PLBIO(SZ:000403) Hua Yuan Zheng Quan·2024-07-12 07:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and potential growth [3][4]. Core Insights - The company has reported a significant increase in net profit for the first half of 2024, with expectations of a year-on-year growth of 120%-140% [3]. - The blood products market remains robust, with strong demand driving the company's revenue growth, supported by an increase in plasma collection [3]. - The company is expected to benefit from the commissioning of new plasma collection stations, which will enhance its collection capacity and overall performance [3]. - A strategic partnership with Xinjiang Deyuan is anticipated to provide additional growth opportunities, with incentives tied to plasma supply volumes [3]. Financial Forecast and Valuation - The company is projected to achieve net profits of 769 million, 916 million, and 1,074 million yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 25.6%, 19.1%, and 17.3% [4]. - The price-to-earnings (PE) ratios for the upcoming years are estimated at 26.61, 22.34, and 19.04, suggesting a favorable valuation trend [4].