博雅生物：2024年半年报点评：血制品收入稳中有升，核心竞争力持续提升

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's blood products revenue is steadily increasing, with a notable performance from new products [2]. - The acquisition of Green Cross is expected to enhance the company's competitive edge in the blood products industry [2]. - The company is investing heavily in R&D, which is expected to optimize its product structure and strengthen its core competitiveness [2]. Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved revenue of 896 million yuan, a year-on-year decrease of 41.87%, while the net profit attributable to the parent company was 316 million yuan, down 3.05% [1]. - The blood products business generated revenue of 790 million yuan, an increase of 3.64% year-on-year, with net profit of 319 million yuan, a decrease of 42.22% [2]. - The company’s R&D investment for H1 2024 was 438 million yuan, representing a 3.39% R&D expense ratio [2]. Product Performance - Human albumin generated revenue of 233 million yuan, up 3.84% year-on-year; intravenous immunoglobulin revenue was 220 million yuan, down 14.27%; and fibrinogen revenue was 208 million yuan, down 1.64% [2]. Acquisition and Market Position - The acquisition of Green Cross is expected to significantly increase the scale of raw plasma collection, with the company currently operating 16 plasma collection stations [2]. - The company collected 246.89 tons of raw plasma in H1 2024, a year-on-year increase of 14.63% [2]. Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2024-2026 is 551 million, 602 million, and 656 million yuan, respectively, with year-on-year growth rates of 132.11%, 9.26%, and 9.00% [2]. - The estimated EPS for 2024-2026 is 1.09, 1.19, and 1.30 yuan, with corresponding P/E ratios of 29, 27, and 25 times [2].