PLBIO(SZ:000403) Tebon Securities·2024-09-01 06:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant revenue increase of 60.23% year-on-year for the first half of 2024, reaching 1.136 billion yuan, with a net profit growth of 128.44% to 327 million yuan [5] - The company has seen a substantial rise in plasma collection volume, with approximately 700 tons collected in the first half of 2024, and all 38 plasma stations expected to be operational by year-end [5] - Profitability has improved, with a gross margin of 50.20% and a net profit margin of 28.78% for the first half of 2024, reflecting increases of 1.45 percentage points and 8.59 percentage points respectively [5] - The company is focusing on domestic market supply and sales, with core products experiencing strong growth, while also expanding its export business [5] - Future profit forecasts predict net profits of 771 million yuan, 917 million yuan, and 1.108 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 24.3, 20.4, and 16.9 [5] Financial Performance - The company achieved a revenue of 2.846 billion yuan in 2024E, with a projected net profit of 771 million yuan [7] - The gross margin is expected to be 52.8% in 2024E, with a net profit margin of 27.1% [7] - The company’s earnings per share (EPS) is projected to increase from 0.84 yuan in 2023 to 1.05 yuan in 2024E [7] Market Comparison - The company's stock performance has shown a relative increase compared to the market, with a forecasted growth rate of 22.2% for 2024 [6][7] - The report indicates that the company is positioned to outperform the market, with a strong outlook based on operational improvements and market demand [5][6]