派林生物：点评报告：浆量大幅提升，业绩超预期

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the market by over 15% in the next six months [8][16]. Core Insights - The company reported a significant increase in performance, with a revenue of 1.136 billion yuan for the first half of 2024, representing a year-on-year growth of 60.23%. The net profit attributable to shareholders reached 327 million yuan, up 128.44% year-on-year, and the net profit excluding non-recurring items was 297 million yuan, growing by 184.61% [3][4]. Summary by Sections Product and Market Position - The company ranks third in the industry with a total of 11 product varieties across three categories. It has 38 plasma collection stations, also ranking third in the industry, with significant presence in regions such as Sichuan, Shanxi, Guangdong, Heilongjiang, and Xinjiang [4]. Plasma Collection and Demand - In the first half of 2024, the company collected approximately 700 tons of plasma, a substantial increase from nearly 550 tons in the same period of 2023. This growth is attributed to both internal and external expansions in plasma collection capabilities. The company has extended its strategic partnership with Xinjiang Deyuan to enhance plasma supply and is actively constructing new collection stations [5]. Operational Efficiency - The company achieved a gross margin of 50.20%, an increase of 1.45 percentage points year-on-year. The expense ratio decreased by 11.21 percentage points to 17.32%, resulting in a net profit margin of 28.78%, which is an increase of 8.61 percentage points year-on-year. The company is focused on improving operational efficiency through organizational restructuring and enhanced management processes [6]. Financial Forecast - The projected revenues for 2024, 2025, and 2026 are 2.959 billion yuan, 3.449 billion yuan, and 3.903 billion yuan, respectively, with corresponding net profits of 781.61 million yuan, 934.44 million yuan, and 1.06565 billion yuan. The earnings per share (EPS) are expected to be 1.07 yuan, 1.27 yuan, and 1.45 yuan for the same years [7][13].