根据《兽药管理条例》《兽药注册办法》和《兽药注册评审工作程序》（农业 农村部公告第 392 号）规定，经中华人民共和国农业农村部审查，准予金宇生物 技术股份有限公司（以下简称"公司"）全资子公司金宇保灵生物药品有限公司（以 下简称"金宇保灵"）生产牛结节性皮肤病灭活疫苗（NMG 株，悬浮培养），并核 发兽药临时产品批准文号。详情如下： 证券代码：600201 证券简称：生物股份 公告编号：临 2024-026 金宇生物技术股份有限公司 关于子公司获得兽药产品批准文号批件的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 批文有效期：2024-05-21至2026-05-20 二、兽药产品上市前的相关程序 上述兽药产品已于2023年10月17日经农业农村部审查通过应急评价。金宇保 灵严格按照《兽药管理条例》《兽药产品批准文号管理办法》等规定开展临时产 品批准文号申请及报审相关工作，目前已取得该兽药临时产品批准文号，具备上 市销售条件。同时，公司将按照临时产品批准文号相关要求，每满一年向农业农 村部兽药评审中心报送一次总 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price adjusted to 11.22 CNY based on a projected 33 times PE for 2024 [1][4][30]. Core Insights - The company reported a revenue of 1.598 billion CNY in 2023, a year-on-year increase of 4.55%, and a net profit attributable to shareholders of 284 million CNY, up 34.64% year-on-year. For Q1 2024, revenue was 348 million CNY, down 4.42% year-on-year, with a net profit of 106 million CNY, a decrease of 1.05% year-on-year [1][2]. - The performance of non-oral products has been strong, with significant growth in the sales of pig vaccines and ruminant vaccines, while the oral foot-and-mouth disease vaccine faced challenges [1][2]. - The company has maintained a high gross margin of 59.19% in 2023, improving to 60.80% in Q1 2024, attributed to cost optimization and a focus on high-margin non-oral vaccines [1][2]. - Continuous investment in R&D, amounting to 230 million CNY in 2023, represents 14.39% of revenue, with a focus on developing over 40 new vaccine products in the next five years [1][2]. Financial Summary - Total revenue is projected to grow from 1.598 billion CNY in 2023 to 2.466 billion CNY by 2026, with a compound annual growth rate (CAGR) of 13.9% [2][22]. - Net profit is expected to increase from 284 million CNY in 2023 to 561 million CNY in 2026, reflecting a CAGR of 18.9% [2][22]. - The company’s earnings per share (EPS) is forecasted to rise from 0.25 CNY in 2023 to 0.50 CNY in 2026, with a decreasing price-to-earnings (P/E) ratio from 37 to 19 over the same period [2][22].

[ T able_StockInfo] 2024 年 05 月 02 日 证券研究报告•2023 年报点评 持有 （维持） 当前价：9.14 元 生物股份（600201）农林牧渔 目标价：——元（6 个月） [Table_Summary] 业绩总结：2023年公司实现营业收入 15.98亿元，同比+4.55%，归母净利润为 2.84 亿元，同比+34.64%，扣非后归母净利润为 2.54亿元，同比+29.74%。单 四季度实现营收 3.79亿元，同比减少 9.76%，归母净利润为-500万元，同比由 盈转亏。24 年一季度公司实现营收 3.48 亿元，同比增长-4.42%，归母净利润 为 1.06 亿元，同比增长-1.05%。 养殖业周期反转或带动动保板块量价齐升。近年来下游养殖行业持续亏损，市 场需求低迷，客户价格敏感，对公司开拓市场造成一定影响。国家统计局数据 显示，2024 年一季度末，全国生猪存栏 40850 万头，对比去年同期减少 2244 万头，同比下降 5.2%，创造 4 年来新低；从生猪存栏量来看，从 2023 年第三 季度开始，已经连续 2个季度出现下降，且降幅在快速拉大。2024年一季度末 ...

Investment Rating - The report maintains a "Hold" rating for the company, with a target price not specified for the next six months [49]. Core Views - The company is expected to benefit from a recovery in the breeding industry, which may lead to an increase in both volume and price in the animal health sector [49]. - The report highlights that the company has achieved a revenue of 1.598 billion yuan in 2023, representing a year-on-year growth of 4.55%, and a net profit attributable to the parent company of 284 million yuan, up 34.64% year-on-year [37][38]. - The company has made significant investments in R&D, amounting to 230 million yuan, which is 14.39% of its operating revenue, and is expected to launch over 40 new vaccine products in the next five years [4]. Summary by Sections Financial Performance - In 2023, the company reported an operating income of 1.598 billion yuan, with a net profit of 284 million yuan, and a non-recurring net profit of 254 million yuan, showing growth rates of 4.55%, 34.64%, and 29.74% respectively [37][38]. - The first quarter of 2024 saw a revenue of 348 million yuan, a decrease of 4.42% year-on-year, with a net profit of 106 million yuan, down 1.05% [37]. R&D and Product Development - The company has focused on technological innovation, with a strong emphasis on R&D, which has led to the registration of two new veterinary drug certificates during the reporting period [4]. - The company plans to launch several vaccines in 2024-2025, ensuring sustainable growth in performance over the next two years [4]. Market Outlook - The report indicates that the breeding industry is expected to recover, with a forecasted increase in pig prices due to a decrease in breeding stock, which may positively impact the animal health sector [49]. - The company is projected to achieve net profits of 380 million yuan, 460 million yuan, and 580 million yuan for the years 2024-2026, with corresponding dynamic PE ratios of 27, 22, and 18 times [42].

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 公司是动保行业龙头企业，主要从事兽用生 物制品的研发、生产与销售，产品种类涵盖 猪、禽、宠物和反刍类四大系列 100 余种动 物疫苗。公司拥有口蹄疫和高致病性禽流感 两大强制免疫疫苗农业部的定点生产资质， 工艺技术和产品质量国内领先。 资料来源：公司公告、恒生聚源 未来 3-6 个月重大事项提示： 无 资料来源：公司公告、恒生聚源 发债及交叉持股介绍： 无 资料来源：公司公告、恒生聚源 52 周股价走势图 指标 2022A 2023A 2024E 2025E 2026E 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 | --- | --- | --- | |--------------|----------------------------------------------------------------------------------|------------| | 报告类型 | 标题 | 日期 | | 行业普通报告 | 农林牧渔行业：情绪推升猪价上行，产能有望波动去化—生猪养殖行业月度跟踪 | 2024-03- ...

相对沪深 300 表现 2024/04/26 产品结构优化，盈利能力提升。2023 年在养殖行业深度亏损，动保行业 竞争加剧的背景下，公司猪圆环疫苗销量同比增长 24.6%，圆支二联同 比增长 109.3%，牛二联灭活疫苗销量同比增长 22.9%，布病疫苗销量同 比增长 8.32%。随着非口蹄疫疫苗销量增长，2023 年公司毛利率同比提 升 4.02 个百分点，2024Q1 毛利率同比提升 1.11 个百分点。 表现 1M 3M 12M 生物股份 2.2% 1.3% -17.1% 沪深 300 1.1% 7.5% -9.5% 日均成交额（百万） 167.10 相关报告 《生物股份（600201）2023 年三季报点评：Q3 业绩持续增长，在研产品取得新进展（买入）*动 物保健Ⅱ*程一胜，熊子兴》——2023-11-04 《生物股份（600201）2023 年半年报点评报告： 经营业绩稳步增长，研发实力不断增强（买入）* 动物保健Ⅱ*程一胜，熊子兴》——2023-08-25 《生物股份（600201）2022 年年报及 2023 年一 季报点评报告：一季度业绩重回增长轨道，非洲猪 近一月换手（%） 1.22 研 ...

生物股份 2024 年 4 月 26 日机构投资者调研记录 调研时间：2024年4月26日 8时30分 调研机构： 机构名称 Inatai Foundation 博时基金 阳光资产 合丰资产 光大证券 民生证券 烜鼎资产 菁英时代 中金公司 泽茂基金 兴证资管 易同投资 华泰证券 国泰基金 高盛资本 绿金投资 中信资管 诺安基金 长城财富 星石投资 招商证券 华宝基金 圆石投资 信达资本 开源证券 润达基金 鹿秀投资 溋沣资管 浙商证券 谦信基金 尚石投资 巨杉资管 华创证券 弈宸基金 源乘投资 锦绣投资 兴业证券 方物基金 复星科技 安中投资 国海证券 淡水泉投资 华鑫国际 豪山资管 ...

面对日益激励的行业竞争，公司苦练内功，持续优化重点产品生产工 艺。2023 年成本端控制良好，疫苗业务原材料成本支出 2.06 亿元， 同比-25.55%，疫苗业务毛利水平回升 4pct 至 59.46%。 分渠道看：2023 年公司大客户端表现出色，直销端收入 5.70 亿元， 同比+40.58%,毛利率同比提升 8.37pct。政采端收入保持稳定，毛利 水平提高 9.63pct，预计由于三大政采品种毛利回暖且高毛利布病疫 苗有所放量。经销端受 2023 年养殖端低迷影响，收入同比下滑 19.56% 至 6.15 亿元，毛利水平持稳。 [Table_Finance1] (百万元) 2022A 2023A 2024E 2025E 2026E 本报告仅供 Choice 东方财富 使用，请勿传阅。 深圳市 地 址： 深圳市福田区福田街道福华一路 119 号安信金融大厦 33 楼 邮 编： 518046 上海市 地 址： 上海市虹口区东大名路 638 号国投大厦 3 层 邮 编： 200080 北京市 地 址： 北京市西城区阜成门北大街 2 号楼国投金融大厦 15 层 邮 编： 100034 业绩概况： 投资建议： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][28] Core Views - The company focuses on non-oral strategic new products, with non-oral product revenue accounting for over 50% in 2023, indicating a successful diversification strategy [3][14] - The company has a robust gross margin of 59.19%, which has increased by 4.02 percentage points [14] - The company is expected to benefit from the gradual reversal of the pig cycle and the launch of new products, leading to further growth in performance [16] Financial Summary - In 2023, the company reported revenue of 1.598 billion yuan (+4.55%) and a net profit attributable to shareholders of 284 million yuan (+34.64%) [16] - The projected revenue for 2024 is 1.882 billion yuan, with a year-on-year growth of 17.8% [15] - The projected net profit for 2024 is 392 million yuan, with a year-on-year growth of 38.2% [15] - The company maintains a high R&D investment of 230 million yuan, accounting for 14.39% of revenue, with plans to develop over 40 new vaccine products in the next five years [17] Product Segmentation - The revenue from pig vaccines accounts for approximately 50%, with a focus on optimizing product structure and launching new vaccines for pig diarrhea, blue ear disease, and bacterial vaccines in 2024 [14] - Revenue from ruminant vaccines reached 30%, with rapid growth expected from the dual vaccine for cattle and several brucellosis vaccines [14] - Revenue from poultry vaccines is about 14%, with expectations for recovery in growth following business restructuring [14] Market Performance - The current stock price is 8.91 yuan, with a market capitalization of 9.982 billion yuan [6] - The stock has a P/E ratio projected to decrease from 35.2 in 2023 to 25.5 in 2024, indicating potential for value appreciation [15]

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