Investment Rating - The report maintains a "Buy" rating for Tiantan Biological Products (600161) [1] Core Views - The report discusses the growth expectations for Tiantan Biological's immunoglobulin business, particularly focusing on the sustainability of high growth rates post-pandemic, market size projections for the next five years, and the impact of new product launches on revenue growth [1][4][17] Industry Outlook - The immunoglobulin market is expected to reach a terminal size of 22.8 billion by 2028, with a projected CAGR of approximately 10% from 2023 to 2028 [1][5] - The report highlights that the COVID-19 pandemic has accelerated market education regarding the clinical value of immunoglobulin therapy, leading to increased recognition and demand [1][4] Company Insights - Tiantan Biological is positioned as a leading player in the blood products industry, with a significant market share and a robust supply chain [1][4] - The company has a strong pipeline of products, including the recently approved 10% immunoglobulin and a subcutaneous immunoglobulin product expected to drive future growth [4][17] - The report anticipates that the company's immunoglobulin revenue could reach approximately 4.82 billion by 2028, with a CAGR of about 16% from 2023 to 2028 [1][5] Financial Projections - Revenue forecasts for Tiantan Biological are as follows: 5.71 billion in 2024, 6.60 billion in 2025, and 7.61 billion in 2026, with corresponding net profits of 1.40 billion, 1.54 billion, and 1.86 billion respectively [5] - The report indicates that the company’s earnings per share (EPS) are projected to be 0.71, 0.78, and 0.94 for the years 2024, 2025, and 2026 [5]

证券代码：600161 证券简称：天坛生物 公告编号：2024-048 北京天坛生物制品股份有限公司 2024 年 11 月 28 日 1 根据《上海证券交易所股票上市规则》等有关规定，在公司聘任新的董事会秘书前， 将由公司董事长杨汇川先生代行公司董事会秘书职责。公司将按照法定程序尽快完成董 事会秘书聘任工作。 公司董事会对张翼先生任职期间为公司发展做出的贡献表示衷心的感谢！ 特此公告。 北京天坛生物制品股份有限公司副总经理、董事会秘书辞职公告 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"）董事会于近日收到公司副总 经理、董事会秘书张翼先生书面辞职申请，因工作调动原因，向公司董事会提出辞去副 总经理、董事会秘书职务。上述辞职申请自送达公司董事会时生效。 ...

北京天坛生物制品股份有限公司董事辞职公告 证券代码：600161 证券简称：天坛生物 公告编号：2024-047 特此公告。 北京天坛生物制品股份有限公司 2024 年 11 月 25 日 1 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"）董事会收到公司董事 胡立刚先生书面辞职申请，因工作调动原因，向公司董事会提出辞去董事及董事 会审计与风险管理委员会委员职务。上述辞职申请自送达公司董事会时生效。 根据《公司法》、《公司章程》等有关规定，胡立刚先生的辞职未导致公司 董事会成员低于法定人数，不会影响公司董事会正常运作和公司正常经营。公司 董事会将按照法定程序提名新的董事候选人，提交股东大会进行审议。 董事会对胡立刚先生任职期间为公司发展做出的贡献表示衷心的感谢！ ...

证券代码：600161 证券简称：天坛生物 公告编号：2024-046 北京天坛生物制品股份有限公司 关于所属企业获得临床试验总结报告的公告 | 产品 | | 获得临床试验 | | | 注册 | | 研发 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 适应症 | 批准通知书时 | | 规格 | 分类 | 剂型 | 投入 | | | | 间和编号 | | | | | （万元） | | 皮下注 | | | | | 治 疗 | | | | 射人免 | 用于治疗免疫缺陷疾病，包括原发 | 2021 年 03 月 | | 2g/ 瓶 （ 20% ， | 用 生 | | | | | 性免疫缺陷病（PID）和继发性免疫 | 日 01 | ， | | | 注射剂 | 8,335.39 | | 疫球蛋 | 缺陷病（SID）。 | 2021LP00265 | | 10ml） | 物 制 | | | | 白 | | | | | 品 | | | （二） 临床研究结果 成都蓉生生产的皮下注射人免疫球蛋白临床研究结果显示，用药后能维持更 加稳定的体内免疫球蛋白 G（ ...

天坛生物 20241111 摘要 • 北京天坛生物制品股份有限公司是国药集团中国生物旗下唯一的血液制 品专业公司，拥有全国最大的血液制品生产规模和市场份额，在质量、规 模和品牌方面具有综合优势。 • 天坛生物在献浆员安全和原料质量方面采取了严格的管理措施，从招募到 体检、采集到检测、存储到运输，每一个环节都严格把关，并以先进管理 理念打造标准化服务型浆站，推动浆站可持续发展。 • 天坛生物秉持高标准质量方针，采用先进生产检测设施设备，构建了领先 的智能制造能力，并确保生产全过程可追溯。公司严格按照国家药品管理 法规要求构建科学完善的质量管理体系，并通过了国内外多个质量、安全 及环境认证，不断提升国际市场影响力。 • 天坛生物始终坚持科技创新，组建了中国生物血液制品研发中心，并拥有 近百人的研发团队。近年来，公司在新产品研发方面取得显著进展，包括 多种新型人免疫球蛋白、多种凝血因子及重组人凝血因子的开发，已获得 10 余项发明专利授权，进一步巩固了其在行业内的领先地位。 • 天坛生物积极履行社会责任，在国家重大活动、自然灾害及疫情期间，提 供必要的应急储备保障并参与患者救治工作。例如，在 2020 年新冠肺炎 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [3][11]. Core Views - The company reported a revenue of 4.07 billion and a net profit of 1.05 billion for the first three quarters of 2024, with a year-on-year net profit growth of 18.51% [1][2]. - The company experienced a short-term revenue decline of 7.4% in Q3 2024, but the net profit showed a slight increase of 1.57% [2]. - The gross margin and net margin for Q3 2024 were 54.54% and 35.87%, respectively, reflecting an increase of 2.76 percentage points and 3.31 percentage points year-on-year, indicating improved operational quality [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 40.7 billion, with a net profit of 10.5 billion and a non-recurring net profit of 10.4 billion [1]. - In Q3 2024, the company reported a revenue of 12.3 billion, a net profit of 3.25 billion, and a non-recurring net profit of 3.20 billion [2]. Market Position - The company maintained its leading position in the domestic market, achieving a plasma collection of 1,294 tons, which accounts for approximately 20% of the total industry collection, reflecting a year-on-year growth of 15% [2]. Product Development - The company is advancing its research and development efforts, with several products in the pipeline, including a human fibrinogen product and various coagulation factors, which are expected to contribute to future revenue growth [2]. Profit Forecast - The company is projected to achieve net profits of 13.4 billion, 15.6 billion, and 18.3 billion for the years 2024, 2025, and 2026, respectively, with growth rates of 21%, 16%, and 18% [3]. - The corresponding price-to-earnings ratios for 2024, 2025, and 2026 are expected to be 32, 28, and 23 times, respectively [3].

Investment Rating - Buy/Maintain rating for Tiantan Biological (600161) [2] Core Views - Short-term revenue pressure but long-term growth potential expected [2] - Plasma station expansion and acquisition of Zhongyuan Ruide to boost plasma resources [5] - Successful listing of Chengdu Rongsheng's 4th generation 10% IVIG product, expected to accelerate volume growth [6] - Improved profitability with gross margin increasing to 55.33% in the first three quarters of 2024 [7] Financial Performance - 2024 Q1-Q3 revenue: 4.073 billion yuan, up 1.28% YoY [4] - 2024 Q1-Q3 net profit: 1.052 billion yuan, up 18.52% YoY [4] - 2024 Q3 revenue: 1.232 billion yuan, down 7.44% YoY [4] - 2024 Q3 net profit: 326 million yuan, up 1.57% YoY [4] Plasma Station Expansion - Operating plasma stations: 80 as of June 30, 2024 [5] - Total plasma stations: 102 [5] - Acquisition of Zhongyuan Ruide adds 5 operating plasma stations [5] - New plasma stations account for about 30% of total operating stations [5] - Over 20 plasma stations not yet in operation [5] Product Development - Chengdu Rongsheng's 10% IVIG product approved in September 2023 [6] - Product listed in multiple provinces including Heilongjiang, Guangxi, and Chongqing [6] Profitability and Costs - 2024 Q1-Q3 gross margin: 55.33%, up 5.72 percentage points YoY [7] - 2024 Q1-Q3 net profit margin: 35.04%, up 5.01 percentage points YoY [7] - 2024 Q3 gross margin: 54.54%, up 2.76 percentage points YoY [7] - 2024 Q3 net profit margin: 35.87%, up 3.31 percentage points YoY [7] Financial Forecasts - 2024-2026 revenue forecast: 5.710 billion yuan, 6.956 billion yuan, 8.194 billion yuan [7] - 2024-2026 net profit forecast: 1.372 billion yuan, 1.659 billion yuan, 1.995 billion yuan [7] - 2024-2026 EPS forecast: 0.69 yuan, 0.84 yuan, 1.01 yuan [7] - 2024 PE ratio: 32x [7] Valuation Metrics - 2024-2026 PE ratios: 32.02x, 26.47x, 22.01x [10] - 2024-2026 PB ratios: 4.02x, 3.59x, 3.17x [11] - 2024-2026 PS ratios: 7.69x, 6.31x, 5.36x [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8][12]. Core Views - The revenue is under short-term pressure, but long-term growth is anticipated due to various strategic initiatives and market conditions [1][10]. - The company reported a revenue of 4.073 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.28%, while the net profit attributable to shareholders was 1.052 billion yuan, up 18.52% year-on-year [2][5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.232 billion yuan, a decrease of 7.44% year-on-year, with a net profit of 326 million yuan, reflecting a growth of 1.57% [2][5]. - The overall gross margin improved by 5.72 percentage points to 55.33% for the first three quarters of 2024, driven by a balanced supply-demand situation leading to higher product prices [5][9]. Growth Potential - The company has expanded its plasma collection stations, with 80 operational stations and a total of 102 stations as of June 30, 2024. The acquisition of Zhongyuan Ruide is expected to enhance plasma resource availability [3][4]. - The launch of the fourth-generation 10% concentration intravenous immunoglobulin product is progressing well, with multiple provinces already included in the network, indicating potential for significant market penetration [4][10]. Profitability Forecast - The company forecasts revenues of 5.710 billion yuan, 6.956 billion yuan, and 8.194 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10%, 22%, and 18% [5][9]. - Net profit attributable to shareholders is projected to be 1.372 billion yuan, 1.659 billion yuan, and 1.995 billion yuan for the same years, with growth rates of 24%, 21%, and 20% [5][9].

北京天坛生物制品股份有限公司 关于召开 2024 年第三季度业绩说明会公告 证券代码：600161 证券简称：天坛生物 公告编号：2024-045 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： （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 会议召开时间：2024 年 11 月 11 日（星期一） 10:00-11:30 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 11 月 4 日（星期一） 至 11 月 8 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 10 月 26 日 发布公司 2 ...

证券代码：600161 证券简称：天坛生物 公告编号：2024-044 北京天坛生物制品股份有限公司 关于所属企业药品临床试验进展公告 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所属国药集团贵州生物制药有限公司研制 的"人凝血酶原复合物" 已完成临床伦理审查、临床入组前准备等工作，于近 日正式开展Ⅲ期临床试验，现将有关信息披露如下： 一、 概况 （三） 国际市场情况 | 生产企业名称 | 规格 | 剂型 | | --- | --- | --- | | CSL Behring | 250IU/瓶、500IU/瓶、1000IU/瓶 | 注射剂 | | Octapharma | 500IU/瓶、1000IU/瓶 | | | Grifols | 500IU/瓶、1000IU/瓶、1500IU/瓶 | | | Kedrion | 500IU/瓶 | | | Sanquin | 250IU/瓶、500IU/瓶 | | | Baxter | 600IU/瓶 | | 二、风险提示 药品的研发是一项长期工作，存 ...