WEIGUANG BIOLOGICAL(002880) Zheng Quan Shi Bao Wang·2025-04-30 09:17Core Viewpoint - The company, Weiguang Biological, has received "buy" ratings from Zhongyou Securities and CITIC Jianan, driven by record-high revenue and profit in 2024, indicating a resurgence in institutional interest [1][2]. Group 1: Business Performance - In 2024, the company's blood product business achieved steady growth, with significant sales increases in albumin and immunoglobulin while maintaining a solid pricing structure [1]. - The company has nine wholly-owned or controlled plasma collection stations, with a plasma collection volume of 562 tons in 2024, reflecting an 8.7% year-on-year increase [1]. - The company has a diverse product line, including 11 varieties across three major categories: human albumin, immunoglobulin, and coagulation factors, with a high comprehensive utilization rate of plasma [1][2]. Group 2: Product Development - In 2024, the company obtained a drug registration certificate for prothrombin complex concentrate, further enriching its product line [2]. - New products, including a novel intravenous immunoglobulin and human fibrin adhesive, are in phase III clinical trials, indicating ongoing product diversification and potential for increased plasma utilization [2]. Group 3: Rental Business Growth - The company's rental business from the Weiguang Life Science Park generated revenue of 121 million yuan in 2024, a 250.44% year-on-year increase, with a gross margin of 28.5% [2]. - The life science park focuses on synthetic biology and brain science, successfully attracting high-quality enterprises and creating a biopharmaceutical ecosystem [2]. Group 4: Profit Forecast - Revenue projections for the company from 2025 to 2027 are estimated at 1.299 billion yuan, 1.411 billion yuan, and 1.534 billion yuan, with corresponding net profits of 282 million yuan, 318 million yuan, and 361 million yuan, reflecting year-on-year growth rates of 11.2%, 12.8%, and 13.4% respectively [3].