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专家访谈汇总:大型养殖集团掘金宠物药
阿尔法工场研究院· 2025-04-30 02:15
1 、 《 PEEK材料产业链梳理,下一个千亿级赛道? 》摘要 ■ PEEK的自润滑性和耐高温性能使其成为机器人驱动系统中的理想材料,减少摩擦和噪音,延长使 用寿命。 ■ 由于其优异的耐热、绝缘及耐腐蚀性,PEEK适合用于电子设备的支撑结构,尤其是在特殊环境下 工作的机器人中,如医疗和航天机器人。 ■ PEEK的核心原料是二氟二苯甲酮(DFBP),这类原料的生产技术掌握在少数企业手中,全球产能 集中度高。 2、 《 宠物经济虽热,难掩动物保健行业颓势 》摘要 ■ 2024年中国的宠物市场规模预计突破3000亿元,且宠物用药对安全性和有效性有更高要求,尤其 是猫三联和犬四联疫苗的国产化进程正在加速。 ■ 瑞普生物在宠物用疫苗领域表现突出,特别是打破了进口品牌对猫三联疫苗的垄断,取得了一定的 市场份额。 ■ 大型养殖集团如温氏股份、牧原股份等已经开始布局兽药和疫苗业务,这使得独立的动物保健企业 面临着前所未有的压力。 ■ 随着大型养殖企业自建兽药产能,并通过集中采购提高议价能力,独立兽药公司的市场空间将被进 一步压缩。 3、 《 关税战,先把宠物经济"打爆了" 》摘要 ■ 乖宝宠物通过高效的成本管控和规模效应,推 ...
聚辰股份(688123):产品结构持续改善,公司盈利能力显著增强
Shanxi Securities· 2025-04-16 13:11
Investment Rating - The report maintains a "Buy-A" rating for the company [2][7] Core Views - The company has shown significant growth in revenue and net profit, with a 46.17% year-on-year increase in revenue to 1.028 billion yuan and a 189.23% increase in net profit to 290 million yuan for the year 2024 [3][4] - The growth is attributed to the rapid increase in shipments of SPD products and automotive-grade EEPROM, driven by strong downstream demand [4][5] - The company's gross margin improved to 54.81%, up 8.22 percentage points year-on-year, while the net margin reached 26.84%, an increase of 15.08 percentage points [5] Financial Performance - For 2024, the company achieved a revenue of 1.028 billion yuan, a 46.17% increase from the previous year, and a net profit of 290 million yuan, up 189.23% [3][4] - The fourth quarter of 2024 saw a revenue of 259 million yuan, a 28.45% year-on-year increase, and a net profit of 79 million yuan, reflecting a 339.79% increase [3][4] - The company’s gross margin for 2024 was 54.81%, and the net margin was 26.84%, indicating improved profitability [5] Product Development - The company is expanding its product lines, focusing on high-value markets such as SPD products for DDR5 memory modules, automotive-grade EEPROM, and NOR Flash for various applications [6] - The successful introduction of automotive-grade EEPROM to leading Tier 1 suppliers has significantly boosted sales [4][6] Future Projections - The company is projected to achieve earnings per share (EPS) of 2.74 yuan in 2025, 3.83 yuan in 2026, and 4.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 26.5, 19.0, and 15.1 [7][9] - Revenue is expected to grow to 1.497 billion yuan in 2025, 2.010 billion yuan in 2026, and 2.476 billion yuan in 2027, reflecting a strong growth trajectory [9][13]