BTBP(SH:600161) SINOLINK SECURITIES·2024-08-28 02:03Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Views - The company achieved a revenue of 2.841 billion RMB in the first half of 2024, representing a year-on-year growth of 5.59%. The net profit attributable to shareholders reached 726 million RMB, up 28.10% year-on-year [1]. - The sales of intravenous immunoglobulin increased by 21.97% year-on-year, while the revenue from human albumin decreased by 6.93% [1]. - The company has made significant progress in blood source development, with a total of 102 plasma collection stations across 16 provinces, achieving a plasma collection volume of 1,294 tons, a 15% increase year-on-year [1]. - The company continues to invest heavily in R&D, with new products receiving regulatory approvals, enhancing its competitive position in the industry [1]. Summary by Sections Financial Performance - In the second quarter of 2024, the company reported a revenue of 1.619 billion RMB, a 15.76% increase year-on-year, and a net profit of 409 million RMB, up 34.28% year-on-year [1]. - The overall revenue for the biopharmaceutical industry reached 28.31 billion RMB in the first half of 2024, with a gross margin of 55.66%, an increase of 7.18 percentage points from the previous year [1]. Market Development - The company is actively expanding its market presence and improving operational efficiency, which has contributed to the growth in its blood products business [1]. - The company has established strategic partnerships with local governments and health authorities to support its blood source development initiatives [1]. R&D and Innovation - The company has maintained high levels of R&D investment, leading to significant advancements in product development, including the approval of new coagulation factor products [1]. - Clinical trials for several new products are progressing well, indicating a strong pipeline for future growth [1]. Profit Forecast and Valuation - The report forecasts net profits of 1.363 billion RMB (+23%), 1.654 billion RMB (+21%), and 1.972 billion RMB (+19%) for the years 2024 to 2026, respectively [1]. - The expected EPS for 2024-2026 is projected to be 0.69, 0.84, and 1.00 RMB, with corresponding PE ratios of 35, 29, and 24 times [1].