Livestock vaccine income maintained steady growth, net interest rate significantly increased. The company released the third quarterly report of 23 years. In the first three quarters, it realized the main income of RMB 930 million yuan, with a year-on-year growth of 12%, and the net profit attributable to the mother was RMB 180 million yuan, with a year-on-year growth of 40%. Single Q3 realized the main income of 310 million yuan, down about 1% year-on-year, and the net profit attributable to the mother was 63.06 million yuan, up about 23% year-on-year. The growth of the Company's performance was mainly due to the increase in revenue of livestock and poultry animal protection products, and the significant increase in net sales interest rate under the control of expenses during the period.
Q3 The revenue of pig seedlings decreased slightly by 4% year-on-year, and the sales of poultry seedlings increased steadily. In the first three quarters of 23 years, the income of pig vaccine was RMB 330 million yuan, with a year-on-year growth of 9%, among which the income of single Q3 pig vaccine was about RMB 120 million yuan, down about 4% year-on-year. The decrease of pig seedling income in the third quarter was mainly affected by the gradual elimination of pig production capacity and the high income base of 22Q3. The core large-single pig ring series vaccine of the company had obvious advantages, among which the ring-mycoplasma dual vaccine maintained a rapid growth trend. In terms of poultry vaccines, the revenue from poultry vaccines and antibodies in the first three quarters was 296 million yuan, with a year-on-year growth of 10%, among which the revenue from single Q3 poultry vaccines and antibodies was 100 million yuan, with a year-on-year growth of about 10%. The recovery of meat and poultry breeding stocks led to the growth of poultry vaccine sales. The marketing strategies of "big customers" and "big single products" have achieved remarkable results, and the downstream breeding industry has maintained steady growth under the background of downturn.
The Company continued to improve its product layout and steadily promoted non-epidemic vaccine projects. According to the disclosure of China Daily, the approval process of African swine fever sub-unit vaccine project jointly developed by the Company and Lanzhou Veterinary Research Institute has been continuously promoted, and upgraded products such as porcine pseudorabies epidemic strain live vaccine, round branch dual vaccine, avian series five-combination inactivated vaccine, etc. have entered the registration stage of new veterinary drugs; pet plate, cat triple inactivated vaccine has been submitted for emergency evaluation, canine distemper, canine parvovirus dual live vaccine has passed the preliminary examination of new veterinary drug registration technology. The company actively improves the product matrix, and the future reserve products are expected to gradually land.
Profit forecast and investment suggestions: It is estimated that the net profit of the company from 2023 to 25 will be 2.59 billion yuan, 3.47 billion yuan and 418 million yuan respectively, and the corresponding EPS will be 0.74 yuan, 0.98 yuan and 1.19 yuan/share respectively. The reasonable value will be maintained at 29.27 yuan/share, and the "buy" rating will be maintained. The corresponding PE for 23 years will be 40 times.
Risk warning: epidemic risk, product sales less than expected, inventory recovery less than expected, etc.