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]