BTBP(SH:600161) KAIYUAN SECURITIES·2024-08-28 05:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 2.841 billion yuan in the first half of 2024, representing a year-on-year increase of 5.59%. The net profit attributable to shareholders was 726 million yuan, up 28.1% year-on-year, with a gross margin of 55.67%, an increase of 7.13 percentage points [6] - The company is expected to maintain its long-term growth trajectory, with projected net profits for 2024-2026 at 1.412 billion, 1.739 billion, and 2.194 billion yuan respectively, corresponding to a PE ratio of 33.4, 27.1, and 21.5 times [6] Financial Performance - In Q2 2024, the company reported revenue of 1.619 billion yuan, a year-on-year increase of 15.76%, and a net profit of 409 million yuan, up 34.28% year-on-year [6] - The company’s sales expense ratio decreased to 3.9% in the first half of 2024, down 1.78 percentage points year-on-year, indicating improved cost management [8] Product Performance - The revenue from human albumin was 1.135 billion yuan, down 6.93% year-on-year, while the revenue from immunoglobulin increased by 21.97% to 1.339 billion yuan [7] - The company collected 1,294 tons of plasma in the first half of 2024, a 15% increase year-on-year, capturing approximately 20% of the domestic market share [7] Research and Development - The company has several projects in progress, including the approval of human fibrinogen and ongoing clinical trials for various recombinant coagulation factors [8]