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Biological Stock (600201): Short-term performance under pressure in the second half is expected to improve quarter by quarter

20/03/2020

Biological Stock (600201): Short-term performance under pressure in the second half is expected to improve quarter by quarter

Guide to this report: Affected by the epidemic, downstream customer inventory has decreased, and the company’s performance has changed; however, we believe that the biological assets of large-scale scale farms will gradually pick up from the following month, new veterinary drug products will be gradually introduced, and progress will be gradually made.hold.

Affected by the epidemic situation, the company’s performance has been affected, we lowered the company’s EPS forecast for 19-20 to 0.

45 yuan (-0.

51), 0.

57 yuan (-0.

63), the company’s 21-year EPS is expected to be 0.

66 yuan, we believe that due to the subsequent scale of the field inventory gradually picked up, the company’s excellent product quality and subsequent new veterinary drug products gradually launched, maintaining 20.

Target price of 66 yuan, corresponding to 46 times PE in 2019.

  The company announced its semi-annual report and its performance was in line with expectations.

The company’s operating income in the first half of the year 5.

11 ‰, 32 years ago.

85%, net profit attributable to mother 1.

7 billion, 52 from the previous decade.

67%; net profit of non-attributed mothers1.

6.6 billion, 52 from the previous decade.

05%.

  We believe that in the subsequent gradual scale field, the inventory will gradually rise, and the expansion of the scale field will continue to increase the understanding of biosafety, and the demand for recombinant vaccines will steadily increase, while the company’s foot-and-mouth disease vaccine’s competitive advantage will still be significant, and the company’s pig vaccine achievements will gradually improve.

In the first half of the year, the vaccine sales pressure of the company affected by the epidemic situation 北京桑拿洗浴保健 increased sharply, but the company’s marketing system actively analyzed the market and combined with the specific conditions and actual needs of large-scale breeding entities, actively adopted targeted sales strategies, and comprehensively promoted one province, one policy and one market one.The sales strategy of Jinyu Baoling and Yangzhou Youbang increased by about 40%. Since the circle is a non-strong immunity, we expect the circle to change more than foot-and-mouth disease. Due to this, Yangzhou Youbang ‘s net profit is close to the house price.More than 60%.

  Obviously, the company adjusted its production and marketing structure and increased sales in poultry and ruminant vaccines. Liaoning Yikang’s revenue growth rate was nearly 22%, and net profit growth was as high as 82%.

We expect the prosperity of downstream poultry breeding is expected to be maintained, and subsequent company performance will continue to improve.

  Risk warning: African swine fever epidemic continues to spread, and production approvals are obtained at a slower rate than expected.