博雅生物：收购绿十字，长期想象空间加大

Investment Rating - Buy (Maintained) [14][20] Core Views - The company has acquired Green Cross, which includes 4 new plasma collection stations and 1 new production license, expanding its external growth potential [1] - The acquisition of Green Cross enhances the company's scale and core competitiveness, with new plasma station layouts in 2 additional provinces [1] - The company's operational efficiency is industry-leading, with Green Cross showing significant potential for increased plasma collection and profit per ton [9] - The strategic cooperation between Huarun Medicine and GC Corp opens up long-term growth opportunities, particularly in the blood products, vaccines, and gene therapy sectors [14] Financial Performance and Valuation - The company's blood products business achieved a net profit of 540 million yuan in 2023, with a high profit per ton of plasma [9] - Revenue is expected to grow by 7.5% in 2025 and 7.8% in 2026, with net profit growth rates of 8.3% and 12.9% respectively [10] - The company's gross margin is projected to increase from 60.8% in 2024 to 62.0% in 2026 [10] - The current stock price corresponds to a PE ratio of 32x for 2024, 30x for 2025, and 27x for 2026 [20] Market Performance - The company's stock price closed at 35.67 yuan on July 17, 2024, with a total market capitalization of 18 billion yuan [2] - The stock has shown a strong performance relative to the CSI 300 index, with significant growth potential [13] Strategic Developments - The acquisition of Green Cross for 1.82 billion yuan in cash is expected to enhance the company's plasma collection capabilities and market position [19] - The strategic partnership with GC Corp will facilitate the introduction of innovative products in China and expand Huarun Medicine's presence in South Korea [14]