公 司业务出海进程有望加速推进。 To B + To G 双向拓展，国内业务稳步推进。To B 业务层面，在冷链与零售领域，公司与盒马鲜生达成 深度合作，同时深化了与胖东来、永辉超市等客户的合作，此外公司正积极探索与山姆、京东、美团等 标杆性集团客户的合作机遇；在食品 ...

资料来源：公司公告，华创证券预测 注：股价为 2025 年 11 月 18 日收盘价 业绩趋势整体向好，业务出海动能显现 目标价：15 元 事项： ❖ 公司发布 25 年三季报。25Q1-3，营业收入 1.86 亿元（+17.45%），归母净利润 0.18 亿元（+362.49%），扣非净利润 0.04 亿元（24 年同期-0.10 亿元）。25Q3， 营业收入 0.76 亿元（+40.34%），归母净利润 0.16 亿元（+187.43%），扣非净 利润 0.06 亿元（24 年同期-0.05 亿元）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 224 | 272 | 331 | 404 | | 同比增速(%) | -11.7% | 21.5% | 21.5% | 22.0% | | 归母净利润(百万) | 17 | 25 | 50 | 70 | | 同比增速(%) | 109.3% | 44.9% | 100.3% | ...

Core Viewpoint - The article highlights the growth and strategic focus of Yirui Biological, a leading player in the domestic food safety rapid testing industry, emphasizing its shift towards food safety testing and animal diagnostics after divesting its less profitable IVD business [3][5]. Food Safety Rapid Testing - Yirui Biological has established a comprehensive testing system covering all aspects of the food supply chain, including feed, breeding, production, processing, distribution, and retail [3]. - The company has a significant advantage in dairy product testing, gradually replacing most imported products in the domestic market and receiving certifications from various international authorities [3]. - Continuous high R&D investment has led to the development of two major technological barriers: self-synthesis of antigens and antibodies, and efficient pre-treatment technology, with self-synthesis being the core barrier [3]. Animal Diagnostics - Initially focused on economic animal diagnostics, Yirui Biological is expanding into the pet diagnostics market, which is expected to contribute to future growth [4]. - The company plans to develop services related to pet geriatric disease prevention and vaccines, as well as extend into the pet consumer sector to create a diversified business ecosystem [4]. Strategic Partnerships - In April 2025, Yirui Biological signed a significant cooperation agreement with global biotech giant Chr. Hansen, valued at approximately 600 million yuan, focusing on dairy product testing [4]. - This partnership is seen as a milestone for the company's international expansion, with expectations for continued large orders and potential diversification into non-dairy products [4]. Investment Outlook - Yirui Biological is positioned as a leader in the domestic food safety rapid testing sector, with a strategic focus shift expected to enhance performance [5]. - The company forecasts net profits of 25 million yuan, 50 million yuan, and 70 million yuan for 2025-2027, representing year-on-year growth rates of 44.9%, 100.3%, and 40.2% respectively [5]. - A DCF model estimates the company's overall valuation at 6 billion yuan, with a target price of approximately 15 yuan, initiating coverage with a "recommended" rating [5].