国泰海通农业中报点睛之动保板块业绩分化与新品破局

发布时间：2026-09-04 一、AI总结内容 一、核心要点 1. 动保板块传统细分：2026年上半年猪价低迷致养殖景气度承压，传统猪用动保业务增长分化，部分公司因产品价格上涨交出较好成绩；新型口蹄疫病毒曾在国内传播，疫苗及时投放遏制扩散，相关企业订单获增长。 2. 宠物动保领域：宠物药、疫苗占宠物医疗市场规模40%，驱虫药、疫苗为核心增长动力；国内宠物动保企业近年加大研发，年内获批5款国产二类宠物新兽药，猫三联国产占比超50%，打破外资垄断，瑞普生物等企业选用国内毒株提升疫苗适配性；宠物疫苗线上销售放开，京东联合10家头部动保企业启动宠物疫苗生态联盟，线上运营步入规模化阶段。 3. 进出口表现：2026年上半年兽用疫苗进口量、金额双降，国内高端疫苗需求对外依赖度走低；宠物疫苗出口量、金额双增，国产海外竞争力提升，瑞普生物等企业出海业务高增长。 4. 瑞普生物宠物业务：上半年宠物业务增速超15%，供应链业务毛利率同比提升5%；活跃宠物医院数量同比增长超18%，专业客户占比达70%；自研宠物药、苗收入增速超20%，电商收入同比增长超100%，莫匹星等驱虫药线上表现突出。 二、投资线索 1. 宠物动保国产替代加速，重点关注相关企业技术布局与渠道拓展。 2. 动保企业转型新业务，瑞普生物菌丝蛋白业务Q4投产，预计2027年释放终端产品，产能稀缺性高，未来增长潜力大。三、风险与关注 1. 养殖行业景气度波动可能影响传统动保业务需求。2. 新品落地进度及市场接受度存在不确定性。 四、会议提示 本次电话会议仅服务于国泰海通证券正式签约客户，内容仅供内部学习，未经授权不得外发、转载，市场有风险，投资需谨慎。 二、音频原文（转写） 电话会议系统普通话服务，欢迎接入金门财经电话会议系统，请输入参会密码，并以井号键结束。Incorrect password. Please reenter the password folder by clicking the three three three three threethree three three three three three three. Thanks for your participation. The meeting is ready to start. Please remain on the line. Welcome to the FinEnter Conference Call System. Please enterthe meeting password followed by the pound key.感谢大家参加本次会议。 会议即将开始，请您准备好您的身份证和您的银行银行卡。Welcome to the Finance r Conference Call System. Please enter the meeting password followed by the pound key. Thank you, sir. Welcome to the Financer Conference Call System. Please enter the meeting password followed by the pound key. Welcome to the FINENTER conference call system. Please enter the meeting password followed by the pound key. Thanks for yourparticipation. The meeting is ready to start. Please remain on the line. Welcome to the FINENTER conference call system. Please enter the meeting password followed by the pound key. 感谢大家参加本次会议，会议即将开始，请稍后。 Welcome to the Sminenter Conference Call System.Please enter the meeting password followed by the pound key. Welcome to the FinEnter ConferenceCall System. Please enter the meeting passwordfollowed by the pound key. 感谢大家参加本次会议。 Welcome to the FIN-ENTER conference call system.Please enter the meeting password followed by the pound key. The meeting is ready to start. Please remain on the line. 嗯。嗯。yeah Welcome to theFINENTER conference call system. Please enter the meeting password followed by the pound key. 感谢大家参加本次会议。 会议即将开始。请稍后。Thanks for your participation. Welcome to the Fin enter conference call system. Please enter the meeting password followed by the pound key. 嗯。Welcome to the FINENTER conference call system. Please enter the meeting password followed by the pound key. Thanks for your participation. The meeting is ready to start. Please remain on the line. 嗯。 Welcome to the FINENTER conference call system.Please enter the meeting password followed by the pound key. 嗯。感谢大家参加本次会议。会议即将开始。Welcome to theFinenta Conference Call System. Please enter themeeting password followed by the pound key. rem ain on the line 嗯。 嗯。Welcome to the FINENTER conference call system. Please enter the meeting password followed bythe pound key. 本次会议 会议即将开始 请稍后。Thanks for your participation. The meeting is ready to start. Please remain. Welcome to the FinEnter Conference Call System. Please enter the meeting password followed by the pound key. 感谢大家参加本次。 Please enter the meeting password followed by the pound key. yeah. The meeting is ready to start. Please remain on the line. 嗯。Welcome to the FINENTER conference call system. Please enter themeeting password followed by the pound key. 感谢大家参加本次会议。 会议即将开始 请稍后。Thanks for your participation. Welcome to the FINENTER conference call system. Pleaseenter the meeting password followed by the pound key. 嗯。Welcome to the FINENTER conference callsystem. Please enter the meeting password followed by the pound key. え。 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 嗯。Welcome to the FINENTER conference call system. Please enter the meeting password followed by thepound key. 感谢大家参加本次会议。 会议即将开始 Welcome to the FINENTER conference call system. Please enter the meeting password followed by the pound key. Please remain on the line. 嗯。嗯。嗯。Welcome to the FINENTER conference call system. Please enter the meeting password followedby the pound key. 会议即将开始 请稍后。 Thanks for your participation. The meeting is ready to start. Welcome to the FINENTER conferencecall system. Please enter the meeting passwordfollowed by the pound key. 嗯。Thank you, Dr. Welc ome to the FINENTER conference call system. Please enter the meeting password followed by the pound T. For your participation, the meeting is ready to start. Please remain on the line. Welcometo the Fin enter conference call system. Pleaseenter the meeting password followed by the pound key. 感谢大家参加本次会议，会议即将开始，请稍后。 thanks for your welcome to the financier conference call system. please enter the meeting passwords followed by the pound key. Welcome to the FINENTER conference call system. Please enter themeeting password followed by the pound key. Youwill be the meeting key. 请稍后。 Thanks for your participation. The mee