博雅生物：点评报告：采浆量和血制品收入稳增长，内延外拓扩大浆站资源

Investment Rating - The investment rating for the company is "Buy" [4][11]. Core Views - The company's blood product business shows steady growth, with a focus on the blood product sector. In the first half of 2024, the blood product business generated revenue of 790 million yuan, an increase of 3.60% year-on-year, while net profit was 319 million yuan, a decrease of 42.22% [2][7]. - The company has expanded its plasma collection resources, owning 16 single plasma collection stations as of the first half of 2024, with a raw plasma collection volume of 246.89 tons, a year-on-year increase of 14.63% [3]. - The company aims to enhance its profitability per ton of plasma through increased plasma scale and product diversification, with ongoing research and development focused on both long-term and short-term innovations in blood products [3][7]. Summary by Sections Financial Performance - In the first half of 2024, the company reported total revenue of 896 million yuan, a decrease of 41.87% compared to the same period last year. The net profit attributable to shareholders was 316 million yuan, down 3.05% year-on-year [1][2]. - The revenue from the blood product business was 790 million yuan, with specific products like human albumin, immunoglobulin, and fibrinogen generating revenues of 233 million yuan (+3.48%), 220 million yuan (-14.27%), and 208 million yuan (-1.64%) respectively [2]. Market Position and Strategy - The company has strategically focused on the blood product sector, with a significant reduction in revenue from its biochemical and chemical drug businesses, which saw declines of 44.98% and 3.85% respectively [2]. - The acquisition of Green Cross (Hong Kong) has significantly enhanced the company's raw plasma scale, indicating a strong commitment to expanding its blood product capabilities [3]. Future Outlook - The company forecasts a gradual recovery in revenue and net profit over the next few years, with expected net profits of 533 million yuan, 554 million yuan, and 595 million yuan for 2024, 2025, and 2026 respectively [7][9]. - The earnings per share (EPS) are projected to be 1.06 yuan, 1.10 yuan, and 1.18 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 29.92, 28.74, and 26.79 [7][9].