BTBP(SH:600161) Wanlian Securities·2024-06-21 11:00Investment Rating - The investment rating for the company is "Buy" [4][9]. Core Insights - The company reported a revenue of 1.222 billion yuan in Q1 2024, a year-on-year decrease of 5.42%, while the net profit attributable to shareholders was 317 million yuan, an increase of 20.91% year-on-year [2][3]. - The company has a strong advantage in plasma collection, with 102 plasma collection stations across 16 provinces, contributing to approximately 20% of the total plasma collected in the domestic industry [3]. - The gross profit margin improved to 56.08% in Q1 2024, an increase of 10.08 percentage points year-on-year, driven by a higher proportion of factor products in the revenue mix [3]. - The company is positioned to benefit from new product launches in the recombinant coagulation factor and immunoglobulin sectors, with a robust pipeline of over ten products under development [3][9]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 1.222 billion yuan, down 5.42% year-on-year, while the net profit attributable to shareholders was 317 million yuan, up 20.91% year-on-year [2][3]. - The company’s gross profit margin reached 56.08%, reflecting a significant improvement in profitability [3]. Growth Drivers - The company has rapidly expanded its plasma collection stations, with 80 operational stations contributing to a substantial share of the industry’s plasma collection [3]. - The introduction of new products, particularly in the recombinant factor and immunoglobulin categories, is expected to enhance revenue structure and drive future growth [3][9]. Earnings Forecast - The forecast for the company’s net profit attributable to shareholders is 1.358 billion yuan for 2024, 1.639 billion yuan for 2025, and 1.992 billion yuan for 2026, with corresponding EPS of 0.69 yuan, 0.83 yuan, and 1.01 yuan respectively [4][9].