聚焦“大客户”和“大单品”推动公司业绩持续增长。今年前三季度，公司猪用疫苗业、禽用疫苗和化学药品销售收入分别同比增长8.89%、10.03%、19.69%。主要系公司 “大客户”和“大单品”营销策略今年以来取得较好效果。此外，前三季度公司宠物用功能性保健品实现销售收入640.03 万元，同比增长322.00%，实现了较快增长。2023Q3 由于猪价低迷，导致公司当期收入同比略降。Events:
On October 25, 2023, Placko released the third quarterly report of 2023: in the first three quarters of 2023, the company achieved operating income of 929 million yuan, an increase of 12.25% over the same period last year, and net profit of 179 million yuan, an increase of 39.78% over the same period last year. 2023Q3 achieved an operating income of 311 million yuan, down 0.92% from the same period last year, and its net profit was 63 million yuan, an increase of 22.82% over the same period last year.
Main points of investment:
Focus on "big customers" and "big items" to promote the sustained growth of the company's performance. In the first three quarters of this year, the company's sales revenue from the pig vaccine industry, poultry vaccines and chemicals increased by 8.89%, 10.03% and 19.69% respectively compared with the same period last year. Mainly due to the company's "big customer" and "big product" marketing strategy so far this year has achieved good results. In addition, in the first three quarters, the company's sales revenue of functional health products for pets reached 6.4003 million yuan, an increase of 322.00% over the same period last year, achieving a relatively rapid growth. 2023Q3 due to low pig prices, resulting in the company's current revenue slightly lower than the same period last year.
During this period, the cost control is excellent, and the net interest rate is improved. In the first three quarters of 2023, the company's sales expense rate fell 1.7 percent year-on-year, and management expenses dropped 0.74 percent year-on-year. In addition, the company achieved an investment income of 21 million yuan in the first three quarters, an increase of 247.24% over the same period last year. Under the background of the decline in expense rate and the substantial increase in investment income during the period, the company's net interest rate increased by 3.2 percentage points compared with the same period last year.
We have increased R & D, and major projects have been steadily advanced. In the first three quarters of this year, the company's R & D expenditure increased by 24.08% compared with the same period last year. The African classical swine fever subunit vaccine project developed by the company in cooperation with Lan Research Institute has improved the relevant application materials according to the first expert evaluation opinion of emergency evaluation and has been submitted for review again. Cat triple inactivated vaccine is about to pass the emergency evaluation. The construction project of the new production base of highly pathogenic avian influenza vaccine in Preco (Nanjing) is advancing rapidly and is expected to be completed and accepted by the end of the year. The company's P3 laboratory has been basically completed and is expected to apply for CNAS acceptance before the end of the year.
Profit forecast and investment rating: taking into account the downturn in the aquaculture industry and the improvement of the company's ability to control expenses, we adjusted the company's operating income from 2023 to 2025 to 13.97,16.51 and 1.983 billion yuan respectively, an increase of 13.77%, 18.15% and 20.14% over the same period last year. The net profit reached 2.69,3.32 and 425 million yuan, up 54.60%, 23.29% and 27.95% over the same period last year.
Corresponding to the current stock price PE is 26, 21, 17 times. Based on the growing R & D strength of the company, the reserve of new products is rich, and the "buy" rating is maintained.
Risk hints: the risk of significant decline in livestock and poultry prices, the risk of major animal diseases, the promotion of African classical swine fever subunit vaccine is not as expected, the intensification of industry competition, product research and development and product quality risk, the decline of profitability.