Jinhe Biotechnology(002688) 银河证券·2025-03-27 02:57Investment Rating - The report gives a "Buy" rating for the company, Jinhe Biological (stock code: 002688.SZ) [2][44]. Core Views - Jinhe Biological is a leading enterprise in the veterinary antibiotic sector, focusing on a dual-driven strategy of chemical drugs and vaccines. The company has expanded its business boundaries from veterinary raw materials to animal vaccines and environmental technology, forming a new business pattern with organic interaction among various segments [4][6][11]. - The company achieved revenue of 2.174 billion yuan in 2023, with a year-on-year growth of 2.42%, and 1.065 billion yuan in the first half of 2024, growing by 3.22% year-on-year [4][7]. - The veterinary chemical drug business remains the largest revenue contributor, while the vaccine business is expected to grow significantly as product penetration increases [44]. Summary by Sections Company Overview - Jinhe Biological was established in 1988 and has become a global leader in animal health. The company went public in 2012 and has since expanded into animal vaccines and environmental technology, creating a comprehensive animal health ecosystem [6][8]. Financial Performance - In 2023, the company reported a revenue of 2.174 billion yuan, with a projected revenue of 2.289 billion yuan in 2024, representing a growth rate of 5.30% [5][45]. - The net profit attributable to the parent company is expected to grow from 864.6 million yuan in 2023 to 1.8691 billion yuan in 2025, reflecting a growth rate of 45.47% [5][44]. Business Segments - The veterinary chemical drug segment generated 1.016 billion yuan in revenue in 2023, with a year-on-year increase of 3.27%, maintaining stable growth [11][24]. - The veterinary biological products segment achieved revenue of 335 million yuan in 2023, with a year-on-year growth of 1.48% [35]. Growth Drivers - The company is enhancing its production capacity, with a new project expected to add 60,000 tons of chemical drug capacity by October 2024, increasing total production capacity to 115,000 tons [24][29]. - Jinhe Biological is actively expanding its pet business, establishing a subsidiary in Shanghai in 2024, with several products already on the market and more in development [19][24]. Research and Development - The company has invested in R&D, with 74 million yuan spent in 2023, focusing on innovation and product quality improvement [19][24]. - Jinhe Biological has a rich pipeline of over 20 vaccine products in development, including vaccines for pigs and pets, which are expected to contribute to future revenue growth [40][42].