博雅生物：首次覆盖：聚焦血制品业务，华润入主赋能提升核心竞争力

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [30][85]. Core Insights - The company focuses on the blood products sector and is gradually divesting non-blood product businesses, with significant divestitures completed in 2023 [6][56]. - The company has shown steady growth in net profit since 2020, although a decline was noted in 2023 due to goodwill impairment related to acquisitions [6]. - The gross margin for blood products is leading in the industry, with a reported gross margin of 69.74% in 2023 [44][85]. - The company is expected to enhance its plasma collection capabilities and overall competitiveness in the blood products market due to the support from its major shareholder, China Resources [56][85]. Summary by Sections Company Overview - The company was established in 1993 and underwent significant changes, including a name change to "China Resources Boya Biological Pharmaceutical Group Co., Ltd." in 2022 [5][62]. - The company has been focusing on blood products, with recent divestitures of non-blood product businesses to streamline operations [6][56]. Financial Performance - The company reported a net profit of 237.47 million yuan in 2023, with a decline of 45.06% year-on-year [57]. - The gross margin for blood products is expected to improve significantly in 2024, projected at 71.04% [57][85]. - Revenue from blood products in 2023 was 1.452 billion yuan, with a year-on-year growth of 10.42% [57][85]. Operational Efficiency - The company has successfully reduced its total expense ratio from 41.29% in 2020 to 28.17% in 2023, primarily due to a decrease in sales expenses [8]. - The number of plasma collection stations has increased, with 14 operational stations contributing to a total plasma collection of 467.3 tons in 2023, a 6.45% increase from the previous year [71][56]. Market Position and Growth Potential - The company has a competitive advantage in Jiangxi province, where most of its plasma collection stations are located, and is expected to expand its market presence with the support of China Resources [10][56]. - The company is actively developing its product pipeline, with several products in the research phase, including high-concentration immunoglobulin and various factor products [44][81]. Future Projections - The company anticipates revenue growth for blood products at rates of 8.16%, 8.35%, and 8.68% for the years 2024, 2025, and 2026, respectively [26][85]. - The projected net profit for 2024 is 533 million yuan, with an expected EPS of 1.06 yuan [85].