2025 年 11 月 04 日 公司点评 买入/维持 生物股份(600201) 目标价: 昨收盘:10.62 生物股份（600201）2025 年三季报点评：核心单品持续放量，新型疫苗稳步推进 ◼ 走势比较 (10%) 6% 22% 38% 54% 70% 24/11/4 25/1/15 25/3/28 25/6/8 25/8/19 25/10/30 生物股份 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 11.12/11.12 | | --- | --- | | 总市值/流通(亿元) | 118.07/118.07 | | 12 个月内最高/最低价 | 11.28/6.24 | | (元) | | 相关研究报告 <<生物股份（600201）2025 年半年报 点评：整体经营呈现回升复苏趋势， 核心单品销量大幅提升>>--2025- 08-26 <<生物股份（600201）2024 年年报点 评：2024 年动保行业竞争加剧，公司 产品毛利率承压>>--2025-04-27 <<生物股份中报点评：主导产品增长 明显，推动业绩上升>>--2017-08-28 证券分析师：李忠华 电话：010-883 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a recovery in performance, with a focus on the orderly advancement of non-epidemic vaccine clinical trials. The revenue for Q1-Q3 2025 reached 1.042 billion yuan, a year-on-year increase of 7.38%, while the net profit attributable to shareholders was 161 million yuan, a year-on-year decrease of 4.85%. In Q3 alone, revenue was 423 million yuan, up 17.76% year-on-year, and net profit increased significantly by 116.40% year-on-year [2][3] - The company maintains its profit forecast for 2025-2027, expecting net profits of 188 million yuan, 352 million yuan, and 508 million yuan respectively, with corresponding EPS of 0.17 yuan, 0.32 yuan, and 0.46 yuan. The current stock price corresponds to PE ratios of 65.4, 35.0, and 24.3 times for the respective years [2] Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported a revenue of 1.042 billion yuan, a 7.38% increase year-on-year, and a net profit of 161 million yuan, down 4.85% year-on-year. Q3 revenue was 423 million yuan, up 17.76% year-on-year, with net profit soaring by 116.40% year-on-year [2] - The company forecasts net profits of 188 million yuan in 2025, 352 million yuan in 2026, and 508 million yuan in 2027, with EPS projected at 0.17 yuan, 0.32 yuan, and 0.46 yuan respectively [2][3] Market Position and Growth - The company is expanding its market share in the competitive pig vaccine sector, with Q1-Q3 2025 sales of pig foot-and-mouth disease vaccines increasing by 50% year-on-year. The revenue from non-foot-and-mouth vaccines also saw significant growth, with diarrhea vaccine revenue up 120% year-on-year [3] - Direct sales channels for poultry vaccines showed strong performance, with a 40% year-on-year increase in direct sales revenue. The company is also expanding its international business, with revenue growth exceeding 16 million yuan in Q1-Q3 2025 [3] Research and Development - The company emphasizes stable operations and innovation in R&D, with R&D expenses of 96 million yuan in Q1-Q3 2025, a 9.08% increase year-on-year. The non-epidemic vaccine development is progressing, with the first clinical trial expected to begin by the end of December 2025 [4]