== 农林牧渔 2025 年 08 月 26 日 晨光生物 (300138) 业绩符合预期，植提新品变化积极 报告原因: 有业绩公布需要点评 撸持(维持) 联系人 王子昂 (8621)23297818× wangza@swsresearch.com | 市场数据: | 2025年08月25日 | | --- | --- | | 收盘价（元） | 14.20 | | 一年内最高/最低（元） | 14.44/6.91 | | 市净率 | 2.1 | | 股息率%（分红/股价） | 0.92 | | 流通 A 股市值(百万元) | 5,656 | | 上证指数/深证成指 | 3,883.56/12,441.07 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025年06月30日 | | --- | --- | | 每股净资产 (元) | 6.75 | | 资产负债率% | 64.40 | | 总股本/流通 A 股 (百万) | 483/398 | | 流通 B 股/H 股 (百万) | | 年内股价与大盘对比走势： 相关研究 证券分析师 몸昌 A0230516010001 lvchang@sws ...

8月20日公司公告称，全资子公司河北晨光药业拟将持有的河北晨光天润制药97.5%股权转让给四川同 晟生物医药。转让完成后，晨光天润制药将不再纳入公司合并报表范围。截至2025年7月31日，公司向 晨光天润制药提供借款余额为7078.24万元。 晨光生物8月21日股价报13.67元，较前一交易日下跌1.87%。当日成交量为97213手，成交金额达1.34亿 元。 晨光生物主要从事植物提取物的研发、生产和销售，产品广泛应用于食品、保健品、化妆品等领域。公 司主要产品包括辣椒红素、叶黄素、甜菊糖苷等天然植物提取物。 8月21日主力资金净流入193.26万元，占流通市值的0.04%。近五日主力资金累计净流出2076.32万元， 占流通市值的0.38%。 风险提示：投资有风险，入市需谨慎。 ...

从"门外汉"到行业翘楚，从初涉植物提取行业到多项产品销量世界领先，晨光生物科技集团创造的 这些奇迹，都离不开公司创始人——晨光生物董事长卢庆国。 成功秘诀在哪儿？卢庆国坦言：是时代赋予了好机遇，向新而行是企业发展的动力源泉。 作为晨光生物的创立者，卢庆国始终秉持"天道酬勤"的人生信念。他脚踏实地、深耕细作，以创新 为驱动，以人才为支撑，长期致力于植物有效成分的提取制备技术开发及产业化工作。 选准行业 晨光生物贵阳生产基地内一派繁忙景象：农产品原料进厂、生产线精加工生产、产成品出厂，一项 项工序有条不紊地进行。"这是公司新建的生产基地，拥有一条香辛料超临界提取生产线，主要用于干 花椒的生物提取。"晨光生物贵阳生产基地负责人、晨光生物香辛料事业部经理武亚明介绍。 在企业生产基地，卢庆国打开记忆的闸门："1998年前，企业还是河北曲周县的五金厂，只能生产 木质窗户上的拉手插销和手工扳手。企业要想活下去，必须寻找新的发展机会。经过一番深度调研后发 现，市场对辣椒红素的需求很大，但却没有一家规模化企业，这是一个发展机会。" 但是发展新产业，对卢庆国来说难点也很突出——天然色素提取的技术含量比做扳手高多了。 卢庆国决定放 ...

从"门外汉"到行业翘楚，从初涉植物提取行业到多项产品销量世界领先，晨光生物科技集团创造的这些 奇迹，都离不开公司创始人——晨光生物董事长卢庆国。 成功秘诀在哪儿？卢庆国坦言：是时代赋予了好机遇，向新而行是企业发展的动力源泉。 作为晨光生物的创立者，卢庆国始终秉持"天道酬勤"的人生信念。他脚踏实地、深耕细作，以创新为驱 动，以人才为支撑，长期致力于植物有效成分的提取制备技术开发及产业化工作。 选准行业 晨光生物贵阳生产基地内一派繁忙景象：农产品原料进厂、生产线精加工生产、产成品出厂，一项项工 序有条不紊地进行。"这是公司新建的生产基地，拥有一条香辛料超临界提取生产线，主要用于干花椒 的生物提取。"晨光生物贵阳生产基地负责人、晨光生物香辛料事业部经理武亚明介绍。 在企业生产基地，卢庆国打开记忆的闸门："1998年前，企业还是河北曲周县的五金厂，只能生产木质 窗户上的拉手插销和手工扳手。企业要想活下去，必须寻找新的发展机会。经过一番深度调研后发现， 市场对辣椒红素的需求很大，但却没有一家规模化企业，这是一个发展机会。" 但是发展新产业，对卢庆国来说难点也很突出——天然色素提取的技术含量比做扳手高多了。 卢庆国决定放 ...

从"门外汉"到行业翘楚，从初涉植物提取行业到多项产品销量世界领先，晨光生物科技集团创造的这些 奇迹，都离不开公司创始人——晨光生物董事长卢庆国。 成功秘诀在哪儿？卢庆国坦言：是时代赋予了好机遇，向新而行是企业发展的动力源泉。 作为晨光生物的创立者，卢庆国始终秉持"天道酬勤"的人生信念。他脚踏实地、深耕细作，以创新为驱 动，以人才为支撑，长期致力于植物有效成分的提取制备技术开发及产业化工作。 选准行业 晨光生物贵阳生产基地内一派繁忙景象：农产品原料进厂、生产线精加工生产、产成品出厂，一项项工 序有条不紊地进行。"这是公司新建的生产基地，拥有一条香辛料超临界提取生产线，主要用于干花椒 的生物提取。"晨光生物贵阳生产基地负责人、晨光生物香辛料事业部经理武亚明介绍。 在企业生产基地，卢庆国打开记忆的闸门："1998年前，企业还是河北曲周县的五金厂，只能生产木质 窗户上的拉手插销和手工扳手。企业要想活下去，必须寻找新的发展机会。经过一番深度调研后发现， 市场对辣椒红素的需求很大，但却没有一家规模化企业，这是一个发展机会。" 但是发展新产业，对卢庆国来说难点也很突出——天然色素提取的技术含量比做扳手高多了。 卢庆国决定放 ...

Core Insights - National strategic investment platform Guotou Juli has completed a strategic investment of 450 million yuan in leading synthetic biology company Yikole Biotechnology [1] - Yikole's core competitiveness lies in its platform-based technology system, effectively overcoming the core bottleneck of "engineering transformation" in biological manufacturing [1] - The company has successfully achieved seamless scaling from "gram-level research" to "thousand-ton-level production" through its complete technology path and eight innovative technology platforms [1] Industry Positioning - Yikole is set to be the first in China to achieve market approval for high-value functional raw materials such as human milk oligosaccharides (HMOs), steviol glycosides, and nest acid from 2023 to 2025, gaining a first-mover advantage [2] - The company has established over 20 mature product lines in the fields of biomedicine, green agriculture, and life health [2] - Yikole has formed joint ventures with industry leaders, such as "Hongmo Bio" with Mengniu Group for HMOs commercialization and "Yikotang" with Jinhwa Industrial for health sweetener operations [2] Strategic Collaboration - Guotou Juli's investment aligns with the national strategy to accelerate the development of biological manufacturing and create new productive forces [3] - The collaboration will focus on innovative platform construction and cutting-edge technology application research [3] - Both parties will prioritize advancing biosynthesis technology using carbon compounds like carbon dioxide, carbon monoxide, and methanol, supporting the sustainable development strategy of "not competing with food for land or grain" [3]

Core Insights - National Investment Group's subsidiary, Guotou Juli, has completed a strategic investment of 450 million RMB in the synthetic biology company Yikolei Biotech, marking another significant investment in the biomanufacturing sector following a previous investment of 300 million RMB in Muen Biotech in 2024 [1][2]. Company Overview - Yikolei Biotech, established in 2015, has developed a comprehensive synthetic biology technology pathway and industrial production capabilities, focusing on enzyme-biosynthesis routes and intelligent cell design [3]. - The company has a diverse product matrix and has become a strategic partner for several industry giants, maintaining a leading position in biomedicine and green agriculture, with recent breakthroughs in the nutrition and health sector [5]. Product Innovations - Yikolei Biotech is the first company in China to receive approval for several functional food ingredients, including HMOs (human milk oligosaccharides), steviol glycosides, and sialic acid [5]. Industry Event - The 2025 Synthetic Biology and Green Biomanufacturing Conference (SynBioCon 2025) will be held from August 20-22 in Ningbo, Zhejiang, focusing on AI and biomanufacturing, green chemicals, new materials, future food, and agriculture [7]. - The conference aims to explore the development trends of the biomanufacturing industry during the 14th Five-Year Plan, emphasizing technology transfer, product scaling, and talent acquisition [7].

Group 1: Financial Performance - The company expects to achieve operating revenue of 3.46 billion to 3.76 billion yuan in the first half of 2025, representing a year-on-year growth of -0.89% to 7.71% [2] - Net profit attributable to shareholders is projected to be between 202 million and 232 million yuan, with a year-on-year growth of 102.33% to 132.38% [2] - The net profit after deducting non-recurring gains and losses is estimated to be between 174 million and 204 million yuan, reflecting a growth of 117.40% to 154.88% compared to the previous year [2] Group 2: Business Performance Drivers - The recovery in the cottonseed business is a major factor contributing to the company's turnaround [3] - The gross profit from plant extraction products such as chili red, chili essence, and stevia glycosides has increased year-on-year [3] - The company is actively expanding into new product categories, including natural sweeteners and essential oils, aiming to achieve a target of ten world-leading products [3] Group 3: Market Outlook and Strategy - The third quarter is expected to be a slow season, but the company anticipates continued growth in product sales, particularly for chili red and chili essence [4] - The company holds approximately two-thirds of the market share for chili red products, with plans to deepen competitive advantages and expand product applications [4] - The strategy focuses on increasing market share through cost-effective solutions rather than monopolistic pricing, capitalizing on the growth potential in developing countries [4] Group 4: Operational Insights - The company has established a robust risk management framework for its cottonseed business, leading to improved operational stability [4] - A highly educated R&D team and proprietary extraction processes contribute to competitive production costs [5] - The company has acquired farmland in Zambia for cultivation, benefiting from lower land and labor costs compared to domestic operations [5] Group 5: Future Growth Expectations - The plant extraction industry is projected to maintain rapid natural growth, with the company aiming to enhance its market position in core products while nurturing second-tier products [6] - The company plans to leverage its established reputation and strong financial position to ensure supply chain security for downstream customers [6]

Core Viewpoint - The company, Morning Bio, is experiencing a significant recovery in its performance, with a projected net profit increase of 102.33% to 132.38% in the first half of 2025 compared to the same period last year, primarily driven by the recovery of its cottonseed business and growth in plant extraction products [1][4]. Group 1: Financial Performance - Morning Bio expects a net profit of 202 million to 232 million yuan in the first half of 2025, compared to 99.83 million yuan in the same period last year [1][4]. - In 2023, the company achieved a record high revenue of 6.872 billion yuan and a net profit of 480 million yuan [3]. - In 2024, the company faced challenges with a net profit drop of 80.39% to 94.05 million yuan due to significant losses in the cottonseed business [3][4]. Group 2: Business Segments - The recovery in the cottonseed business is attributed to improved market conditions, with the company planning to increase the protein content in its products to enhance profitability [4][7]. - The plant extraction business, including products like chili red, chili essence, and stevia glycosides, has shown a year-on-year increase in gross profit, contributing to overall performance improvement [1][4]. Group 3: Industry Position - Morning Bio has become the largest listed company in China's plant extraction industry and ranks among the top tier globally, competing with international leaders [5][6]. - The company has developed proprietary technologies for extracting chili red pigment, positioning China as a leading producer in this sector [5]. Group 4: Technological Advancements - The company has invested nearly 10 million yuan in process improvements for its cottonseed business and over 3 million yuan in upgrading its stevia production line, achieving a 30% reduction in production costs [7]. - The first quarter of 2025 saw the plant extraction business generate 867 million yuan in revenue, a 13.78% increase year-on-year, attributed to a successful volume-based pricing strategy [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Views - The company is experiencing a performance recovery that exceeds expectations, with growth potential still present in the mid-term [1]. - The recovery in the cottonseed business is a significant factor contributing to the strong performance in the first half of the year, supported by favorable market conditions [2]. - The company is positioned as a leader in the plant extract sector, with stable profitability from key products and a strategic plan that is progressing steadily [9]. Financial Summary - **Revenue Forecast**: The company expects to achieve revenues of 6,872 million yuan in 2023, with a growth rate of 9.1%. Projections for 2024 and 2025 show revenues of 6,994 million yuan and 7,064 million yuan, respectively, with growth rates of 1.8% and 1.0% [1]. - **Net Profit**: The forecasted net profit for 2023 is 480 million yuan, with a year-on-year growth of 10.5%. However, a significant drop is expected in 2024, with a projected net profit of 94 million yuan, reflecting an 80.4% decline. A recovery is anticipated in 2025, with a net profit of 346 million yuan, representing a growth of 268.1% [1]. - **Earnings Per Share (EPS)**: The latest diluted EPS is projected to be 0.99 yuan in 2023, dropping to 0.19 yuan in 2024, and recovering to 0.72 yuan in 2025 [1][9]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is expected to be 13.7 in 2023, soaring to 70.0 in 2024, and then stabilizing at 19.0 in 2025 [1][9]. Market Conditions - The cottonseed market is showing a stable upward trend, which has positively impacted the company's performance in the first half of the year [2]. - The company is expected to benefit from multiple growth drivers, including increased product volume, improved efficiency in overseas plantations, and a growing demand for health products [2].