PLBIO(SZ:000403) Orient Securities·2024-08-29 00:42Investment Rating - The report upgrades the investment rating to "Buy" due to excellent performance growth in the first half of 2024 [4]. Core Views - The company achieved significant revenue growth in the first half of 2024, with operating income reaching 1.136 billion yuan, a year-on-year increase of 60.2%, and net profit attributable to the parent company of 327 million yuan, up 128% [1]. - The company's operational efficiency has improved, with a gross margin of 50.2% and a net margin of 28.8%, both showing increases compared to the same period last year [1]. - Plasma collection has rapidly increased, with approximately 700 tons collected in the first half of the year, and new plasma stations continuously passing inspections [1]. - The approval of clinical trials for intravenous immunoglobulin (10%) is expected to enrich the product line further [1]. Financial Forecast and Investment Suggestions - The earnings per share (EPS) for 2024-2026 are projected to be 1.08, 1.28, and 1.47 yuan respectively, with a target price set at 32.4 yuan based on a 30x price-to-earnings ratio for 2024 [2][4].