博雅生物：二季度扣非增速亮眼，吨浆利润提升可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in non-recurring profit in Q2, indicating a promising outlook for tonnage profit [1] - The company achieved a revenue of 896 million yuan in H1 2024, a year-on-year decrease of 41.87%, while the net profit attributable to shareholders was 316 million yuan, a decrease of 3.05% [1] - The company’s gross margin improved significantly to 67.03% in H1 2024, an increase of 17.14 percentage points year-on-year [1] - The blood products business showed steady growth, with revenue reaching 790 million yuan in H1 2024, a year-on-year increase of 3.64% [1] - The company has expanded its plasma collection capacity through strategic acquisitions, which is expected to enhance its core competitiveness [3] Financial Summary - For 2024, the company is projected to generate revenues of 1.971 billion yuan, a year-on-year decrease of 25.7%, with net profits expected to reach 557 million yuan, reflecting a significant increase of 134.7% [4][3] - The gross margin is expected to rise to 70.9% in 2024, with a gradual increase projected through 2026 [4] - The company’s operating cash flow for 2024 is estimated at 863 million yuan, indicating a strong cash generation capability [5] - The company’s total assets are projected to grow from 7.829 billion yuan in 2023 to 9.449 billion yuan by 2026 [6] Business Outlook - The company is expected to see a gradual recovery in revenue growth from 2025 onwards, with projected revenues of 2.136 billion yuan in 2025 and 2.289 billion yuan in 2026, reflecting year-on-year growth rates of 8.3% and 7.2% respectively [3] - The strategic acquisition of Green Cross is anticipated to further enhance the company’s plasma collection capabilities and overall performance [3][1]