博雅生物：血制品实现稳定增长，静待浆源拓展落地

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company reported a revenue of 896 million RMB in the first half of 2024, a year-on-year decrease of 41.87%, while the net profit attributable to the parent company was 316 million RMB, an increase of 3.05% [1]. - The blood products business showed steady growth, with a revenue of 790 million RMB in the first half of 2024, up 3.64% year-on-year. New products like PCC and factor VIII have performed well in the market [1]. - The company is actively expanding its plasma sourcing, having acquired 100% of Green Cross (China) Biological Products Co., Ltd. for 1.82 billion RMB, which significantly enhances its raw plasma supply [1]. - Continuous investment in R&D is expected to optimize the product structure, with several projects progressing well, including IVIG and vWF [1]. Summary by Sections Performance Overview - In Q2 2024, the company achieved a revenue of 447 million RMB, down 39.14% year-on-year, while the net profit attributable to the parent company was 164 million RMB, up 5.36% [1]. - The first half of 2024 saw a net profit of 316 million RMB, with a non-recurring net profit of 259 million RMB, reflecting a slight increase of 0.57% [1]. Business Analysis - The blood products segment generated 790 million RMB in revenue, with human albumin contributing 233 million RMB (up 3.48%), while immunoglobulin revenue decreased by 14.27% [1]. - The company has made significant strides in academic promotion and market competitiveness, particularly with new product launches [1]. R&D and Future Outlook - The company is increasing its R&D investment, with ongoing projects such as IVIG and vWF entering clinical trials, which are expected to enhance the product lineup [1]. - The forecast for net profit from 2024 to 2026 is projected to be 554 million RMB (+133%), 615 million RMB (+11%), and 674 million RMB (+10%) respectively, with corresponding EPS of 1.10, 1.22, and 1.34 RMB [2].