华兰生物：血制品表现强劲，疫苗静候秋冬季

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 22.47 [5][6]. Core Views - The company experienced a revenue growth of 4% in 1H24, while net profit declined by 16% year-on-year. The revenue, net profit attributable to the parent, and net profit excluding non-recurring items for 1H24 were RMB 16.5 billion, RMB 4.4 billion, and RMB 3.6 billion respectively [1]. - The blood products segment showed strong performance with a revenue increase of 13% year-on-year in 1H24, while the vaccine segment is expected to improve in the autumn and winter seasons [2][3]. Summary by Sections Blood Products - Revenue for blood products in 1H24 reached RMB 16.1 billion, reflecting a 13% year-on-year increase, while net profit was RMB 4.2 billion, down 7% year-on-year. In 2Q24, revenue grew by 23% year-on-year, and net profit increased by 13% year-on-year [2]. - The company anticipates a revenue growth rate of 15-20% for blood products from 2024 to 2026. The collection of plasma increased by 22% year-on-year to 770 tons in 1H24, with expectations of 1,590 tons and 1,820 tons in 2024 and 2025 respectively [2]. Vaccines - The vaccine segment reported a revenue of RMB 0.36 billion in 1H24, a decrease of 76% year-on-year. The report suggests that the low revenue is typical for the first half of the year, with expectations for stable growth in annual sales [3]. - The company holds a leading position in production capacity and market share in the vaccine industry, with 66 batches of flu vaccines approved in 1H24. The report anticipates a more balanced supply-demand situation in 2024, which could enhance the sales rate of flu vaccines [3]. Research and Development - The company has a rich pipeline of products under research, which are expected to become new growth points. Key products include high-concentration immunoglobulin and coagulation factor IX, both in advanced clinical stages [4].