BTBP(SH:600161) Wanlian Securities·2024-06-21 03:00Investment Rating - The report gives a "Buy" rating for the company, Tian Tan Biological (600161) [5][10]. Core Viewpoints - The company, backed by a central enterprise, has strong capabilities in obtaining plasma station approvals, with a substantial reserve of new plasma stations established since 2021, indicating a potential revenue realization phase ahead. The blood products sector is characterized by high barriers to entry, and the company is expected to achieve steady growth through both organic growth and external expansion [2][3]. Summary by Sections 1. Company Background and Market Position - The company is a leading player in the blood products sector, with a strong central enterprise background. It operates under the umbrella of China National Pharmaceutical Group, managing six blood product enterprises and holding the largest production scale in the industry [16][21]. - The company has seen steady growth in performance, with total revenue increasing from 2.93 billion yuan in 2018 to 5.18 billion yuan in 2023, reflecting a five-year compound annual growth rate (CAGR) of 12.06% [21][23]. 2. Plasma Station Resources and Coverage - The company leads the industry with 15 types of blood products and has established 102 plasma collection stations across 16 provinces, with 80 currently operational. The company collected 2,415 tons of plasma in 2023, accounting for approximately 20% of the national total [3][41]. - The number of plasma stations has increased significantly since 2021, with a total of 24, 32, and 22 new stations established in 2021, 2022, and 2023, respectively [3][59]. 3. Growth Potential and Product Development - The company is expected to enhance its plasma collection efficiency and overall profitability as new plasma stations mature and high-margin products are developed. The current product mix leans towards lower-margin products, but the introduction of new high-margin products is anticipated to improve overall profitability [3][10]. - The company maintains a leading position in the research and development of recombinant coagulation factor products and immunoglobulin products, with a pipeline of over ten products under development, including high-concentration immunoglobulin and recombinant coagulation factors [3][67]. 4. Financial Forecast - The company forecasts revenues of 6.22 billion yuan, 7.33 billion yuan, and 8.63 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.36 billion yuan, 1.64 billion yuan, and 1.99 billion yuan [4][10]. - The earnings per share (EPS) are projected to be 0.69 yuan, 0.83 yuan, and 1.01 yuan for the same years, with price-to-earnings (PE) ratios of 43.85, 36.33, and 29.90 [4][10].