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生物股份(600201):公司信息更新报告:非瘟疫苗研发加速,新品多点开花成长动能强劲
KAIYUAN SECURITIES· 2025-08-20 14:15
农林牧渔/动物保健Ⅱ 生物股份(600201.SH) 非瘟疫苗研发加速,新品多点开花成长动能强劲 2025 年 08 月 20 日 投资评级:买入(维持) 日期 2025/8/20 当前股价(元) 9.19 一年最高最低(元) 9.55/5.62 总市值(亿元) 102.17 流通市值(亿元) 102.17 总股本(亿股) 11.12 流通股本(亿股) 11.12 近 3 个月换手率(%) 226.05 股价走势图 -20% 0% 20% 40% 60% 2024-08 2024-12 2025-04 2025-08 生物股份 沪深300 数据来源:聚源 相关研究报告 《非瘟亚单位疫苗临床试验获批,创 新龙头成长动能强劲—公司信息更新 报告》-2025.7.18 《业绩短期承压,持续创新厚积薄发 —公司信息更新报告》-2025.4.27 《业绩短期承压,新品储备充足持续 成长—公司信息更新报告》-2024.11.3 公司猪用疫苗营收保持稳健增长态势,其中猪用非口蹄疫产品营收增长超过 20%,产品结构不断优化。反刍疫苗,牛二联、布病(Rev.1 株)及小反刍兽疫 活疫苗等核心单品放量增长。禽用疫苗,公司组建专属 ...
康华生物股价下跌1.35% 成交额达6.5亿元
Jin Rong Jie· 2025-08-19 17:08
资金流向方面,8月19日主力资金净流出5686.51万元,占流通市值的0.56%。近五个交易日主力资金累 计净流出979.54万元。 风险提示:市场有风险,投资需谨慎。 截至2025年8月19日15时,康华生物股价报85.99元,较前一交易日下跌1.35%,成交额为6.50亿元。当 日开盘价为87.00元,最高触及89.89元,最低下探至85.70元,振幅为4.81%。 8月19日早盘,康华生物股价在9点47分左右出现快速回调,5分钟内跌幅超过2%,最低报88.22元,成 交1.78亿元。 康华生物属于生物制品行业,业务涵盖疫苗及生物制品的研发、生产和销售。公司产品主要涉及人用疫 苗及宠物疫苗领域,市场覆盖国内及部分海外地区。 ...
行业周报:猪价新一轮上行或逐步开启,非瘟疫苗打开动保板块成长空间-20250817
KAIYUAN SECURITIES· 2025-08-17 09:52
Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that a new round of price increases for pigs may gradually begin, with the African swine fever vaccine opening growth opportunities for the animal health sector [4][5] - The report emphasizes that the investment logic for live pigs is marginally improving, supported by both fundamental and policy factors, with recommendations for specific companies [5][31] Summary by Sections Weekly Observation - As of August 15, 2025, the national average price of live pigs is 13.73 CNY/kg, with a week-on-week increase of 0.06 CNY/kg but a year-on-year decrease of 7.44% [4][13] - The price premium for 150kg fat pigs over 120kg standard pigs is 0.28 CNY/kg, indicating a tightening supply [4][13] Weekly Market Performance (August 11-15) - The agricultural sector underperformed the market by 1.84 percentage points, with the agricultural index down 0.14% while the Shanghai Composite Index rose by 1.70% [6][35] - Key stocks that led the gains include COFCO Sugar (+41.04%), Shunli Biological (+13.97%), and Xiaoming Co. (+8.86%) [6][35] Price Tracking (August 11-15) - The average price of live pigs on August 15 is 13.76 CNY/kg, a slight increase from the previous week [6][46] - The average price of piglets is 28.87 CNY/kg, showing a decrease of 5.03% from the previous week [6][46] - The average price of white feathered chickens is 7.20 CNY/kg, with a week-on-week increase of 0.84% [6][51] Key News (August 11-15) - The central government allocated 1.146 billion CNY for agricultural disaster relief, supporting major grain-producing provinces [6][41]
普莱柯:业绩见底,25年Q1大幅增长-20250428
China Post Securities· 2025-04-28 06:23
Investment Rating - The investment rating for the company is "Add" and maintained [1] Core Views - The company reported a significant decline in revenue and net profit for the year 2024, with total revenue of 1.043 billion yuan, down 16.77% year-on-year, and a net profit of 93 million yuan, down 46.82% year-on-year. However, the first quarter of 2025 showed a recovery with revenue of 279 million yuan, up 18.32% year-on-year, and a net profit of 53 million yuan, up 93.75% year-on-year, driven by growth in poultry vaccines and pharmaceuticals [4][5] - The company is facing pressure in the pig vaccine segment due to increased competition, while the poultry vaccine and pharmaceutical segments are showing growth. The pet vaccine segment is also emerging as a new growth area, with sales exceeding 46 million yuan in 2024 [5] - The company is implementing marketing strategy adjustments and organizational changes to strengthen cost control and core competitiveness, anticipating a recovery in performance as the pig vaccine market stabilizes and new growth opportunities in pet vaccines arise [6] Financial Summary - The company’s financial performance is projected to improve from 2025 to 2027, with expected earnings per share (EPS) of 0.49 yuan, 0.61 yuan, and 0.68 yuan respectively. The revenue is expected to grow from 1.131 billion yuan in 2025 to 1.259 billion yuan in 2027, with net profit projected to increase from 169 million yuan to 237 million yuan over the same period [7][9]
普莱柯(603566):业绩见底,25年Q1大幅增长
China Post Securities· 2025-04-28 05:23
Investment Rating - The investment rating for the company is "Add" and it is maintained [1] Core Views - The company reported a significant decline in revenue and net profit for the year 2024, with total revenue of 1.043 billion yuan, down 16.77% year-on-year, and a net profit of 93 million yuan, down 46.82% year-on-year. However, in Q1 2025, the company showed signs of recovery with a revenue of 279 million yuan, up 18.32% year-on-year, and a net profit of 53 million yuan, up 93.75% year-on-year, driven by growth in poultry vaccines and pharmaceuticals [4][5] - The performance of different vaccine products varies significantly, with poultry vaccines showing continuous growth, while pig vaccines are under pressure due to increased competition in the swine breeding industry. The company’s revenue from poultry vaccines and antibodies increased by 3.31% and 33.80% respectively in 2024 and Q1 2025, while revenue from pig vaccines decreased by 22.58% and 11.64% respectively [5] - The company is expected to recover as it adjusts its marketing strategy and implements organizational changes, with projected EPS for 2025-2027 being 0.49 yuan, 0.61 yuan, and 0.68 yuan respectively, maintaining an "Add" rating [6] Company Overview - The latest closing price of the company's stock is 13.70 yuan, with a total market capitalization of 4.7 billion yuan. The company has a total share capital of 346 million shares, with a debt-to-asset ratio of 15.2% and a P/E ratio of 50.74 [3][4]
金河生物(002688) - 2025年4月27日投资者关系活动记录表
2025-04-27 14:20
Financial Performance - In 2024, the company achieved a revenue of CNY 2.371 billion, a year-on-year increase of 9.04%, and a net profit of CNY 100 million, up 15.9% [1] - In Q1 2025, revenue reached CNY 625 million, a growth of 20.35%, with a net profit of CNY 51.12 million, increasing by 13.23% [2] - The net cash flow from operating activities for 2024 was CNY 498 million, a significant increase of 150.76% [2] Product Performance - The veterinary pharmaceutical segment saw a 21% increase in sales volume and a 21.47% rise in revenue in 2024; Q1 2025 sales volume surged by 55.55% [2] - The expected annual sales volume for 2025 is approximately 100,000 tons of gold mildew powder, reflecting a growth of around 65% [2] - The gross margin for gold mildew premix in 2024 improved by about 10 percentage points due to a 16.31% decrease in corn prices [2] Market Expansion - The U.S. market is the largest overseas market, accounting for about two-thirds of exports; the company plans to raise prices in the U.S. market starting May 1, 2025, to cover increased tariffs [3] - The company is expanding its product applications, with new approvals for gold mildew premix for sheep and ongoing applications for cattle and rabbit [2] Strategic Developments - A strategic cooperation agreement was signed with Shanghai Jiao Tong University for synthetic biology applications, aiming to develop new products and improve existing processes [2] - The company has established a pet division in Shanghai, with 8 health products and 1 rabies vaccine currently available, and 11 products under application [3][5] Investor Engagement - The company engaged with various investors and analysts during an online conference, discussing financial performance, market strategies, and product developments [1] - Key questions from investors included the pricing strategy for gold mildew products and the company's market share in the U.S. [3][4]
【动物疫苗】行业市场规模:2024年全球动物疫苗行业市场规模超140亿美元 北美市场占比约45%
Qian Zhan Wang· 2025-04-09 02:42
Core Insights - The global animal vaccine market is projected to exceed $14 billion in 2024, following a market size of over $13.5 billion in 2023, with a compound annual growth rate (CAGR) of 10.10% over the past five years [1][8]. Market Overview - Animal vaccines, also known as veterinary vaccines, are products made from pathogenic microorganisms that stimulate the immune system of animals to produce specific antibodies, thereby preventing infectious diseases [1]. - North America, including the United States and Canada, is the largest regional market for animal vaccines, accounting for approximately 45% of the global market share in 2023 [3]. Industry Competition - Leading companies in the global animal vaccine industry offer a diverse range of products, including vaccines for pets, pigs, poultry, ruminants, and aquaculture [5]. - Major players such as Merck Animal Health, Zoetis, and Boehringer Ingelheim have established multiple production bases worldwide, indicating significant production capacity [5]. Company Profiles - **Merck Animal Health**: Offers pet vaccines, pig vaccines, poultry vaccines, and aquaculture vaccines, with 29 production bases across 12 countries, including a major facility in Suzhou, China [6]. - **Zoetis**: Operates production bases in the United States and China, having established its first R&D and production base in China in 2019 [6]. - **Boehringer Ingelheim**: Maintains over 20 production bases globally, with two facilities located in Nanchang and Taizhou, China [6]. - **Hualan Biological Engineering**: Initially focused on blood products, it has become a major producer of influenza vaccines in China, accounting for over 40% of the national market [6]. - **Fubao Animal Health**: Produces vaccines for pigs, poultry, and aquaculture, with production bases in the United States and Suzhou, China [6].