农林牧渔/动物保健Ⅱ 科前生物（688526.SH） 归母净利润同比高增，新品持续推出创新驱动成长 2025 年 08 月 26 日 投资评级：买入（维持） 日期 2025/8/26 当前股价(元) 19.33 一年最高最低(元) 20.39/11.00 总市值(亿元) 90.10 流通市值(亿元) 90.10 总股本(亿股) 4.66 流通股本(亿股) 4.66 近 3 个月换手率(%) 48.32 股价走势图 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 2025-08 科前生物 沪深300 数据来源：聚源 相关研究报告 《经营韧性十足，创新驱动成长—公 司信息更新报告》-2025.4.30 《后周期业绩有望修复向上，新品持 续发力持续成长—公司信息更新报 告》-2024.11.3 《经营短期承压，静待 2024H2 业绩修 复—公司信息更新报告》-2024.9.1 陈雪丽（分析师） 王高展（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 wanggaozhan@kysec.cn 证书编号：S079052507000 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates strong operational resilience and growth driven by innovation. Despite a competitive industry landscape, the company reported a revenue of 942 million yuan in 2024, a decrease of 11.48% year-on-year, but showed a recovery in Q1 2025 with a revenue of 245 million yuan, an increase of 19.65% year-on-year. The net profit for 2024 was 382 million yuan, down 3.43%, while Q1 2025 net profit rose by 24.08% to 108 million yuan. The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 467 million, 578 million, and 694 million yuan respectively, corresponding to EPS of 1.00, 1.24, and 1.49 yuan [3][4][5]. Financial Performance Summary - In Q1 2025, the company's core products saw significant revenue contributions: pseudorabies vaccine accounted for 25%, diarrhea vaccine 30%, and circovirus vaccine approximately 25%. Direct sales contributed over 60% of revenue, while distribution accounted for over 30%. The gross margin and net margin for Q1 2025 were 65.88% and 43.96%, respectively, with a year-on-year change of -0.76% and +1.47 percentage points. The company has effectively reduced costs, leading to improved net margins [4][5]. - The company maintained a high level of R&D investment, totaling 86 million yuan in 2024, which is 9.14% of revenue, an increase of 0.82 percentage points year-on-year. New vaccine registrations for pigs and poultry have been achieved, and the company is expanding its product line for ruminant vaccines [5][6]. Financial Forecasts - The financial forecasts indicate a recovery trajectory with projected revenues of 1.131 billion yuan in 2025, 1.358 billion yuan in 2026, and 1.567 billion yuan in 2027, reflecting year-on-year growth rates of 20.1%, 20.1%, and 15.4% respectively. The net profit is expected to grow at rates of 22.0%, 23.9%, and 20.0% for the same years [6][8]. - Key financial ratios include a gross margin of 68.0% in 2025, improving to 71.4% by 2027, and a net margin projected to reach 44.3% by 2027 [6][8]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 16.2 for 2025, 13.1 for 2026, and 10.9 for 2027, indicating a favorable valuation trend as earnings grow [6][8]. - The price-to-book (P/B) ratios are expected to decline from 1.7 in 2025 to 1.4 in 2027, suggesting an attractive investment opportunity as the company continues to enhance its profitability [6][8].