证券研究报告 医药生物 | 生物制品 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 24 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | 21 | | 2025 | 年 | 03 | 月 | 日 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 27.52 | | | | | 一 年 内 高 / 低 | | 最 | | | | 41.98/26.68 | | | 最 | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | 13,876.93 | | | | | 流通市值（百万元） | | | | | | 13,876.93 | | | | | 总股本（百万股） | | | | | | 504.25 | | | | | 资产 ...

博雅生物在 2024 年的总体经营情况如何？ 2024 年，博雅生物聚焦血液制品主业，按照"1,236"的总体经营规划，坚持 一个定位，做大两头驱动，做强三个提升，实现 16 项多维驱动。公司合并报表 收入为 17.35 亿元，同比有所下降，这主要是由于剥离天安药业和复旦药业的 影响。然而，血液制品业务依然稳健，实现收入 15.14 亿元，同比增长 4.32%。 凝血酶原复合物和八因子的销售额增长显著。整体经营利润达到 3.97 亿元，同 比增长 67.18%，主要得益于去年同期计提商业减值导致的基数较小，公司经营 质量持续提升。平均净资产收益率增加 2.08 个百分点至 5.36%，总资产 84 亿 博雅生物 20250324 摘要 Q&A • 博雅生物 2024 年营收同比下降，主要受剥离业务影响，但血液制品业务稳 健增长 4.32%，凝血酶原复合物和八因子销售额显著提升，经营利润大幅 增长 67.18%，净资产收益率增至 5.36%。 • 公司通过收购劳氏至香港股权，新增生产许可证和四个浆站，浆站总数增 至 21 个，覆盖七省，全年采浆 630.6 吨，同比增长 10.4%，华润博雅生物 本部采浆增长 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company achieved a revenue of 1.735 billion yuan in 2024, a decrease of 34.58% year-on-year, while the net profit attributable to shareholders was 397 million yuan, an increase of 67.18% year-on-year [1]. - The blood products business generated a revenue of 1.514 billion yuan, accounting for 87.29% of total revenue, with a year-on-year increase of 4.32% [1]. - The company has 20 plasma collection stations and one under construction, with a total plasma collection volume of 630.6 tons in 2024, representing a year-on-year growth of 10.4% [1]. - Several research projects are progressing well, with expectations for new product approvals in 2025 and 2027, enhancing the product pipeline and core competitiveness in the blood products sector [2]. - The company is solidifying its market position in China, particularly in the fibrinogen market, and has achieved significant sales targets in various product categories [2]. Financial Summary - The projected net profits for 2025, 2026, and 2027 are 547 million yuan, 606 million yuan, and 675 million yuan, respectively, with year-on-year growth rates of 37.81%, 10.80%, and 11.33% [3]. - The earnings per share (EPS) are estimated to be 1.08 yuan, 1.20 yuan, and 1.34 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 26, 23, and 21 [3][4]. - The company’s revenue is expected to recover to 1.958 billion yuan in 2025, with a growth rate of 12.87% [4]. Market Position and Brand Development - The company has successfully enhanced its brand influence and market coverage through academic conferences and marketing strategies [2]. - The company continues to lead in the fibrinogen market and has achieved a third-place market share in the PCC category [2].

Investment Rating - The report maintains a "Buy" rating for the company, considering the high barriers in the blood products sector and the company's excellent operational quality [3][5]. Core Insights - The company reported a revenue of 1.735 billion yuan in 2024, a decrease of 34.58% year-on-year, while the net profit attributable to shareholders was 397 million yuan, an increase of 67.18% year-on-year [1]. - The blood products segment generated a revenue of 1.514 billion yuan, accounting for 87.29% of total revenue, with a year-on-year growth of 4.32% [1]. - The company has 20 plasma collection stations and one under construction, with a total plasma collection volume of 630.6 tons in 2024, representing a year-on-year increase of 10.4% [1]. Summary by Sections Financial Performance - Revenue for 2024 was 1.735 billion yuan, with a net profit of 397 million yuan and a non-recurring net profit of 302 million yuan, showing significant growth of 110.77% [1][4]. - The company expects net profits to grow to 547 million yuan in 2025, 606 million yuan in 2026, and 675 million yuan in 2027, with respective growth rates of 37.81%, 10.80%, and 11.33% [3][4]. Product Development - Several ongoing projects are progressing well, with the 10% intravenous immunoglobulin expected to be approved in 2025, and the tetanus immunoglobulin also on track for approval [2]. - The company is enhancing its product pipeline with various research projects, which will strengthen its core competitiveness in the blood products sector [2]. Market Positioning - The company continues to solidify its leading position in the Chinese fibrinogen market, with a market share ranking third in the industry for PCC [2]. - The company is actively building its brand through academic conferences and expanding its marketing network across the country [2].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 1.735 billion RMB in 2024, a decrease of 34.58% year-on-year, while achieving a net profit attributable to shareholders of 397 million RMB, an increase of 67.18% year-on-year [1] - The blood products business showed resilience, with a revenue of 1.514 billion RMB, a year-on-year growth of 4.32%, and other blood products revenue grew significantly by 108.20% [2] - The company has made significant progress in plasma collection, achieving 630.6 tons in 2024, a 10.4% increase year-on-year, and expanded its plasma collection stations to 21 [2] - The company is increasing its R&D investment, with several products in various stages of development, including IVIG and C1 esterase inhibitor [3] - Profit forecasts for 2025-2027 are adjusted to 560 million RMB (+41%), 636 million RMB (+14%), and 703 million RMB (+11%) respectively, with corresponding EPS of 1.11, 1.26, and 1.39 RMB [4] Summary by Sections Performance Review - In 2024, the company achieved a revenue of 1.735 billion RMB, down 34.58% year-on-year, and a net profit of 397 million RMB, up 67.18% year-on-year [1] Operational Analysis - The blood products business remained stable despite market competition, with a revenue of 1.514 billion RMB, a 4.32% increase year-on-year [2] - The company successfully expanded its plasma collection capabilities, achieving 630.6 tons collected in 2024, a 10.4% increase year-on-year [2] Research and Development - The company is focusing on product innovation and has several products in clinical stages, including IVIG and C1 esterase inhibitor [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 is set at 560 million RMB, 636 million RMB, and 703 million RMB, with corresponding EPS of 1.11, 1.26, and 1.39 RMB [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in plasma collection, with high-concentration immunoglobulin and tetanus immunoglobulin expected to be approved for market launch [6] - In 2024, the company achieved revenue of 1.735 billion yuan, a year-on-year decrease of 34.58%, while net profit attributable to shareholders increased by 67.18% to 397 million yuan [4] - The company maintains its profit forecast for 2025-2026 and has added a forecast for 2027, expecting net profits of 551 million, 653 million, and 755 million yuan for 2025, 2026, and 2027 respectively [4] Financial Performance - In 2024, the company's revenue was 1.735 billion yuan, with a net profit of 397 million yuan, and a non-recurring net profit of 302 million yuan [4] - The gross profit margin for 2024 was 64.7%, an increase of 11.98 percentage points year-on-year [4] - The company’s plasma collection volume reached 630.6 tons in 2024, a year-on-year increase of 10.4%, with the parent company contributing 522.04 tons, growing by 11.7% [6] Product Performance - The revenue from immunoglobulin was 391 million yuan in 2024, down 12%, with a gross margin of 64.27% [5] - The revenue from human albumin was 403 million yuan, down 7.94%, with a gross margin of 59.88% [5] - The company’s blood product sales volume increased by 9.14% in 2024, while inventory levels decreased by 24.21% [5] Research and Development - The company invested 97 million yuan in R&D in 2024, accounting for 5.59% of its revenue [6] - The company has completed the listing application for high-concentration immunoglobulin and tetanus immunoglobulin, with several other products in development [6] Valuation Metrics - The current stock price is 28.08 yuan, with a market capitalization of 14.159 billion yuan [1] - The projected P/E ratios for 2025, 2026, and 2027 are 26.4, 22.3, and 19.2 respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in plasma collection, with high-concentration immunoglobulin and tetanus immunoglobulin expected to be approved for market launch [1][6] - In 2024, the company achieved revenue of 1.735 billion yuan, a year-on-year decrease of 34.58%, while net profit attributable to shareholders increased by 67.18% to 397 million yuan [4][5] - The company maintains its profit forecast for 2025-2026 and has added a forecast for 2027, expecting net profits of 551 million yuan, 653 million yuan, and 755 million yuan for 2025, 2026, and 2027 respectively [4][8] Financial Performance - In 2024, the company's revenue was 1.735 billion yuan, with a net profit of 397 million yuan, and a non-recurring net profit of 302 million yuan [4] - The gross profit margin for 2024 was 64.7%, an increase of 11.98 percentage points year-on-year [4][8] - The company’s plasma collection volume reached 630.6 tons in 2024, a year-on-year increase of 10.4%, which is higher than the industry average growth rate [6] Product Performance - The revenue from immunoglobulin was 391 million yuan in 2024, down 12%, while the revenue from human albumin was 403 million yuan, down 7.94% [5] - The company has 20 operational plasma collection stations and one under construction, contributing to the steady growth in plasma collection [6] Future Outlook - The company is expected to see a recovery in revenue in 2025 with an estimated increase of 16.1% year-on-year [8] - The projected P/E ratios for 2025, 2026, and 2027 are 26.4, 22.3, and 19.2 respectively, indicating a favorable valuation trend [4][8]

业绩简评 2025 年 3 月 18 日，博雅生物发布 2024 年年报，公司 2024 年实现 收入 17.35 亿元，同比-34.58%；实现归母净利润 3.97 亿元，同 比+67.18%；实现扣非归母净利润 3.02 亿元，同比+110.77%。单季 度看，2024 年第四季度公司实现收入 4.90 亿元，同比+6.11%；实 现归母净利润-0.16 亿元，同比减亏；实现扣非归母净利润-0.35 亿元，同比减亏。 经营分析 产品销售攻坚克难，血制品业务整体稳健。公司在面对激烈的市 场竞争和纤维蛋白原价格持续下行的压力下，继续稳固其在纤维 蛋白原市场领先地位，PCC、 Ⅷ因子纯销超目标完成，其中 PCC 市 场占有率位居行业第三。2024年公司血液制品业务实现收入15.14 亿元，同比增长 4.32%；其中除静丙、人血白蛋白、纤原以外的其 他血液制品业务实现收入 3.12 亿元，同比增长 108.20%。 浆源拓展工作稳步推进，血浆采集再攀新高。公司持续加快投资 并购步伐，成功收购绿十字香港 100%股权，新增 1 张生产牌照、 4 家在营单采血浆站，2 个省份区域的浆站布局，阶段性实现了规 模化扩张战 ...

华润赋能聚焦血液制品主业 博雅生物2024年净利增 长超六成 博雅生物（300294）3月18日晚间发布2024年年度报告，报告期内公司实现营业收入17.35亿元，同 比减少34.58%；归属于上市公司股东的净利润3.97亿元，同比增长67.18%；扣非净利润3.02亿元，同比 增长110.77%。公司拟向全体股东每10股派发现金红利1.60元，预计派送现金8067.98万元。2024年10 月，博雅生物按每10股派送1.60元的分配方案，派送现金红利8067.98万元，完成了公司2024年半年度利 润分配。将上述两次利润分配金额合并计算，博雅生物2024年度派送现金红利1.62亿元，占2024年度公 司实现归属于上市公司股东的净利润的40.65%。 2024年，博雅生物持续聚焦血液制品主责主业，加大研发投入，优化产品结构，丰富产品管线，注 重提升生产工艺水平，吨浆产值和毛利率多年来始终保持行业前列。同时，公司围绕进一步聚焦血液制 品主业，积极推进非血液制品业务的处置或剥离工作。 报告期内，在华润医药的鼎力支持和高效协同下，博雅生物持续加快投资并购步伐，成功收购绿十 字香港100%股权，从而间接收购境内血液制 ...

重要的消息有哪些 三部门：支持国三、国四排放标准营运货车报废更新 近日，交通运输部、国家发展改革委、财政部发布关于实施老旧营运货车报废更新的通知，支持国三、国 四排放标准营运货车报废更新，加快更新一批高标准低排放营运货车。对提前报废老旧营运货车、提前报 废并更新购置国六排放标准货车或新能源货车、仅新购符合条件的新能源货车，按照报废车辆类型、提前 报废时间和新购置车辆动力类型等，实施差别化补贴标准。 外交部回应李嘉诚拟出售港口 3月18日，外交部发言人毛宁主持例行记者会。法新社记者提问，有报道称，在长江和记集团同意出售在 巴拿马业务后，中国政府正就该集团出售海外港口对其开展调查。外交部能否证实并提供更多细节？毛宁 回应称，有关具体情况请向主管部门询问。作为原则，我想强调，中方一贯坚决反对利用经济胁迫、霸道 霸凌侵犯损害他国正当权益的行为。 市场监管总局：不得排斥限制外地经营者参加本地政府采购 市场监管总局近日发布《公平竞争审查条例实施办法》，将于4月20日正式施行。《实施办法》规定， 起 草涉及经营者经济活动的政策措施，不得禁止外地经营者参与本地政府采购、招标投标活动；不得直接或 者变相要求优先采购在本地登记注 ...