BTBP(SH:600161) EBSCN·2024-08-28 09:14Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 2.841 billion yuan in H1 2024, representing a year-on-year increase of 5.59%, and a net profit attributable to shareholders of 726 million yuan, up 28.10% year-on-year [1]. - The revenue from biological products reached 2.831 billion yuan, with a gross margin of 55.66%, an increase of 7.18 percentage points year-on-year [1]. - The company continues to lead in blood plasma collection, achieving a record collection of 1,294 tons, a 15% increase year-on-year, ensuring a stable supply of products [1]. - R&D expenses increased significantly by 166.36% to 69 million yuan, with over ten products in development, indicating a strong focus on innovation [1]. - The company is expanding its international market presence, achieving overseas revenue of 1.5544 million yuan, a 12.98% increase year-on-year [1]. Summary by Relevant Sections Financial Performance - H1 2024 revenue: 2.841 billion yuan, up 5.59% YoY - H1 2024 net profit: 726 million yuan, up 28.10% YoY - H1 2024 gross margin for biological products: 55.66%, up 7.18 percentage points YoY [1][2]. Product and Market Position - The company has 15 types of blood products, leading the domestic market - Key products include human albumin with revenue of 1.114 billion yuan and a gross margin of 52.63%, and intravenous immunoglobulin with revenue of 1.339 billion yuan and a gross margin of 57.49% [1]. - The "Rongsheng" series blood products hold a significant market share in China [1]. R&D and Innovation - R&D expenses increased to 69 million yuan, up 166.36% YoY - The company is developing over ten products, focusing on blood products and gene recombination products [1]. - New products like the fourth-generation intravenous immunoglobulin are expected to enhance profitability [1]. International Expansion - The company is actively pursuing international market development, with overseas revenue of 1.5544 million yuan, a 12.98% increase YoY [1].