博雅生物：战略收购绿十字，加速提升公司核心竞争力

Investment Rating - The investment rating for the company is "Buy" (maintained) [9]. Core Views - The strategic acquisition of Green Cross will accelerate the enhancement of the company's core competitiveness [9]. - The company aims to integrate the business of Green Cross (China) and expand its market presence in blood products, vaccines, and gene therapy [9][10]. Financial Summary - The projected revenue for 2024, 2025, and 2026 is estimated at 19.71 billion, 21.36 billion, and 22.89 billion respectively, with year-on-year growth rates of -25.7%, 8.3%, and 7.2% [10]. - The attributable net profit for the same years is forecasted to be 5.57 billion, 6.18 billion, and 6.80 billion, reflecting year-on-year growth of 134.7%, 11.0%, and 10.0% [10]. - The gross profit margin is expected to improve from 52.8% in 2023 to 71.9% in 2026 [4][10]. - The P/E ratio is projected to decrease from 71.66 in 2023 to 25.26 in 2026, indicating a more attractive valuation over time [4][10]. Strategic Developments - The company signed a strategic cooperation framework agreement with China Resources Pharmaceutical and Green Cross, which includes business integration and product technology collaboration [9]. - The acquisition of Green Cross (Hong Kong) will provide the company with 100% ownership and enhance its production capabilities in blood products [9][10]. - The company will also gain a new production license and expand its plasma collection stations, increasing its operational scale and competitiveness [9].