Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported strong performance in its semi-annual report for 2024, achieving operating revenue of 1.136 billion yuan, a year-on-year increase of 60.23%, and a net profit attributable to the parent company of 327 million yuan, up 128.44% year-on-year [1] - The blood products segment continues to show robust performance, with revenue of 1.133 billion yuan, reflecting a 60.35% year-on-year growth, driven by strong market demand and an increase in raw plasma collection [1] - The company’s plasma collection volume is steadily increasing, with expectations to exceed 1,400 tons for the full year of 2024, supporting its operational goals [1] - Continuous investment in new product development is enhancing the product line, with R&D expenditure of 44 million yuan in the first half of 2024, a 24.83% increase year-on-year [1] Summary by Relevant Sections Financial Performance - For the first half of 2024, the company achieved operating revenue of 1.136 billion yuan and a net profit of 327 million yuan, with significant year-on-year growth rates of 60.23% and 128.44% respectively [1] - The company’s blood products revenue reached 1.133 billion yuan, marking a 60.35% increase year-on-year, attributed to high market demand and improved plasma collection [1] Plasma Collection and Supply - The company’s plasma collection volume surpassed 1,200 tons in 2023, positioning it among the top tier in the domestic blood products industry [1] - In the first half of 2024, the plasma collection volume was approximately 700 tons, with expectations to exceed 1,400 tons for the full year [1] Product Development and R&D - The company invested 44 million yuan in R&D in the first half of 2024, a 24.83% increase from the previous year, and holds 65 authorized patents with over 10 products in development [1] - The company is actively developing and marketing new products, including intravenous human immunoglobulin for cytomegalovirus, which will enhance its product offerings [1] Profit Forecast and Valuation - The report forecasts net profits for 2024, 2025, and 2026 to be 782 million yuan, 934 million yuan, and 1.086 billion yuan respectively, with year-on-year growth rates of 27.71%, 19.54%, and 16.20% [1][2] - The current price-to-earnings (P/E) ratios are projected to be 23, 19, and 16 for the years 2024, 2025, and 2026 respectively [1][2]

Investment Rating - The report upgrades the investment rating to "Buy" due to excellent performance growth in the first half of 2024 [4]. Core Views - The company achieved significant revenue growth in the first half of 2024, with operating income reaching 1.136 billion yuan, a year-on-year increase of 60.2%, and net profit attributable to the parent company of 327 million yuan, up 128% [1]. - The company's operational efficiency has improved, with a gross margin of 50.2% and a net margin of 28.8%, both showing increases compared to the same period last year [1]. - Plasma collection has rapidly increased, with approximately 700 tons collected in the first half of the year, and new plasma stations continuously passing inspections [1]. - The approval of clinical trials for intravenous immunoglobulin (10%) is expected to enrich the product line further [1]. Financial Forecast and Investment Suggestions - The earnings per share (EPS) for 2024-2026 are projected to be 1.08, 1.28, and 1.47 yuan respectively, with a target price set at 32.4 yuan based on a 30x price-to-earnings ratio for 2024 [2][4].

Group 1: Financial Performance - In the first half of 2024, the company achieved revenue of 1.136 billion CNY, a year-on-year increase of 60% [3] - The net profit attributable to shareholders reached 327 million CNY, up 128% year-on-year [3] - The net profit after deducting non-recurring gains and losses was 297 million CNY, reflecting a 185% increase compared to the previous year [3] Group 2: Plasma Collection and Sales - Plasma collection volume in the first half of 2024 was approximately 700 tons, showing rapid growth [4] - The domestic market sales revenue for blood products was 1.134 billion CNY, also a 60% increase year-on-year [4] - Export sales revenue reached 1.8 million CNY in the first half of 2024, with ongoing efforts to expand overseas markets [4] Group 3: Product Development and R&D - The company is increasing its R&D efforts, with new products such as PCC and the fourth-generation immunoglobulin undergoing clinical trials [4] - The company aims to enhance product specifications and adapt to market demands, thereby improving competitiveness [4] Group 4: Operational Efficiency and Cost Management - The company is streamlining its organizational structure and enhancing management processes to improve operational efficiency [4] - The overall gross profit margin is expected to remain above 50% for the year, with a decrease in expense ratios anticipated [5] Group 5: Future Outlook and Capacity Expansion - The company targets a total plasma collection volume of 1,400 tons for 2024 [5] - Capacity expansion projects are underway, with plans to increase annual production capacity to 3,000 tons by 2025 [5] - The company is prioritizing domestic market supply while gradually exploring overseas markets for future growth [6]

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,136,178,207.09, representing a 60.23% increase compared to CNY 709,071,800.34 in the same period last year[12]. - The net profit attributable to shareholders for the first half of 2024 was CNY 326,984,394.22, a significant increase of 128.44% from CNY 143,137,171.51 in the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 296,625,321.89, reflecting a 184.61% increase compared to CNY 104,222,388.72 in the same period last year[12]. - The basic earnings per share for the first half of 2024 was CNY 0.4474, up 128.50% from CNY 0.1958 in the same period last year[12]. - The total profit for the first half of 2024 was CNY 370,852,765.45, compared to CNY 159,329,317.41 in the first half of 2023, indicating an increase of about 132.5%[128]. - The company reported a total comprehensive income of CNY 326,979,264.57 for the first half of 2024, compared to CNY 143,026,569.38 in the first half of 2023, reflecting an increase of approximately 128.5%[130]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 8,836,677,258.03, an increase of 2.39% from CNY 8,630,474,084.53 at the end of the previous year[12]. - The net assets attributable to shareholders at the end of the reporting period were CNY 7,615,971,397.34, which is a 2.52% increase from CNY 7,428,649,258.06 at the end of the previous year[12]. - Cash and cash equivalents decreased to CNY 850,349,304.10, accounting for 9.62% of total assets, down from 16.56% last year, a decrease of 6.94%[40]. - Accounts receivable amounted to CNY 513,513,019.50, representing 5.81% of total assets, down from 6.76% last year, a decrease of 0.95%[40]. - Inventory increased to CNY 1,139,640,065.04, making up 12.90% of total assets, up from 10.54% last year, an increase of 2.36%[40]. - The total liabilities and equity amounted to CNY 8,836,677,258.03, compared to CNY 8,630,474,084.53, reflecting an increase of approximately 2.4%[124]. Cash Flow - The net cash flow from operating activities for the first half of 2024 was CNY 112,858,305.14, a decrease of 27.83% compared to CNY 156,384,423.12 in the same period last year[12]. - The net cash flow from investing activities was -581,404,657.36 CNY, compared to -337,306,312.22 CNY in the previous year, indicating a significant increase in cash outflow[132]. - The net cash flow from financing activities was -110,258,513.14 CNY, a decrease from a positive cash flow of 69,846,098.57 CNY in the same period last year[132]. - The total cash and cash equivalents at the end of the period amounted to 849,487,813.45 CNY, down from 889,273,147.33 CNY in the previous year[132]. Market and Industry Insights - The global blood products market size is approximately $50 billion in 2023, expected to exceed $90 billion by 2030[16]. - China's blood products market size is over 50 billion yuan in 2023, projected to reach 95 billion yuan by 2030[16]. - The demand for blood products in China is consistently higher than supply, leading to a long-term supply-demand imbalance[20]. - The blood products industry in China is expected to see increased market concentration through mergers and acquisitions, with leading companies gaining more advantages[23]. - The industry is characterized by high entry barriers and strict regulatory oversight, ensuring healthy market development[18]. Research and Development - The company has a total of 11 product varieties, with over 10 products currently under research and development, indicating a strong commitment to innovation[32]. - Research and development expenses increased by 24.83% to CNY 43,948,692.50, reflecting the company's focus on enhancing its product offerings[35]. - The company is actively developing and selling intravenous human immunoglobulin for cytomegalovirus, aimed at preventing infections during organ transplants[28]. Environmental Compliance - The company strictly adheres to environmental protection policies and industry standards, including the Environmental Protection Law of the People's Republic of China and the Air Pollution Prevention and Control Law[70]. - No pollution incidents or disputes occurred during the reporting period, and there were no administrative penalties for violations of environmental protection laws[70]. - The company has established underground emergency wastewater storage tanks with capacities of 1000m³ and 870m³ at its Guangdong Shuanglin and Paisfiko plants, respectively, to manage untreated wastewater during treatment facility failures[80]. Corporate Governance and Shareholder Engagement - The company maintained a transparent information disclosure system, ensuring that all shareholders, especially minority shareholders, are treated equally and that information is disclosed accurately and timely[91]. - The company held its first extraordinary general meeting of 2024 on March 27, with a 45.90% investor participation rate, and the annual general meeting on May 21, with a 46.37% participation rate[63]. - The company has implemented a stock option and restricted stock incentive plan to attract and retain talent, with a total of 526,898 stock options that were not exercised and subsequently canceled[67]. Strategic Initiatives - The company plans to strengthen brand building through multi-brand operations and resource integration to enhance its market position[33]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[140]. - A strategic acquisition of a smaller biotech firm was completed, valued at 500 million RMB, aimed at enhancing R&D capabilities[150]. Risks and Challenges - The company faces risks from national regulatory policies, with new regulations potentially impacting the competitive landscape and operational activities in the blood products industry[56]. - There is a risk of insufficient raw material supply, as the availability of healthy human plasma directly affects production capacity, leading to potential shortages in response to increased market demand[57]. - Market competition is intensifying, with a trend towards higher industry concentration, favoring larger companies with scale advantages, while recent inclusion of blood products in centralized procurement adds uncertainty to sales[58].

证券代码：000403 证券简称：派林生物 公告编号：2024-045 派斯双林生物制药股份有限公司 关于2024年半年度募集资金存放与使用情况的专项报告 一、公司募集资金的基本情况 经中国证券监督管理委员会《关于核准南方双林生物制药股份有限公司向哈尔滨 同智成科技开发有限公司等发行股份购买资产并募集配套资金的批复》（证监许可 【2020】3412 号），同意公司向特定对象非公开发行人民币普通股（A 股）191,595,895 股股份购买相关资产，并发行股份募集配套资金不超过 16 亿元。公司本次向特定对 象非公开发行人民币普通股（A 股）48,004,800 股，每股面值 1.00 元，每股发行认购 价格为人民币 33.33 元，共计募集资金人民币 1,599,999,984.00 元。截至 2021 年 2 月 3 日，公司实际已向特定对象非公开发行人民币普通股（A 股）48,004,800 股，募集资 金总额 1,599,999,984.00 元，扣除承销费 21,730,000.00 元和财务顾问费 530,000.00 元 后的资金为人民币 1,577,739,984.00 元，已由国泰君安证券股份 ...

证券代码：000403 证券简称：派林生物 公告编号：2024-043 1、《2024 年半年度报告》 派斯双林生物制药股份有限公司 第十届董事会第八次会议（临时会议）决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 派斯双林生物制药股份有限公司（以下简称"公司"）第十届董事会第八次会议 （临时会议）于2024年8月26日以通讯方式召开，会议由公司董事长李昊先生召集并 主持。本次会议通知于2024年8月23日以通讯方式发出，会议应出席董事13人，实际 出席董事13人，会议程序符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 与会董事经过认真讨论，审议了以下议案： 公司 2024 年半年度报告全文及摘要按照中国证监会印发的《公开发行证券的 公司信息披露内容与格式准则第 3 号——半年度报告的内容与格式》及深圳证券交 易所发布的《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》的要求编制。具体内容详见《派斯双林生物制药股份有限公司 2024 年半年度 报告》《派斯双林生物制药股份有限公司 2 ...

证券代码：000403 证券简称：派林生物 公告编号：2024-042 派斯双林生物制药股份有限公司 关于持股5%以上股东及部分董事减持股份计划的预披露公告 持股5%以上股东一致行动人杨峰女士、杨莉女士保证向本公司提供的信息披露内 容的真实、准确、完整，没有虚假记载、误导性陈述或者重大遗漏。 本公司及董事会全体成员保证信息披露内容与信息披露义务人提供的信息一致。 特别提示： 合计持有派斯双林生物制药股份有限公司（以下简称"公司"）股份14,929,841 股（占公司总股本比例2.04%，总股本按剔除公司最新披露回购专用账户中的股份数 量1,968,378股计算，下同）的股东杨峰女士、股东及董事杨莉女士计划自本公告披 露之日起15个交易日之后的三个月内以集中竞价交易或大宗交易方式合计减持公司 股份不超过3,020,000股（占公司总股本比例0.41%）。 1、减持计划 | 股东名称 | 减持原因 | 股份来源 | 拟减持股份 | 拟减持量占 | 减持时间 | 减持价格 | 减持方式 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 数量（股） ...

证券代码：000403 证券简称：派林生物 派斯双林生物制药股份有限公司投资者关系活动记录表 编号：【2024】004 □特定对象调研 □ 分析师会议 □媒体采访 □ 业绩说明会 投资者关系活 □新闻发布会 □ 路演活动 动类别 □现场参观 ☑其他 （投资者开放日活动） 华源证券、长江证券、国泰君安、民生加银、中金公司、长盛基金、 野村证券、银河证券、国信证券、和聚资本、祈福投资、招商证券、 海通证券、华电资本、东吴证券、中信建投、西部证券、泰康资产、 东方证券、中信证券、国君资管、圆合金控、国盛证券、博时基金、 参与单位名称 工银瑞信、峰岚资产、长城证券、华安证券、申万宏源、CPE 源峰、 及人员姓名 安信证券、建信基金、德邦证券、财通证券、平安基金、爱钛技术、 天风资管、富国基金、广发基金、开源证券、华鑫证券、湖北祥旭、 天弘基金、嘉实基金、南方基金、光大证券、华商基金、嘉实基金、 山西证券、星石投资、泉果基金、华夏久盈、国金证券、广发基金、 摩根士丹利、朱滨、康雷波等 时间 2024 年 8 月 7 日 地点 新疆乌鲁木齐 董事长 李昊 联席董事长 付绍兰 监事会主席 郭麾 上市公司接待 总经理 荣先奎 ...

证券研究报告 股价教据: 2024 年 7 月 11 日 星利预测与估值 收盘价(元) 27.90 2022A 2023A 2024E 2025E 2026E 年内最高/最低 (元) 营业总收入(百万元) 2405 2,329 2,920 3,366 3,872 31.02/17.36 总市值(亿元) 同比增长率 (%) 21.98% -3.18% 25.41% 15.25% 15.04% 205 毛利率 (%) 52.13% 51.5% 52.7% 52.8% 52.8% 归母净利润（百万元） 587 612 769 916 1,074 同比增长率 (%) 50.1% 17.3% 4.3% 25.6% 19.1% 每股收益 (元/股) 0.80 0.84 1.05 1.25 1.46 ROE (%) 8.5% 8.2% 9.4% 10.1% 10.5% 市盈车 28.39 32.49 22.34 19.04 26.61 医药生物 公司点评 2024 年 07 月 12 日 派林生物 (000403.SZ) -- 业绩超预期,后续股东赋能想象空间大 投资买点: A 公司事件: 公司发布 2024 上半年业绩预 ...

证券研究报告:医药生物 | 公司点评报告 2024 年 7 月 11 日 股票投资评级 派林生物(000403) 买入|维持 个股表现 派林生物 医药生物 -24% -16% -8% 0% 8% 16% 24% 32% 40% 48% 2023-07 2023-09 2023-12 2024-02 2024-04 2024-07 资料来源:聚源,中邮证券研究所 公司基本情况 | --- | --- | |-----------------------|----------------------| | 最新收盘价(元) | 27.80 | | 总股本/流通股本(亿股) | 7.33 / 6.84 | | 总市值/流通市值(亿元) | 204 / 190 | | 52 周内最高/最低价 | 30.34 / 17.51 | | 资产负债率(%) | 14.0% | | 市盈率 | 33.16 | | | 共青城胜帮英豪投资合 | | 第一大股东 | | | | 伙企业(有限合伙) | | | | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec. ...