卫光生物(002880)：2024年营收、利润双增长 扣非净利润增速亮眼

Core Insights - The company reported a revenue of 1.203 billion yuan for 2024, representing a year-on-year increase of 14.75%, and a net profit attributable to shareholders of 254 million yuan, up 15.95% year-on-year [1] - In Q1 2025, the company experienced a slight decline in revenue to 225 million yuan, down 0.57% year-on-year, and a net profit of 44 million yuan, down 6.54% year-on-year, indicating some pressure on performance [1] Financial Performance - The company achieved double-digit growth in both revenue and profit for the full year, with a notable increase in non-recurring net profit, which grew by 25.97% year-on-year, indicating enhanced business profitability [2] - In Q4 2024, the company recorded revenue of 349 million yuan, a year-on-year increase of 19.02%, while the net profit attributable to shareholders was 71 million yuan, down 2.78% year-on-year [2][3] Cost Management - The company improved its gross margin to 41.88%, an increase of 0.56 percentage points year-on-year, while the period expense ratio decreased to 11.81%, down 1.49 percentage points year-on-year [4] - The sales expense ratio decreased to 2.42%, primarily due to a reduction in sales service fees, while the financial expense ratio increased to 1.69% due to higher interest expenses [4] Business Growth - The blood products segment generated revenue of 1.072 billion yuan in 2024, an increase of 8.80% year-on-year, with a gross margin of 43.04%, up 2.28 percentage points [5] - Key products such as human albumin and human immunoglobulin saw revenues of 459 million yuan and 431 million yuan, respectively, both showing year-on-year growth of over 15% [5] Plasma Collection - The company achieved a plasma collection volume of 562 tons in 2024, an increase of 8.7% year-on-year, and operates nine single plasma collection stations [6] - The company has initiated a new plasma station project and completed the acquisition of Waning Weiguang Single Plasma Co., achieving 100% control [6] Investment Outlook - The company is expected to achieve revenues of 1.347 billion yuan, 1.497 billion yuan, and 1.653 billion yuan for 2025-2027, with year-on-year growth rates of 12.0%, 11.1%, and 10.4% respectively [7] - The projected net profits for the same period are 299 million yuan, 345 million yuan, and 396 million yuan, with corresponding growth rates of 18.0%, 15.3%, and 14.8% [7]