Investment Rating - The report gives a "Buy" rating for the company, Tian Tan Biological, as it is positioned as a leading player in the blood products industry and is in a phase of rapid plasma volume growth [6][7]. Core Insights - The company has undergone significant restructuring to focus solely on blood products, divesting its vaccine business and consolidating blood product assets under its subsidiary, Chengdu Rongsheng, which has led to enhanced operational efficiency and market positioning [1][19]. - The company has expanded its plasma collection capabilities through acquisitions and new plasma stations, achieving a total of 102 plasma collection stations, with a significant increase in plasma collection volume [2][27]. - The product matrix has been strengthened, with the company achieving a record high in gross and net profit margins in 2023, supported by the completion of its coagulation product line [2][3]. Summary by Sections Focus: Restructuring of Vaccine and Blood Product Assets - The company initiated a two-step internal restructuring to eliminate competition with its controlling shareholder, transferring its vaccine business and acquiring blood product assets [15][16]. - The integration of blood product operations has resulted in a synergistic effect, enhancing production capacity and resource utilization [19][20]. - The company has exceeded its three-year performance commitments post-restructuring, demonstrating strong operational performance [26]. Expansion: Multi-Dimensional Growth of Plasma Sources - The company has increased its stake in Chengdu Rongsheng, raising its ownership to 74.01%, thereby enhancing its equity plasma share [27]. - It has successfully obtained approvals for new plasma stations, significantly increasing its plasma collection capacity [30][32]. - The average plasma collection per station has improved, with ongoing efforts to optimize existing stations [2][30]. Strengthening: Expanding Product Matrix - The company has enriched its product offerings, achieving a total of 9 blood product varieties in 2023, with a focus on coagulation products [2][3]. - Operational efficiency has improved, leading to record gross and net profit margins in 2023 [2][3]. - New production bases are being established to alleviate capacity constraints, with significant progress in the construction of key facilities [2][3]. Profit Forecast and Investment Rating - Revenue projections for 2024-2026 are estimated at 61.6 billion, 71.1 billion, and 81.9 billion yuan, with corresponding net profits of 13.9 billion, 16.4 billion, and 19.0 billion yuan, reflecting strong growth rates [3][7]. - The company's current market valuation is approximately 406.9 billion yuan, with a projected PE ratio of 29.3 for 2024, indicating a favorable investment outlook [6][7].

证券代码：600161 证券简称：天坛生物 公告编号：2024-039 （一） 产品信息 | 产品 | | 新增适应症 | 可以开展临床 | | | 规格 | 注册 | 剂型 | 研发 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | 试验的时间 | | | | 分类 | | 投入 | | 静 | 注 人 | 慢性炎性脱髓鞘 | | | | | 治疗用 | | | | 免 疫 球 | | | 2024 9 月 | 年 | 11 | 5g/瓶 | | | 824.34 | | 蛋 白 | | 性多发性神经根 | 日 | | | （10%，50ml） | 生物制 | 注射剂 | 万元 | | | | 神经病 | | | | | 品 | | | | （pH4） | | | | | | | | | | 上述产品获批新增适应症还需履行的主要审批程序包括：开展临床试验、提 交新增适应症许可申请、通过国家药品监督管理局药品审评中心审评及国家药品 监督管理局审批后，获批新增适应症。 （二） 同类产品市场情况 北京天坛生物制品股 ...

会议召开时间：2024 年 9 月 23 日（星期一）10:00-11:30 证券代码：600161 证券简称：天坛生物 公告编号：2024-038 北京天坛生物制品股份有限公司 关于召开 2024 年半年度业绩说明会公告 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： 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 12 日（星期四）至 9 月 20 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 ttswdb@sinopharm.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 一、 说明会类型 北京天坛生物制品股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日 发布公司 2024 年半年度报告，公司计划于 2024 年 9 月 23 日 10 ...

Investment Rating - Buy (Maintained) [4] Core Views - The company's plasma collection volume continues to grow, and profitability has significantly improved [4] - Product structure optimization, especially the increased profitability from chromatographic intravenous immunoglobulin (IVIG) [4] - The company is actively expanding plasma resources through both internal and external means, including the acquisition of CSL's subsidiary Zhongyuan Ruide, which adds 5 operational plasma collection stations [4] - The company is continuously enriching its product pipeline, which is expected to further enhance profit per ton of plasma [5] - The company is expected to achieve net profits of 1.341 billion, 1.607 billion, and 1.881 billion yuan in 2024, 2025, and 2026, respectively, with corresponding EPS of 0.68, 0.81, and 0.95 yuan [5] Financial Performance - In H1 2024, the company achieved revenue of 2.841 billion yuan (YoY +5.59%), net profit attributable to the parent company of 726 million yuan (YoY +28.10%), and non-GAAP net profit of 723 million yuan (YoY +29.35%) [4] - In Q2 2024, the company achieved revenue of 1.619 billion yuan (YoY +15.76%), net profit attributable to the parent company of 409 million yuan (YoY +34.28%), and non-GAAP net profit of 410 million yuan (YoY +33.93%) [4] - The company's gross margin in H1 2024 was 55.67% (YoY +7.13ppt), driven by high demand for products like IVIG and the sales of newly approved chromatographic IVIG [4] Product Line and Profitability - Human albumin revenue in H1 2024 was 1.114 billion yuan (YoY -6.93%), with a gross margin of 52.63% (YoY +8.41ppt) [4] - IVIG (including chromatographic) revenue in H1 2024 was 1.339 billion yuan (YoY +21.97%), with a gross margin of 57.49% (YoY +11.42ppt) [4] - Other blood products revenue in H1 2024 was 378 million yuan (YoY -2.56%), with a gross margin of 58.07% (YoY -10.34ppt) [4] - The company's product pipeline is being enriched with new products like human fibrinogen and recombinant coagulation factors, which are expected to boost profit per ton of plasma [5] Plasma Collection and Expansion - The company has 102 plasma collection stations across 16 provinces/regions, with 80 operational stations [4] - Plasma collection in H1 2024 reached 1,294 tons (YoY +15.02%), accounting for approximately 20% of the domestic industry's total plasma collection [4] - The acquisition of Zhongyuan Ruide adds 5 operational plasma collection stations and a new blood product production facility, further enhancing the company's competitive position in the blood products industry [4] Future Projections - The company is expected to achieve revenue of 6.206 billion, 7.353 billion, and 8.564 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 19.8%, 18.5%, and 16.5% [6] - Net profit attributable to the parent company is projected to be 1.341 billion, 1.607 billion, and 1.881 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 20.8%, 19.9%, and 17.0% [6] - EPS is expected to be 0.68, 0.81, and 0.95 yuan in 2024, 2025, and 2026, respectively [6]

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 ...