Investment Rating - The report initiates coverage with a "Buy" rating for the company Tian Tan Biological [4] Core Views - The blood products industry has high barriers to entry and increasing concentration, which is favorable for leading companies like Tian Tan Biological. The company is expected to see steady growth in revenue and profits due to its leading plasma collection scale and station numbers [6][7][25] - The company has a complete range of product approvals, with significant potential for profit improvement as it expands into high-margin products [7][23] - The company is positioned to benefit from its first-mover advantage in the market for chromatographic immunoglobulin, which is expected to contribute to long-term revenue growth [7][23] Summary by Sections Company Overview - Tian Tan Biological specializes in the research, production, and sales of blood products, holding a leading position in the industry with 15 product varieties [13][15] - The company has 102 plasma collection stations across 16 provinces, with 80 operational stations, capturing approximately 20% of the national plasma collection volume [17][18] Industry Analysis - The blood products industry is characterized by high entry barriers and steady demand growth, with significant market share held by top players [25][26] - The industry has seen a concentration of market share, with the top four listed companies in China accounting for over 50% of the total plasma collection volume [6][25] Growth Potential - The company has been increasing its plasma collection capacity, with a notable rise in the number of operational stations and plasma collection volume, which is expected to drive revenue and profit growth [17][18] - Revenue forecasts for 2024-2026 are projected at 60.11 billion, 69.37 billion, and 80.53 billion yuan, with net profits of 13.94 billion, 17.05 billion, and 20.74 billion yuan respectively [7][8] Financial Performance - The company reported a revenue of 5.18 billion yuan in 2023, with a year-on-year growth of 21.6%, and a net profit of 1.11 billion yuan, reflecting a 26.0% increase [19][23] - The gross margin is expected to improve, with projections of 55.6% in 2024 and 57.9% by 2026 [8][23]

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 28.18 CNY [3][5]. Core Insights - The company reported a significant increase in profit for the first half of 2024, with a revenue of 2.841 billion CNY, up 5.59% year-on-year, and a net profit of 726 million CNY, up 28.10% year-on-year [1][5]. - The company is actively expanding its plasma collection capabilities, with 102 plasma stations across 16 provinces, achieving a plasma collection of 1,294 tons, representing a 15% increase year-on-year [1][5]. - The acquisition of Wuhan Zhongyuan Ruide for 185 million USD is expected to enhance the company's comprehensive strength and expand its plasma resources [5]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 55.67%, an increase of 7.14 percentage points year-on-year, and a net profit margin of 34.68%, up 5.91 percentage points year-on-year [1][5]. - The sales revenue from blood products, particularly immunoglobulin, showed robust growth, with a revenue of 1.339 billion CNY for immunoglobulin, up 21.97% year-on-year [1][5]. - The company expects revenue growth rates of 18.4%, 18.0%, and 16.3% for 2024 to 2026, with net profit growth rates of 25.5%, 19.9%, and 16.7% respectively [5][6]. Research and Development Progress - The company has made significant advancements in its R&D pipeline, with several products entering clinical trials and receiving regulatory approvals [2][5]. - The company is focusing on innovative products, including recombinant coagulation factors, which are expected to support long-term growth [5]. Market Position and Strategy - The company maintains a leading position in the domestic blood products industry, with a strong focus on expanding its market share through strategic acquisitions and enhanced production capabilities [5][6]. - The collaboration with CSL Group is anticipated to deepen partnerships and leverage resources in both domestic and international markets [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.77 yuan [4] Core Views - The company's H1 2024 revenue reached 2.841 billion yuan, a year-on-year increase of 5.6%, with net profit attributable to the parent company of 726 million yuan, up 28.1% year-on-year [1] - Q2 2024 performance exceeded expectations, with revenue of 1.619 billion yuan, up 15.8% year-on-year, and net profit attributable to the parent company of 409 million yuan, up 34.3% year-on-year [2] - The company's plasma collection volume reached 1,294 tons in H1 2024, a 15% year-on-year increase, maintaining a leading position in the domestic industry with a 20% market share [2] - Core product gross margins improved significantly, with albumin gross margin at 52.6% (+8.4 ppts year-on-year) and immunoglobulin (including chromatography) gross margin at 57.5% (+11.4 ppts year-on-year) [2] - The company's R&D pipeline is progressing well, with several products in clinical trials or awaiting approval, providing strong momentum for future growth [2] Financial Performance and Valuation - The company's 2024-2026 net profit attributable to the parent company is forecasted to be 1.34/1.56/1.83 billion yuan, with growth rates of 21%/16%/18% respectively [2] - The 2024-2026 P/E ratios are estimated at 35/30/26X, based on the current market capitalization [2] - The company's revenue is expected to grow from 5.18 billion yuan in 2023 to 8.62 billion yuan in 2026, with a CAGR of 18% [3] - Net profit is projected to increase from 1.11 billion yuan in 2023 to 1.83 billion yuan in 2026, with a CAGR of 18% [3] - The company's ROE is expected to improve from 8.7% in 2023 to 10.2% in 2026, driven by profitability and efficiency gains [6] Product and Market Analysis - The company's albumin revenue declined by 6.9% year-on-year to 1.113 billion yuan in H1 2024, while immunoglobulin (including chromatography) revenue grew 22.0% to 1.339 billion yuan [2] - The company's plasma collection strategy, including regional grid management and new media utilization, has been effective in driving growth [2] - The company's chromatography-based immunoglobulin product is expected to see significant market expansion, contributing to future revenue growth [2] R&D and Pipeline - The company's subsidiary, Chengdu Rongsheng, has obtained approval for its chromatography-purified fibrinogen product and passed GMP compliance checks [2] - Several other products, including subcutaneous immunoglobulin and recombinant coagulation factors, are progressing well in clinical trials [2] - The company's R&D pipeline includes multiple products in advanced stages, such as human prothrombin complex and coagulation factor IX, which have received clinical trial approvals [2]

证券代码：600161 证券简称：天坛生物 公告编号：2024-037 北京天坛生物制品股份有限公司 关于成都蓉生收购武汉中原瑞德生物制品有限责任 公司 100%股权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 北京天坛生物制品股份有限公司（以下简称"公司"）控股子公司成都蓉 生药业有限责任公司（以下简称"成都蓉生"）拟以 185,000,000 美元总金额收 购 CSL BEHRING ASIA PACIFIC LIMITED（杰特贝林（亚太区）有限公司，以 下简称"CSL 亚太"）全资子公司武汉中原瑞德生物制品有限责任公司（以下简 称"中原瑞德"或"标的公司"）100%股权（以下简称"本次股权收购"），其 中：股权收购对价 137,800,000 美元，剩余款项 47,200,000 美元由成都蓉生向中 原瑞德提供借款，用于偿还 CSL 亚太对中原瑞德的股东借款（与本次股权收购 合称"本次交易"）。本次收购价格参考北京卓信大华资产评估有限公司出具并 经中国医药集团有限公司（以下简称"国药集团"）备 ...

北京天坛生物制品股份有限公司 同意成都蓉生与 CSL 亚太签署本次收购相关协议，并根据法律、法规、规范 性文件及有关要求的规定签署相关公告、通知及本次收购相关文件及备查文件， 包括但不限于股权买卖协议（含按工商登记要求签署的股权买卖协议）、资金监 管协议、交割协议、中原瑞德章程等。 本议案已经董事会战略与投资委员会事前认可。 表决结果：8 票同意，0 票反对，0 票弃权。 证券代码：600161 证券简称：天坛生物 公告编号：2024-036 第九届董事会第十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京天坛生物制品股份有限公司(以下简称"公司")第九届董事会第十五次 会议于 2024 年 8 月 30 日召开。会议应参加表决董事八人，实际参加表决董事八 人。会议符合《公司法》及《公司章程》的有关规定，会议审议通过以下议案： 审议通过《关于成都蓉生收购武汉中原瑞德生物制品有限责任公司 100%股 权的议案》，同意公司控股子公司成都蓉生药业有限责任公司（以下简称"成都 蓉生"）以 185,000,000 ...

医药生物 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 李强 S1350524040001 liqiang01@huayuanstock.com 市场表现： -19.00% 天坛生物 沪深300 相关研究 1.《天坛生物（600161.SH）：业绩 超预期，血制品龙头长期空间大》， 2024.07.14 1.《天坛生物（600161.SH）：血制 品龙头，十四五期间采浆站数量大幅 增长》，2024.05.26 2024 年 08 月 29 日 天坛生物 (600161.SH) 买入（维持） ——静丙快速放量，血制品龙头未来有望稳健增长 投资要点： ➢ 公司事件：公司发布 2024 半年报，2024 上半年实现营业收入 28.4 亿元，同比增长 5.6%，实现归 母净利润 7.3 亿元，同比增长 28.1%；24Q2，实现营业收入 16.19 亿元，同比增长 15.8%，实现 归母净利润 4.09 亿元，同比增长 34.3%，业绩符合市场预期。 ➢ 行业持续高景气，公司业绩稳健高增长。收入端，在 24Q1 短期增速承压的情况下，公司 24Q2 收 入在去年 ...

[Table_Title] 采浆量双位数增长，利润端增速超预期 [Table_StockName] ——天坛生物（600161）点评报告 [Table_ReportDate] 2024 年 08 月 29 日 [Table_Summary] 报告关键要素: 2024 年 8 月 27 日，公司发布 2024 年半年报。2024 年上半年，公司实 现营业收入 28.41 亿元，同比增长 5.59%；实现归母净利润 7.26 亿元， 同比增长 28.10%，主要由于产品价格上升、成本费用管控等因素带来 业绩增长。 投资要点 ⚫ 央企股东优势，浆站数量、采浆规模、血制品产能行业领先 ⚫ 截至 2024 年半年报，公司所属单采血浆站分布于全国 16 个省/自治区， 总数达 102 家（在营 80 家），血浆采集 1294 吨（+15.02%），约占国内 行业总采浆量的 20%。为进一步扩大生产规模，三个血液制品生产基地 成都蓉生永安厂区，上海血制云南项目，兰州血制兰州项目设计产能均 为 1200 吨，产品包含白蛋白、球蛋白和因子类产品，目前永安厂区已 投产运行，未来随着云南项目和兰州项目逐步投产，公司将拥有三个单 厂 ...

公司研究 产品利润率提升，血制品景气度延续 ——天坛生物（600161.SH）2024 年半年报点评 要点 事件：公司发布半年报， 24H1 实现营业收入 28.41 亿元（同比+5.59%）；实现 归母净利润 7.26 亿元（同比+28.10%）；扣非归母净利润 7.23 亿元（同比 +29.35%）。 点评： 血液制品收入实现稳健增长，部分产品毛利率明显提升。公司目前共计拥有 3 大类 15 个品种的血液制品，产品数量位居国内市场前列。24H1 生物制品实现 营业收入 28.31 亿元（同比+5.53%），毛利率达到 55.66%（同比+7.18pct）。 其中人血白蛋白实现营业收入 11.14 亿元，毛利率达到 52.63%（同比+8.41pct）； 静注人免疫球蛋白（含层析）实现营业收入 13.39 亿元，毛利率达到 57.49%（同 比+11.42pct）。两核心血液制品收入整体实现稳健增长，"蓉生"系列血液制 品在中国市场上占据较大市场份额，四代静丙有望进一步提升公司盈利能力。 采浆量持续提升，产品供应有所保障。公司所属单采血浆站分布于全国 16 个省 /自治区，单采血浆站共计 102 家，其中在 ...

公 司 研 究 天坛生物（600161.SH） 2024 年 08 月 28 日 2024 上半年业绩较快增长，盈利能力持续提升 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/27 | | 当前股价(元) | 23.87 | | 一年最高最低(元) | 32.73/22.91 | | 总市值(亿元) | 472.00 | | 流通市值(亿元) | 472.00 | | 总股本(亿股) | 19.77 | | 流通股本(亿股) | 19.77 | | 近 3 个月换手率(%) | 34.66 | 股价走势图 天坛生物 沪深300 -24% -12% 0% 12% 24% 36% 48% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《2024 年上半年业绩超预期，盈利能 力持续提升—公司信息更新报告》 -2024.7.15 《血制品行业龙头发展潜力大，盈利 能力有望持续提升—公司首次覆盖报 告》-2024.2.8 | --- | --- | |---- ...

业绩简评 2024 年 8 月 27 日，公司发布 2024 年半年度报告，2024 年上半年 公司实现收入 28.41 亿元，同比增长 5.59%；实现归母净利润 7.26 亿元，同比增长 28.10%；实现扣非归母净利润 7.23 亿元， 同比增长 29.35%。分季度看，2024 年第二季度公司实现 16.19 亿 元，同比增长 15.76%；实现归母净利润 4.09 亿元，同比增长 34.28%；实现扣非归母净利润 4.10 亿元，同比增长 33.93%。 经营分析 静丙销售持续增长，血制品业务盈利能力持续提升。公司积极开 拓市场，加快投浆和产品交库进度，有效开展提质增效等工作。 上半年公司人血白蛋白实现收入 11.14 亿元，同比减少 6.93%； 静注人免疫球蛋白实现收入 13.39 亿元，同比增长 21.97%；其他 血液制品实现营业收入3.78亿元，同比减少2.56%。公司2024 年 上半年生物制品行业合计实现收入 28.31 亿元，毛利率为 55.66%，较上年增加 7.18 个百分点。 推进血源发展，浆量稳步提升。公司及所属血制公司依托国药集 团与各地战略合作背景，积极争取各级政府及卫生 ...