HUALAN BIOLOGICAL(002007) China Post Securities·2024-09-02 06:00Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [8]. Core Views - The company reported a revenue of 1.653 billion yuan in the first half of 2024, reflecting a growth of 4.26%, while the net profit attributable to shareholders decreased by 16.42% to 440 million yuan [5]. - The company has achieved a significant increase in plasma collection, with a growth rate of 22.47% in the first half of 2024, supported by the approval of two new plasma stations in Chongqing [6]. - The company maintains a leading position in the influenza vaccine market, with a significant number of batch approvals for its products, and price reductions are expected to enhance vaccination rates [7]. Financial Summary - For the fiscal year 2024, the company is projected to have a net profit of 1.356 billion yuan, with earnings per share (EPS) of 0.74 yuan, and a price-to-earnings (P/E) ratio of 20.32 [9]. - The company's revenue is expected to decline by 3.95% in 2024, followed by a recovery with growth rates of 16.66% and 14.05% in 2025 and 2026, respectively [10]. - The gross margin for the blood products business is reported at 50.10%, showing a year-on-year decrease of 3.62 percentage points, primarily due to price reductions in certain products [6].