Jinhe Biotechnology(002688) 华鑫证券·2025-04-09 08:41Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the next 12 months [9]. Core Viewpoints - The ongoing US-China trade tariff disputes have created opportunities for price increases in the company's main product, chlortetracycline, leading to both volume and price growth [2]. - The company holds a dominant position in the global chlortetracycline market, with a production capacity of 55,000 tons, accounting for approximately 50% of global capacity [2]. - The company is expected to benefit from a significant increase in sales in the US market, with a projected revenue growth of 32% year-on-year for its US subsidiary in the first three quarters of 2024 [2]. - The company plans to expand its product offerings, including a new chlortetracycline premix for sheep, which is expected to add over 20,000 tons in sales volume [3]. - The company has initiated a new production project that will add 60,000 tons of veterinary chemical capacity, further enhancing its growth potential [3]. - The company's vaccine business is also expected to grow, with a 3.75% increase in domestic vaccine revenue and an 18.29% increase in the US market [7]. - The environmental business segment is showing steady growth, with a 13.71% increase in revenue in the first half of 2024, contributing positively to overall profitability [8]. - Revenue forecasts for the company are projected to be 2.364 billion, 2.836 billion, and 3.398 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.19, 0.26, and 0.39 yuan [11]. Summary by Sections Market Dynamics - The US has imposed a total tariff increase of 104% on Chinese goods, which has implications for the company's export pricing strategy [1]. - The company is leveraging its market position to implement price increases for its chlortetracycline products in the US market [2]. Product Development - The company is expanding its product line with new veterinary vaccines and chlortetracycline products, which are expected to drive future revenue growth [7][3]. - The introduction of a new brucellosis vaccine is anticipated to become a core product in the vaccine segment [7]. Financial Performance - The company is projected to see significant revenue growth driven by its chlortetracycline and vaccine businesses, alongside its environmental segment [9][11]. - The forecasted growth rates for revenue and net profit indicate a strong upward trend, with net profit expected to grow by 68.5% in 2024 [11].