Shanghai RAAS(002252) Soochow Securities·2024-09-01 04:08Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.25 billion yuan for H1 2024, representing a year-on-year increase of 9%. Operating profit was 1.549 billion yuan, up 6% year-on-year, while net profit attributable to shareholders was 1.24 billion yuan, a slight increase of 0.15% year-on-year. The company plans to distribute a total dividend of 246 million yuan for the first half of the year [3] - Haier Group acquired a 20% stake in the company at a premium of 17.6% for 12.5 billion yuan, becoming the actual controller in July. This acquisition is expected to enhance the company's development through resource and management support, particularly in expanding plasma stations and improving operational management [3] - The company has 44 plasma stations, leading the industry in both the number of stations and plasma collection volume. The imported albumin business showed strong growth, with a revenue of 1.955 billion yuan, up 18.9% year-on-year [3] - The company has a comprehensive range of coagulation factor products and is developing innovative monoclonal antibody products for hemophilia. The sales of fibrinogen and PCC have been growing rapidly, and a clinical trial for a hemophilia monoclonal antibody is currently underway [3] - The blood products industry has significant growth potential and high concentration. The company is considered an undervalued leader in the blood products sector, with Haier Group expected to drive a new round of growth. The forecast for net profit attributable to shareholders is 2.442 billion yuan for 2024 and 2.632 billion yuan for 2025, with an expected net profit of 2.846 billion yuan in 2026. The current market value corresponds to a PE ratio of 19, 18, and 17 times for 2024-2026 [3] Financial Summary - Total revenue for 2023 is projected at 7.964 billion yuan, with a growth rate of 21.27%. The net profit attributable to shareholders is expected to be 1.779 billion yuan, with a decline of 5.35% year-on-year. The EPS is projected to be 0.27 yuan per share for 2023, with a PE ratio of 26.75 [2][8] - The company’s total assets are estimated to reach 34.185 billion yuan by 2024, with total liabilities of 2.223 billion yuan. The equity attributable to shareholders is projected to be 31.949 billion yuan [8] - The cash flow from operating activities for 2023 is expected to be 2.278 billion yuan, with a net increase in cash of 470 million yuan [9]