PLBIO(SZ:000403) EBSCN·2024-07-10 23:31Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The blood products market continues to show strong demand, leading to better-than-expected performance. The company forecasts a net profit attributable to shareholders of 315-344 million yuan for the first half of 2024, representing a year-on-year increase of 120%-140% [2][3]. - The company achieved a net profit of 122 million yuan in Q1 2024, up 116% year-on-year, and expects Q2 2024 net profit to be between 193-222 million yuan, reflecting a year-on-year growth of 122%-155% [3]. - The company has expanded its plasma collection capabilities, with a total of 38 plasma collection stations, and aims to exceed 1,400 tons of plasma collection in 2024 [3]. - Continuous investment in new product development is expected to enhance the comprehensive utilization rate of plasma, with over 10 products currently in development [3]. Financial Summary - The company forecasts net profits for 2024, 2025, and 2026 to be 782 million, 934 million, and 1,086 million yuan respectively, with year-on-year growth rates of 27.71%, 19.54%, and 16.20% [3][4]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 26, 22, and 19 respectively [3][4]. - Revenue for 2024 is expected to be 2,329 million yuan, with a growth rate of -3.18%, followed by 3,175 million yuan in 2025 and 3,666 million yuan in 2026, with growth rates of 36.34% and 15.48% respectively [4][10].