BTBP(SH:600161) EBSCN·2024-07-14 12:31Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a significant increase in net profit, with a 28.12% year-on-year growth, reaching 730 million yuan in the first half of 2024, while revenue grew by 5.59% to 2.84 billion yuan [2][3]. - The company demonstrates strong confidence in its performance targets for 2024, aiming for revenue of 6.126 billion yuan and net profit of 1.791 billion yuan, reflecting a robust outlook for the blood products sector [3]. - The company is actively launching multiple new products, which are expected to enhance the utilization and output of plasma, thereby contributing to revenue growth [3]. Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved a revenue of 2.84 billion yuan, up 5.59% year-on-year, and a net profit of 730 million yuan, up 28.12% year-on-year [2]. - The gross profit margin for Q1 2024 was 56.08%, compared to 50.76% for the entire year of 2023, indicating improved profitability [3]. Growth Prospects - The company has set ambitious performance targets for 2024, with a focus on budget control, blood source management, and marketing strategies to ensure steady growth in the blood products sector [3]. - New product launches, including recombinant coagulation factors and immunoglobulin products, are expected to maintain the company's competitive edge and drive revenue growth [3]. Profit Forecast and Valuation - The profit forecast for 2024-2026 estimates net profits of 1.398 billion yuan, 1.683 billion yuan, and 1.927 billion yuan, representing growth rates of 25.98%, 20.39%, and 14.49% respectively [4]. - The estimated EPS for 2024-2026 is projected at 0.72 yuan, 0.85 yuan, and 0.97 yuan, with corresponding P/E ratios of 33, 27, and 24 times [4].