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回盛生物(300871):股權激勵核心骨幹 化藥龍頭揚帆遠航
格隆匯 06-28 00:01
事件:公司發佈限 制性股票激勵計劃,以19.5元/股的價格對31人共授予48.8萬股,約佔本激勵計劃草案公吿時公司股本總額1.7 億股的0.3%。股權激勵有助於公司留住優秀人才,將股東、公司以及核心團隊三方利益實現有效結合,調動骨幹員工積極性,促使公司航道更寬更遠,實現長久發展。本次激勵對象包括公司高級管理人員以及核心骨幹員工,制定明確業績目標,整體規劃性強。未來仍將以“致力動保科技,提升生命質量”為使命,發揮技術優勢,提高產品質量,使得激勵效果最大化,實現多方共贏的勝利局面。雖現階段豬肉價格處於低位,但在規模化養殖不斷髮展的背景下,公司作為獸用化藥龍頭企業具有明顯競爭優勢。生豬養殖行業集中度不斷提高,十家上市豬企生豬出欄量佔總體比例由2019 年的8.3%增至2020 年的10.4%,疫病防控意識增強,公司集團客户2020 年增加67 家,直銷收入增長112.7%。高效養殖企業的標準就是主要體現在養殖環節的精細化管理和對待疫病的科學化治療,不會因生豬價格位於底部而大幅減少疫苗及獸藥的用量,而會在合理價格區間內選擇最優產品,各產品細分領域的頭部生產企業競爭優勢明顯。獸藥行業發展迅速,行業門檻提升與下游對產品質量要求提高雙因素驅動下,未來有望不斷集中,同時飼料端“禁抗”政策促使藥用抗生素市場需求增長。2019 年全國獸藥行業企業數量為1632 家,同比減少4%,多項政策加強管理促進行業轉型升級。新版《獸藥GMP 驗收評定標準》提高獸藥生產准入門檻,避免低水平重複建設和產能過剩;規模養殖場對於質量以及產品可追溯性的追求將加大從大型動保企業採購的量,從而進一步倒逼行業集中度提升,優化市場結構。2020 年7 月起我國飼料生產企業全面禁抗,參考歐盟飼料禁抗的經驗,丹麥1996年治療類抗生素有效成分48 噸,至2001 年上升至94 噸,結合我國養殖尚實際情況分析,“禁抗”後畜禽抵抗力受影響,在出現疫病時需診斷並進行綜合用藥,治療類抗生素藥物市場空間隨之擴大。在“非瘟”與“禁抗”的影響下,動保業績核心驅動因素轉向非強免苗以及獸用化藥,公司把握產品與服務優勢,注重研發創新,未來產能與產品質量皆有保障。公司已於2018 年實現獸用化藥銷售額4.22 億穩居化藥製劑國內市場前十。現階段正積極建設湖北新溝基地,包括粉/散/預混劑自動化生產基地以及研發質檢中心,泰萬菌素在未來也將迎來160 噸的產能擴張。未來在原料藥製劑一體化的發展趨勢下,公司業務由製劑向上遊原料延伸,主導研發的泰地羅新原料及注射液兩種二類新獸藥已取得農業農村部核發的《新獸藥註冊證書》,對於加快一體化戰略具有積極意義。盈利預測與投資建議。預計2021-2023 年EPS 分別為1.47 元、2.31 元、3.55元,對應動態PE 分別為27/17/11 倍。參考同行業2021 年平均PE 為30 倍,考慮到公司產品優質,業績高速增長,合理溢價,予以35 倍PE,維持“買入”評級,目標價51.5 元。風險提示:非洲豬瘟疫情反彈;下游對產品需求不及預期等。
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