PLBIO(SZ:000403) Huafu Securities·2024-09-05 12:40Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [11]. Core Insights - The company reported a significant revenue increase of 60.2% year-on-year, achieving 1.136 billion yuan in revenue for the first half of 2024, with a net profit of 327 million yuan, reflecting a 128.4% increase [2][3]. - The company is experiencing rapid growth in plasma collection, with an expected total of 1,400 tons for the year, supported by ongoing construction of new plasma collection stations [4]. - The blood products segment remains robust, with revenue of 1.133 billion yuan in the first half of 2024, also showing a 60.3% year-on-year increase, and the company is expanding its overseas sales efforts [4]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 790 million yuan, with a growth rate of 29%, followed by 919 million yuan in 2025 and 1.044 billion yuan in 2026, with respective growth rates of 16% and 14% [4]. - The company's earnings per share (EPS) are expected to increase from 0.84 yuan in 2023 to 1.08 yuan in 2024, and further to 1.25 yuan in 2025 and 1.42 yuan in 2026 [8]. - The price-to-earnings (P/E) ratio is projected to decrease from 30 in 2023 to 23 in 2024, 20 in 2025, and 17 in 2026, indicating improving valuation metrics [8].