博雅生物：采浆增速提升，内生外延共成长

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company reported a significant decline in revenue for the first half of 2024, with operating income at 896 million yuan, down 41.87% year-on-year, and a net profit of 316 million yuan, down 3.05% year-on-year [3][4] - The company has seen an increase in plasma collection volume, reaching 247 tons in the first half of 2024, which is a 14.63% increase [4] - The acquisition of Green Cross has expanded the company's operational capabilities, adding one blood product brand license and four plasma stations [5] - The company expects to see a recovery in net profit growth from 2024 to 2026, with projected net profits of 567 million yuan, 629 million yuan, and 692 million yuan respectively [6][8] Financial Summary - The company's total market capitalization is 16.2 billion yuan, with a circulating market capitalization of 13.7 billion yuan [1] - The company's earnings per share (EPS) is projected to increase from 1.12 yuan in 2024 to 1.37 yuan in 2026 [6][8] - The price-to-earnings (P/E) ratio is expected to decrease from 28.56 in 2024 to 23.42 in 2026, indicating potential valuation improvement [6][8]