BTBP(SH:600161) Hua Yuan Zheng Quan·2024-08-29 10:01Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a 5.6% year-on-year increase in revenue for the first half of 2024, reaching 2.84 billion yuan, and a 28.1% increase in net profit attributable to shareholders, amounting to 730 million yuan [5] - The industry remains in a high-growth phase, with the company's revenue growth recovering to 15.8% in Q2 2024, driven by sustained demand and new products like chromatography immunoglobulin [5] - The company has significantly increased its plasma collection stations from 59 at the end of 2020 to 102 by mid-2024, with plasma collection volume growing approximately 15% year-on-year [6] - The introduction of new products, particularly the fourth-generation chromatography immunoglobulin, is expected to enhance profit margins and drive future revenue growth [6] - Profit forecasts for 2024-2026 estimate net profits of 1.41 billion, 1.73 billion, and 2.03 billion yuan, with respective growth rates of 27.0%, 22.5%, and 17.8% [5] Revenue and Profitability - In H1 2024, the company achieved revenue of 1.11 billion yuan from albumin, a decrease of 6.9%, while revenue from immunoglobulin reached 1.34 billion yuan, an increase of 22.0% [5] - The gross margin for albumin was 52.6%, up 8.4 percentage points year-on-year, while immunoglobulin's gross margin was 57.5%, up 11.4 percentage points year-on-year [5] - The company's net profit margin improved to 25.6% in H1 2024 from 21.1% in the same period last year [5] Market Position and Future Outlook - The company is positioned to become a global leader in the biopharmaceutical sector, supported by its strong parent company, China National Pharmaceutical Group [6] - The ongoing development of a robust product pipeline, including several products in clinical trials, is expected to further enhance the company's profitability [6]