PLBIO(SZ:000403) EBSCN·2024-08-29 02:03Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported strong performance in its semi-annual report for 2024, achieving operating revenue of 1.136 billion yuan, a year-on-year increase of 60.23%, and a net profit attributable to the parent company of 327 million yuan, up 128.44% year-on-year [1] - The blood products segment continues to show robust performance, with revenue of 1.133 billion yuan, reflecting a 60.35% year-on-year growth, driven by strong market demand and an increase in raw plasma collection [1] - The company’s plasma collection volume is steadily increasing, with expectations to exceed 1,400 tons for the full year of 2024, supporting its operational goals [1] - Continuous investment in new product development is enhancing the product line, with R&D expenditure of 44 million yuan in the first half of 2024, a 24.83% increase year-on-year [1] Summary by Relevant Sections Financial Performance - For the first half of 2024, the company achieved operating revenue of 1.136 billion yuan and a net profit of 327 million yuan, with significant year-on-year growth rates of 60.23% and 128.44% respectively [1] - The company’s blood products revenue reached 1.133 billion yuan, marking a 60.35% increase year-on-year, attributed to high market demand and improved plasma collection [1] Plasma Collection and Supply - The company’s plasma collection volume surpassed 1,200 tons in 2023, positioning it among the top tier in the domestic blood products industry [1] - In the first half of 2024, the plasma collection volume was approximately 700 tons, with expectations to exceed 1,400 tons for the full year [1] Product Development and R&D - The company invested 44 million yuan in R&D in the first half of 2024, a 24.83% increase from the previous year, and holds 65 authorized patents with over 10 products in development [1] - The company is actively developing and marketing new products, including intravenous human immunoglobulin for cytomegalovirus, which will enhance its product offerings [1] Profit Forecast and Valuation - The report forecasts net profits for 2024, 2025, and 2026 to be 782 million yuan, 934 million yuan, and 1.086 billion yuan respectively, with year-on-year growth rates of 27.71%, 19.54%, and 16.20% [1][2] - The current price-to-earnings (P/E) ratios are projected to be 23, 19, and 16 for the years 2024, 2025, and 2026 respectively [1][2]