博雅生物：2024半年报点评：业绩增长符合预期，浆站拓展逐步落地

Investment Rating - The report maintains a "Buy" rating for the company [2][4][11]. Core Views - The company's performance in H1 2024 met expectations, with a revenue of 896 million yuan, a year-on-year decrease of 41.87%, and a net profit of 316 million yuan, down 3.05% year-on-year. The adjusted net profit increased by 0.57% year-on-year to 259 million yuan, with an EPS of 0.63 yuan [2]. - The blood products business showed steady growth, with revenue of 790 million yuan in H1 2024, a year-on-year increase of 3.64%. However, net profit from this segment decreased by 42.22% due to last year's dividend income and a decline in investment income [2]. - The company has expanded its plasma collection stations, now totaling 16, with significant increases in plasma collection volume, which rose by 14.63% year-on-year to 246.89 tons [2]. - Ongoing R&D projects are progressing well, and the construction of an intelligent factory for blood products is underway, expected to significantly enhance processing capacity in the future [2]. Financial Forecast - The company is projected to achieve revenues of 1.903 billion yuan, 2.013 billion yuan, and 2.113 billion yuan for the years 2024, 2025, and 2026, respectively. Corresponding net profits are expected to be 554 million yuan, 607 million yuan, and 637 million yuan, with EPS of 1.10 yuan, 1.20 yuan, and 1.26 yuan [2][3][10]. - The P/E ratios for the same years are forecasted to be 29 times, 27 times, and 25 times [2][3][10]. Business Development - The company is accelerating the expansion of plasma collection stations through both organic growth and acquisitions, enhancing its core competitiveness in the blood products sector [2]. - The acquisition of Green Cross has significantly boosted the company's plasma collection capacity, with an increase in collection volume from 104 tons in 2023 to 52.1 tons in H1 2024 [2]. R&D and Innovation - The company is actively advancing its R&D projects, including C1 esterase, vWF factor, and high-concentration intravenous immunoglobulin, which are expected to create a strong product pipeline [2]. - The intelligent factory project for blood products is progressing steadily, which is anticipated to greatly improve processing capabilities in the future [2].