博雅生物：收购绿十字（中国），新增浆站有望贡献业绩弹性

Investment Rating - The report maintains a "Buy" rating for the company [10][11]. Core Views - The acquisition of Green Cross (China) is expected to enhance the company's production capabilities and market position in the blood products sector, with the addition of new plasma stations contributing to performance flexibility [3][11]. - The company is projected to achieve a net profit of RMB 554 million (+133%), RMB 615 million (+11%), and RMB 674 million (+10%) for the years 2024 to 2026, respectively, with corresponding EPS of RMB 1.10, RMB 1.22, and RMB 1.34 [11]. Summary by Sections Company Overview - The company operates in the blood products industry, which has high barriers to entry and limited competition, with fewer than 30 operational blood product manufacturers in China [3]. Financial Performance - Revenue for 2022 was RMB 2,759 million, with a projected decline to RMB 2,652 million in 2023, followed by a significant drop to RMB 1,905 million in 2024, before recovering to RMB 2,105 million in 2025 and RMB 2,294 million in 2026 [5][6]. - The net profit for 2022 was RMB 432 million, expected to decrease to RMB 237 million in 2023, then rebound to RMB 554 million in 2024 [5][6]. Strategic Developments - The company signed a strategic cooperation framework agreement with China Resources Pharmaceutical on July 17, 2024, to enhance its product technology and expand overseas business [3]. - The company has received new plasma collection licenses for its Taihe and Lepin plasma stations, which will support both organic and external growth in raw plasma supply [3].