万联证券：25Q3血制品利润端承压 行业处于整合加速阶段

Core Insights - The blood products sector has experienced a significant decline in profitability, with a year-on-year net profit decrease of 23.14% in the first three quarters of 2025, and a more severe drop of 30.89% in Q3 [1][2] - The average stock price of the blood products sector has fallen by 8.35% since the beginning of 2025, influenced by short-term performance pressures and market sentiment changes [1][2] Revenue and Profit Trends - In the first three quarters of 2025, the revenue growth rate for the blood products sector was only 0.30%, with Q3 showing a slight improvement at 4.11% [2] - The sales gross margin and net profit margin for Q3 2025 were reported at 40.42% (down 7.26 percentage points year-on-year) and 18.74% (down 10.17 percentage points year-on-year), indicating significant margin compression [2] Valuation Metrics - As of November 10, 2025, the price-to-earnings (P/E) ratio for the blood products sector stood at 30.07, with historical percentiles indicating a rising trend in valuation since 2020 [3] Strategic Focus Areas - Companies in the blood products sector should prioritize upstream plasma station resources and integration capabilities, as these are critical competitive advantages [4] - There is a shift towards upgrading product structures, with a focus on increasing the proportion of high-margin products like coagulation factors and developing new products such as recombinant products and subcutaneous immunoglobulin [4][5] Future Considerations - Attention should be given to potential price changes in blood products over the coming months, as well as advancements in new technologies for producing recombinant human serum albumin [5]