证 券 研 究 报 告 动保行业 4 月跟踪报告 4 月圆环、伪狂、腹泻等疫苗批签发增速突 推荐（维持） 出，大环内酯类原料药延续强势表现 ❑ 疫苗批签发：圆环、伪狂、腹泻等疫苗批签发增速突出 ❑ 兽药原料药：品种间价格持续分化，大环内酯类产品继续贡献强势表现 行业研究 动物疫苗及兽药 2025 年 06 月 04 日 华创证券研究所 证券分析师：陈鹏 电话：021-20572579 邮箱：chenpeng1@hcyjs.com 执业编号：S0360521080002 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 7 | 0.00 | | 总市值(亿元) | 476.94 | 0.05 | | 流通市值(亿元) | 444.14 | 0.06 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 12.3% | 12.5% | 11.3% | | 相对表现 | 10.1% | 15.0% | 4.0% | -29% -13% 3% 19% 24/06 24/08 24/10 2 ...

科前生物 20250515 摘要 • 科前生物 2024 年营收 9.4 亿，同比下降 11.5%，净利润 3.8 亿，同比增 长 3.4%。四季度营收 2.8 亿，同比下降 17%，净利润 1.2 亿，同比下降 16%。2025 年一季度营收约 2.45 亿，同比增长 19.7%，净利润约 1.1 亿，同比增长 24%，显示营收恢复增长，盈利能力改善。 • 科前生物核心产品苏威狂犬疫苗预计收入 2.7 亿，同比下降 20%；福星疫 苗预计收入 3.6 亿，同比下降 10%；圆环疫苗实际营收约 1.1 亿，同比下 降 12%。集团客户营收占比 70%，创新型产品是动保行业新增长点。 • 中国威宝二联疫苗获批后，预计未来 2-3 年将成为公司体量过 5 亿元的大 单品。预计 2025、2026 年业绩分别达到约 4.8 亿元和 6 亿元。目前估值 在 13 至 16 倍之间。 • 科前生物新产品表现亮眼，如原之 20 每月收入超千万元，有望达两个亿 规模；腹泻疫苗增速高于整体营收增速；伪狂犬疫苗定价高且受集团认可， 今年或贡献 1 亿营收，未来 2-3 年接近 5 亿元。 • 科前生物宠物板块主要包括犬四联和猫 ...

盈利预测与投资建议。预计2025-2027 年EPS 分别为0.23 元、0.28 元、0.33元，对应动态PE 分别为 30/25/21 倍，维持"持有"评级。 风险提示：产品研发不及预期、产品销售情况不及预期、养殖业突发疫情等风险。 业绩总结：2024年公司实现营业收入12.55亿元，同比降低21.45%，归母净利润为1.09 亿元，同比降低 61.57%。2025 年第一季度公司实现营业收入3.52亿元，同比增长1.06%；归属于上市公司股东的净利润 0.76 亿元，同比降低27.57%。 养殖行业公司资金压力降低或提升动保产品采购意愿。2024年公司各业务板块表现分化，反刍业务显韧 性，新品提供增长潜力。猪用疫苗方面行业竞争激烈导致猪苗板块整体承压。口蹄疫疫苗作为公司基石 产品，市占率保持稳定，但面临价格压力。猪圆环疫苗凭借产品品质实现销量同比大幅上涨52.17%， 但价格同样承压。猪伪狂犬活疫苗销量同比增长28.25%。猪瘟、圆支二联等产品销量有所下滑。反刍 疫苗在下游养殖行情低迷背景下仍具韧性。公司在布病防控领域具备多品类组合和差异化竞争优势，但 受政府招采节奏等因素影响，布病疫苗销量同比下滑1. ...

重视研发持续创新，新品储备充足厚积薄发 2024 年公司研发投入1.79 亿元，占营业收入14.25%。报告期内公司独家取得羊布鲁氏菌病活疫苗 （Rev.1 株）等多个重要单品生产文号，并申报全球第一个猫传腹mRNA 疫苗。非瘟疫苗方面，公司非 瘟亚单位疫苗安全性及有效性达到农业农村部《非洲猪瘟亚单位疫苗免疫效力评价指导原则》规定标 准，目前正有序推进评审。公司重视研发创新，新品储备充足，长期成长动能强劲。 风险提示：猪价上涨不及预期，非瘟疫苗研发不及预期，市场竞争加剧。 业绩短期承压，持续创新厚积薄发，维持"买入"评级公司发布2024 年年报及2025 年一季报，2024 年营 收12.55 亿元（-21.45%），归母净利润1.09 亿元（-61.58%），归母净利润下滑系行业竞争加剧，产品 价格下降、毛利下滑叠加公司继续保持高强度研发投入。2025Q1 营收3.52 亿元（+1.06%），归母净利 润0.76 亿元（-27.57%）。行业竞争加剧，公司短期业绩承压，我们下调公司2025-2026 年盈利预测，新 增2027 年盈利预测，预计公司2025-2027 年归母净利润分别为2.51/3.48/4 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under short-term pressure due to intensified industry competition, declining product prices, and reduced gross margins, alongside continued high R&D investment. However, the company has a strong pipeline of new products that are expected to contribute positively to future growth [4][5][6] Financial Performance Summary - In 2024, the company reported revenue of 1.255 billion yuan, a decrease of 21.45% year-on-year, and a net profit attributable to shareholders of 109 million yuan, down 61.58% year-on-year. The decline in net profit is attributed to increased competition in the industry [4][7] - For Q1 2025, the company achieved revenue of 352 million yuan, an increase of 1.06% year-on-year, while the net profit attributable to shareholders was 76 million yuan, a decrease of 27.57% year-on-year [4] - The company has revised its profit forecasts for 2025-2026 downwards and introduced a new forecast for 2027, expecting net profits of 251 million yuan, 348 million yuan, and 448 million yuan for 2025, 2026, and 2027 respectively [4][7] Market Position and Product Pipeline - The company maintains a solid market share for its major products, with a 23% market share for its pig circovirus vaccine and a 40% market share for its brucellosis vaccine. Several major products are expected to be launched in 2024, contributing to revenue growth in 2025 [5][6] - The company has a strong focus on R&D, with 179 million yuan invested in 2024, representing 14.25% of its revenue. It has obtained production licenses for several important vaccines and is progressing with the development of a novel mRNA vaccine for cats [6] Financial Metrics and Valuation - The company's gross margin for 2024 was 53.86%, and the net margin was 8.30%, reflecting a decline of 5.33 percentage points and 9.04 percentage points respectively. For Q1 2025, the gross margin was 54.53% and the net margin was 21.96% [5] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.22 yuan, 0.31 yuan, and 0.40 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 31.4, 22.6, and 17.5 [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under short-term pressure due to intensified industry competition, declining product prices, and reduced gross margins, alongside continued high R&D investment. However, the company has a strong pipeline of new products that are expected to contribute positively to future growth [4][5] - Revenue for 2024 is reported at 1.255 billion yuan, a decrease of 21.45% year-on-year, with a net profit attributable to the parent company of 109 million yuan, down 61.58% year-on-year. For Q1 2025, revenue is 352 million yuan, an increase of 1.06%, while net profit is 76 million yuan, a decrease of 27.57% [4][5] - The company has adjusted its profit forecasts for 2025-2026 and introduced a new forecast for 2027, expecting net profits of 251 million, 348 million, and 448 million yuan for 2025, 2026, and 2027 respectively [4][5] Financial Performance Summary - The company's gross margin and net margin for 2024 are 53.86% and 8.30%, respectively, showing declines of 5.33 percentage points and 9.04 percentage points. For Q1 2025, the gross margin is 54.53% and the net margin is 21.96% [5] - The company maintains a solid market share in key products, with a 23% market share in pig circovirus vaccines and a 40% market share in brucellosis vaccines. Several major products are expected to be launched in 2024, contributing to revenue growth in 2025 [5][6] R&D and Innovation - In 2024, the company invested 179 million yuan in R&D, accounting for 14.25% of its revenue. The company has secured production licenses for several important vaccines and is progressing with the development of the world's first mRNA vaccine for feline infectious peritonitis [6] - The company emphasizes continuous innovation and has a robust pipeline of new products, indicating strong long-term growth potential [6]

第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 登录新浪财经APP 搜索【信披】查看更多考评等级 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 公司拟以未来实施权益分派方案时股权登记日的公司总股本扣除股份回购专户中股份数量后的股份总数 为基数，向全体股东每10股派送现金红利0.30元（含税）。此预案尚需经公司2024年年度股东大会审议 批准。 第二节 公司基本情况 1、公司简介 ■ 2、报告期公司主要业务简介 根据《上市公司行业统计分类指引》（2023年修订版），公司所处行业为医药制造业，细分子行业为兽 用药品制造业。兽用药品行业又称"动物保健行业"（简称"动保行业"），国内动保市场主要包括兽用生 物制品、兽用化学药品、中兽药三大细分市场，其中兽用生物制品市场以动物疫苗为主，是动保市场中 增速最快的细分领域。动保行业需求主要由下游养殖行 ...