盈利预测与投资建议。我们预计2025~2027 年公司EPS 为0.91、1.08、1.16元，对应动态PE 25、21、20 倍，维持"买入"评级。 风险提示：养殖端突发疫病风险、下游需求不及预期风险、研发进度不及预期风险。 经济动物板块表现强劲，大客户战略与产品创新双轮驱动。2025年上半年，公司经济动物动保板块中， 禽用生物制品实现收入6.11 亿元，同比增长24.71%；畜用生物制品实现收入1.36 亿元，同比大幅增长 110.55%，主要受益于口蹄疫疫苗业务并表及市场拓展；制剂及原料药收入5.18 亿元，同比增长 7.89%。公司持续深化与双胞胎、圣农、德康等头部养殖集团的战略合作，以"检测-监测-预警-产品优 化-解决方案"的全链条闭环服务赋能养殖端降本增效。研发方面，公司取得全球首个食品动物用mRNA 疫苗（猪流行性腹泻病毒mRNA 疫苗）临床批件，彰显其在前沿技术领域的领先实力。 深耕宠物板块产业生态系统构建，打造本土领先品牌。公司坚定推进"三瑞齐发"战略，依托"产品+供应 链+医疗"的产业护城河，驱动宠物医疗板块持续增长。报告期内，宠物供应链及产品收入达4.15 亿 元，同比增长17.94% ...

Industry Overview - The pet medical market is transitioning from a niche sector to a competitive arena, driven by the increasing demand for pet healthcare as pets are considered family members [1][2] - The pet medical market is projected to account for approximately 28% of total pet consumption in urban China by 2024, with a market size of around 800 billion yuan [2] Company Involvement - Numerous listed companies and large pharmaceutical firms are entering the pet medicine sector, including Hai Zheng Pharmaceutical, Huadong Medicine, and Reap Bio [2][3] - Hai Zheng Dongbao, a subsidiary of Hai Zheng Pharmaceutical, has become a leading brand in the domestic pet medicine market, focusing on deworming drugs and vaccines [3] Market Potential - The pet medicine market is primarily composed of deworming drugs, skin disease medications, and vaccines, with deworming drugs accounting for about 60% of the market share [4] - There is a significant demand for medications targeting elderly pets, chronic diseases, and tumors, indicating a potential growth area for the pet medicine industry [5][6] R&D and Innovation - The R&D costs for pet medicines are significantly lower than for human medicines, with pet innovation drugs typically costing between 20 million to 30 million yuan [2][5] - Hai Zheng Dongbao plans to leverage its human medicine resources to enhance its pet medicine R&D capabilities, aiming to reduce costs and risks [3][6] Vaccine Development - The domestic pet vaccine market is experiencing accelerated progress in local alternatives, with the first domestically approved cat trivalent vaccine set to launch in January 2024 [7] - By mid-2025, 11 domestic cat trivalent vaccines are expected to be available, with domestic vaccines capturing a 25% market share [7][8] Future Outlook - The aging pet population is anticipated to drive the demand for pet healthcare services, with over 30 million pets expected to enter middle age in the next three years [5] - Companies are focusing on developing a product matrix that includes both vaccines and chemical drugs to meet the growing market needs [8]