博雅生物：公司简评报告：业绩符合预期，浆站资源积极拓展

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in H1 2024 met expectations, with revenue of 896 million yuan (down 41.87%) and net profit of 316 million yuan (down 3.05%). The second quarter alone saw revenue of 447 million yuan (down 39.14%) and net profit of 164 million yuan (up 5.36%) [6] - The blood products business showed steady growth, achieving revenue of 790 million yuan (up 3.64%) in H1 2024, despite a decline in net profit due to last year's high dividend income and decreased investment returns [6] - The company is actively expanding its plasma collection resources, with a 14.63% increase in plasma collection volume to 246.89 tons in H1 2024. New licenses for plasma collection stations are expected to contribute additional revenue [6] - The R&D pipeline is progressing, with increased investment in innovation and several products nearing market readiness, including high-concentration immunoglobulin and other therapeutic agents [7] - The company forecasts revenues of 2.108 billion yuan, 2.387 billion yuan, and 2.679 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 661 million yuan, 780 million yuan, and 910 million yuan [7] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 896 million yuan, a decrease of 41.87%, and a net profit of 316 million yuan, down 3.05%. The gross margin improved to 67.03%, up 17.14 percentage points, while the net profit margin reached 35.25%, up 13.66 percentage points [6] - The blood products segment generated 790 million yuan in revenue, with specific products like human albumin and immunoglobulin showing varied performance [6] Business Expansion - The company has 14 operational plasma collection stations, with plans to expand further through new licenses and acquisitions, enhancing its competitive edge in raw plasma supply [6] Research and Development - R&D investment in H1 2024 was 43.78 million yuan, representing a 3.39% R&D expense ratio. The company is advancing its product pipeline with several candidates in clinical trials [7] Earnings Forecast - The company projects significant revenue growth from 2024 to 2026, with expected EPS of 1.31, 1.55, and 1.81 yuan, and corresponding P/E ratios of 24.48, 20.75, and 17.78 [8]