Investment Rating - The investment rating for the company is "Buy" [4][10]. Core Views - The company reported a revenue of 4.073 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 1.28%, while the net profit attributable to shareholders reached 1.052 billion yuan, up 18.52% year-on-year [1]. - The company has a leading position in the blood products industry, with a total of 102 plasma collection stations across 16 provinces, capturing approximately 20% of the domestic plasma collection volume [2]. - The company is actively advancing its new product development, focusing on high-concentration human immunoglobulin and recombinant coagulation factors, maintaining a leading position in the industry [3]. Financial Performance - For Q3 2024, the company achieved a revenue of 1.232 billion yuan, a decrease of 7.44% year-on-year, but an increase of 23.92% quarter-on-quarter. The net profit attributable to shareholders was 326 million yuan, up 1.57% year-on-year but down 20.46% quarter-on-quarter [1]. - The company's gross margin and net margin for the first three quarters of 2024 were 55.33% and 35.04%, respectively, showing increases of 5.72 percentage points and 5.01 percentage points year-on-year [5]. - The company has adjusted its profit forecast, expecting net profits of 1.237 billion yuan, 1.445 billion yuan, and 1.746 billion yuan for 2024, 2025, and 2026, respectively [6]. Market Position and Growth Potential - The company benefits from strong support from state-owned enterprises, enhancing its ability to expand plasma collection resources [2]. - The company is set to enhance its production capacity with three blood product production bases, each designed to have a capacity of 1,200 tons [2]. - The company is expected to maintain stable product demand in the blood products sector, which is characterized by high barriers to entry [6].

公司点评报告 ·医药行业 03 业绩短期承压,长期业绩增长确定性强 2024年三季报业绩点评 2024 年 10月 25 日 | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------ ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,231,987,432.92, a decrease of 7.44% compared to the same period last year[1] - Net profit attributable to shareholders for Q3 2024 was CNY 325,631,579.67, an increase of 1.57% year-on-year[1] - The basic earnings per share for Q3 2024 was CNY 0.16, reflecting a year-on-year increase of 1.57%[1] - The net profit excluding non-recurring gains and losses for Q3 2024 was CNY 320,449,185.78, a slight increase of 0.04% year-on-year[1] - Total operating revenue for the first three quarters of 2024 reached CNY 4,073,361,821.56, a slight increase from CNY 4,022,002,501.05 in the same period of 2023, representing a growth of approximately 1.3%[12] - Net profit for the first three quarters of 2024 was CNY 1,427,390,948.39, compared to CNY 1,207,616,323.66 in 2023, reflecting an increase of approximately 18.2%[13] - The total comprehensive income for Q3 2024 reached CNY 1,446,486,664.53, compared to CNY 1,207,616,323.66 in Q3 2023, indicating an increase of about 19.8%[14] - The net profit attributable to shareholders of the parent company for Q3 2024 was CNY 1,051,719,466.85, an increase from CNY 887,400,407.26 in Q3 2023, representing a growth of approximately 18.5%[14] Cash Flow and Liquidity - The net cash flow from operating activities for Q3 2024 decreased by 91.39% to CNY 92,011,405.09 compared to the previous quarter[1] - The net cash flow from operating activities for the year-to-date period decreased by 44.52% to CNY 1,298,751,779.50 compared to the same period last year[4] - Cash flow from operating activities for the first three quarters of 2024 was CNY 1,298,751,779.50, down from CNY 2,341,139,295.54 in the same period of 2023, a decrease of about 44.5%[15] - The company reported a decrease in cash inflow from sales of goods and services, totaling CNY 4,018,855,673.47 for the first three quarters of 2024, down from CNY 4,974,086,029.35 in 2023, a decline of about 19.2%[15] - The company's cash and cash equivalents as of September 30, 2024, amount to approximately RMB 4.80 billion, an increase from RMB 4.55 billion at the end of 2023[9] - The cash and cash equivalents at the end of Q3 2024 amounted to CNY 3,540,499,295.77, compared to CNY 3,348,181,272.87 at the end of Q3 2023, showing an increase of about 5.7%[16] - The company experienced a net decrease in cash and cash equivalents of -1,407,031,634.47 RMB, contrasting with an increase of 1,399,409,326.02 RMB in the same period last year[24] Assets and Liabilities - Total assets as of the end of the reporting period were CNY 15,553,620,689.84, representing a year-on-year increase of 9.62%[2] - Total assets as of the end of Q3 2024 amounted to CNY 15,553,620,689.84, up from CNY 14,188,056,936.91 at the end of Q3 2023, representing an increase of approximately 9.6%[11] - Total liabilities increased to CNY 1,705,021,143.31 in Q3 2024 from CNY 1,433,686,959.69 in Q3 2023, indicating a growth of about 18.9%[11] - The company's total equity reached CNY 13,848,599,546.53 in Q3 2024, compared to CNY 12,754,369,977.22 in Q3 2023, reflecting an increase of approximately 8.6%[11] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 48,667, with the largest shareholder, China Biotechnology Co., Ltd., holding 902,500,488 shares, accounting for 45.64%[5] - There are no significant changes in the shareholding structure or major shareholder actions reported during the period[6] Research and Development - The company has ongoing research and development efforts, with development expenditures amounting to RMB 382.98 million, up from RMB 363.59 million[9] - Research and development expenses increased to CNY 98,702,282.76 in 2024 from CNY 58,350,420.20 in 2023, marking a rise of about 69.2%[13] Operational Challenges - The company’s operational cash flow remains negative, indicating ongoing challenges in generating positive cash flow from core business activities[23] - The company has not disclosed any new strategies or mergers and acquisitions in this reporting period[8] - The company has not adopted the new accounting standards for the current year, which may impact future financial reporting[25]

证券代码：600161 证券简称：天坛生物 公告编号：2024-043 北京天坛生物制品股份有限公司 第九届董事会第十六次会议决议公告 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"）第九届董事会第十六 次会议于 2024 年 10 月 18 日以电子方式发出会议通知，于 2024 年 10 月 25 日以 通讯表决方式召开。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： 一、审议通过《2024 年第三季度报告》 二、审议通过《关于成都蓉生仁寿蓉生单采血浆有限公司改造项目的议案》 同意公司所属成都蓉生药业有限责任公司仁寿蓉生单采血浆有限公司（以下 简称"仁寿浆站"）业务用房改造项目，项目总投资 254.66 万元。项目资金由 仁寿浆站自筹。 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。 三、审议通过《关于上海血制宜春市上生单采血浆有限公司改造项目的议 案》 同意公司所 ...

证券代码：600161 证券简称：天坛生物 公告编号：2024-042 统一社会信用代码：91420100555033607J 住所：武汉东湖新技术开发区光谷七路 99 号 法定代表人：张金 注册资本：壹拾贰亿叁仟肆佰贰拾捌万贰仟零伍拾肆圆人民币 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%股权事项的进展公告 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"）于 2024 年 8 月 30 日 召开第九届董事会第十五次会议，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》。具体请见公司于 2024 年 8 月 31 日发 布的《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》 （公告编号：2024-037）。 近日，上述股权收购事项已根据交易协议约定完成交割股权款的支付和原股 东贷款的偿还、董事改选及高管选聘、工商变更登记等工作，武汉中原瑞德生物 制品有限责任公司已取得武汉市市场监督 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has maintained stable performance with continuous improvement in profitability. For the first three quarters of 2024, the company achieved operating revenue of 4.073 billion yuan, an increase of 1.28%, and a net profit attributable to shareholders of 1.052 billion yuan, up 18.52% [2][3] - Short-term performance has shown fluctuations, but long-term growth is expected to remain stable. The revenue growth rate for Q3 2024 was -7.44%, primarily due to a high base in Q3 2023 and expected fluctuations in quarterly shipment volumes. However, the company's net profit margin for Q3 2024 was at its highest level in recent years, indicating improved profitability [3] - The company is expanding its plasma sources through various means, with a 15% year-on-year increase in plasma collection volume in the first half of 2024. The number of operational plasma collection stations has also increased, reflecting successful expansion efforts [3][4] Summary by Sections Financial Performance - For 2024, the company is projected to achieve operating revenues of 5.765 billion yuan, 6.734 billion yuan in 2025, and 7.772 billion yuan in 2026, with year-on-year growth rates of 11.3%, 16.8%, and 15.4% respectively. Net profit attributable to shareholders is expected to be 1.369 billion yuan in 2024, 1.652 billion yuan in 2025, and 1.983 billion yuan in 2026, with growth rates of 23.3%, 20.7%, and 20.0% respectively [4][5] - The company's current price-to-earnings (PE) ratios are projected to be 31.9 for 2024, 26.4 for 2025, and 22.0 for 2026, indicating a favorable valuation trend [4] Product Development - The company has received approval for high-concentration intravenous immunoglobulin, which is expected to significantly contribute to revenue and profit growth. The revenue from this product in the first half of 2024 was 1.339 billion yuan, with a year-on-year growth of 21.97% and an increase in gross margin by 11.42 percentage points [3][4] - New product approvals are anticipated to further enhance revenue and profit potential, with several products in various stages of clinical trials and regulatory approvals [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 4.07 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.28%, and a net profit attributable to shareholders of 1.05 billion yuan, a year-on-year increase of 18.5% [3] - In Q3 2024, the company achieved a revenue of 1.23 billion yuan, a year-on-year decline of 7.4%, but the net profit attributable to shareholders was 330 million yuan, a year-on-year increase of 1.7% [3] - The net profit margin continued to improve, reaching 26.5% in Q3 2024, up from 25.5% in H1 2024, indicating strong long-term growth potential for the company as a leader in the blood products industry [3] - The company has significantly increased its plasma collection stations, with 102 stations as of mid-2024, up from 59 at the end of 2020, and a plasma collection volume of 1,294 tons in H1 2024, a 15% year-on-year increase [3][4] - The introduction of new products, such as the fourth-generation chromatography immunoglobulin, is expected to enhance profit margins significantly [4] Summary by Sections Financial Performance - For 2024, the company is projected to have a net profit of 1.3 billion yuan, with growth rates of 17.5%, 19.5%, and 19.0% for 2024, 2025, and 2026 respectively [6] - The total revenue for 2024 is estimated at 5.493 billion yuan, with a year-on-year growth rate of 6.0% [6] Market Position - The company is positioned as a leading player in the blood products sector, with a strong backing from its controlling shareholder, China National Pharmaceutical Group [3][4] - The company has demonstrated robust capabilities in acquiring new plasma collection stations, which is crucial for sustaining future performance [3] Product Development - The company has several products in the pipeline, including those in clinical trials, which are expected to enhance its product portfolio and profitability [4]

Financial Performance - Total operating revenue for the first three quarters of 2024 reached ¥407,336.18 million, an increase of 1.28% compared to ¥402,200.25 million in the same period last year[2] - Operating profit increased by 19.72% to ¥172,659.47 million from ¥144,224.99 million year-on-year[2] - Net profit attributable to shareholders of the listed company rose by 18.52% to ¥105,171.95 million, up from ¥88,740.04 million[2] - The basic earnings per share increased to ¥0.53, reflecting an 18.52% growth from ¥0.45[2] - The weighted average return on net assets improved to 10.27%, an increase of 0.67 percentage points from 9.60%[2] Assets and Equity - Total assets at the end of the reporting period were ¥1,555,362.07 million, a 9.62% increase from ¥1,418,805.69 million[2] - Shareholders' equity attributable to the listed company reached ¥1,064,125.90 million, up 8.33% from ¥982,257.92 million[2] - The number of shares outstanding increased by 20.00% to 197,737.14 million shares from 164,780.95 million shares[2] - The net asset per share attributable to shareholders decreased by 9.72% to ¥5.38 from ¥5.96[2] Revenue Drivers - The increase in sales revenue and profit margin was primarily driven by a rise in product sales prices year-on-year, contributing to an 18.52% increase in net profit attributable to shareholders[4]

（一） 产品信息 证券代码：600161 证券简称：天坛生物 公告编号：2024-040 北京天坛生物制品股份有限公司 关于所属企业获得药品注册证书并通过药品 GMP 符合性检查公告 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所属国药集团兰州生物制药有限公司（以下 简称"兰州血制"）于近日收到国家药品监督管理局签发的《药品注册证书》， 兰州血制研制的"人凝血酶原复合物"符合药品注册的相关要求。同时，兰州血 制相关生产场地已通过药品 GMP 符合性检查，并获得甘肃省药品监督管理局签发 的《药品 GMP 符合性检查告知书》（甘 GMP20240012）。具体情况如下： 一、 概况 生产范围：血液制品（人凝血酶原复合物） 检查结论：本次现场检查符合《药品生产质量管理规范（2010 年修订）》。 三、 对公司的影响及风险提示 | 产 | | | | | | 注 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品 | 适应症 ...

Investment Rating - The report gives a "Recommend" rating for Tiantan Biological Products (600161 SH) as of September 20 2024 [6][7] Core Views - Tiantan Biological has transformed into a pure blood products company after restructuring in 2017, focusing on plasma-derived products [1] - The company has become the industry leader with 102 plasma collection stations (80 operational, 22 under construction) and 2415 tons of plasma collected in 2023 [1] - Tiantan Biological has expanded its product matrix to 8 approved products in 2023, with plans to increase to 9 products by covering all major categories of plasma-derived products [2] - The company is building three major plasma processing bases (Yong'an, Kunming, Lanzhou) with total planned capacity of 3600 tons/year to break through production bottlenecks [2][46] Business Restructuring - Tiantan Biological completed a two-step restructuring in 2017-2018 to focus on blood products [15] - Step 1: Transferred vaccine business to parent company and acquired Guizhou Zhongtai [16] - Step 2: Acquired three major blood product assets (Shanghai, Wuhan, Lanzhou) through Chengdu Rongsheng [16] - The restructuring achieved synergies in plasma station management, product complementarity, and R&D coordination [19][20] - The company exceeded its three-year performance commitment after restructuring [26] Plasma Collection Expansion - Tiantan Biological has expanded plasma collection through multiple channels [1] - Increased stake in Chengdu Rongsheng to 74 01% [27] - Obtained 43 new plasma station approvals in 2021-2022 [1] - Acquired Xi'an Huitian (63 69% stake) and Zhongyuan Ruide (100% stake) to expand in Shaanxi and Hubei [36][37] - The company's plasma collection increased from 1400 tons in 2017 to 2415 tons in 2023, with a CAGR of 9 6% [34] - New plasma stations typically take 3-4 years to reach full capacity, with 20 new stations starting operation in 2023 [1] Product Development - Tiantan Biological has expanded its product portfolio to cover all major categories of plasma-derived products [2] - 8 approved products in 2023, with plans to increase to 9 products [2] - Added recombinant coagulation factor VIII and high-purity IVIG (10%) to its product line [44] - The company's gross margin and net profit margin reached record highs in 2023 at 50 8% and 29 1% respectively [45] - Plasma utilization rate has improved with the expansion of product lines [39] Financial Projections - Revenue is projected to grow from 6 16 billion yuan in 2024 to 8 19 billion yuan in 2026, with a CAGR of 15 2% [3][55] - Net profit is expected to increase from 1 39 billion yuan in 2024 to 1 90 billion yuan in 2026, with a CAGR of 17 0% [3][55] - Plasma collection is forecasted to reach 2669 tons in 2024, 3079 tons in 2025, and 3418 tons in 2026 [54] Valuation - As of September 20 2024, Tiantan Biological's PE (TTM) is 32 1x, 13 4% higher than the industry average [6][7] - The company's ton-plasma market value is 20 60 million yuan, based on 2024E equity plasma volume of 1975 tons [7] - Tiantan Biological's ton-plasma output value reached 2 145 million yuan in 2023, still below the industry average of 2 408 million yuan [55]