BTBP(SH:600161) Wanlian Securities·2024-08-29 03:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15]. Core Insights - The company reported a revenue of 2.841 billion yuan for the first half of 2024, representing a year-on-year growth of 5.59%. The net profit attributable to shareholders was 726 million yuan, a year-on-year increase of 28.10%, primarily driven by rising product prices and effective cost control [3]. Summary by Sections Company Overview - The company has a leading position in the industry with advantages from state-owned enterprise shareholders, a large number of plasma collection stations, and blood product production capacity [4]. Plasma Collection and Production Capacity - As of the first half of 2024, the company operates 102 plasma collection stations across 16 provinces/regions in China, with 80 currently in operation. The total plasma collected reached 1,294 tons, an increase of 15.02%, accounting for approximately 20% of the national total [4]. Revenue and Profitability - The company produces 15 types of blood products, with blood product revenue for the first half of 2024 amounting to 2.831 billion yuan, a growth of 5.53%. The gross margin was 55.66%, up by 7.18 percentage points year-on-year, mainly due to rising product prices [5]. New Product Development - The company is actively developing over ten new products, focusing on high-concentration human immunoglobulin, blood-derived coagulation factors, and recombinant coagulation factors, maintaining a leading position in the domestic industry for these products [5][11]. Financial Forecast - The company is expected to achieve net profits of 1.358 billion yuan, 1.640 billion yuan, and 1.992 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.69 yuan, 0.83 yuan, and 1.01 yuan [12][14]. Market Position - The company is recognized as a leader in the blood products sector, benefiting from strong approval capabilities for plasma collection stations and a stable demand for its products [12].