BTBP(600161) 诚通证券·2024-09-23 08:00Investment Rating - The report gives a "Buy" rating for the company, Tian Tan Biological, as it is positioned as a leading player in the blood products industry and is in a phase of rapid plasma volume growth [6][7]. Core Insights - The company has undergone significant restructuring to focus solely on blood products, divesting its vaccine business and consolidating blood product assets under its subsidiary, Chengdu Rongsheng, which has led to enhanced operational efficiency and market positioning [1][19]. - The company has expanded its plasma collection capabilities through acquisitions and new plasma stations, achieving a total of 102 plasma collection stations, with a significant increase in plasma collection volume [2][27]. - The product matrix has been strengthened, with the company achieving a record high in gross and net profit margins in 2023, supported by the completion of its coagulation product line [2][3]. Summary by Sections Focus: Restructuring of Vaccine and Blood Product Assets - The company initiated a two-step internal restructuring to eliminate competition with its controlling shareholder, transferring its vaccine business and acquiring blood product assets [15][16]. - The integration of blood product operations has resulted in a synergistic effect, enhancing production capacity and resource utilization [19][20]. - The company has exceeded its three-year performance commitments post-restructuring, demonstrating strong operational performance [26]. Expansion: Multi-Dimensional Growth of Plasma Sources - The company has increased its stake in Chengdu Rongsheng, raising its ownership to 74.01%, thereby enhancing its equity plasma share [27]. - It has successfully obtained approvals for new plasma stations, significantly increasing its plasma collection capacity [30][32]. - The average plasma collection per station has improved, with ongoing efforts to optimize existing stations [2][30]. Strengthening: Expanding Product Matrix - The company has enriched its product offerings, achieving a total of 9 blood product varieties in 2023, with a focus on coagulation products [2][3]. - Operational efficiency has improved, leading to record gross and net profit margins in 2023 [2][3]. - New production bases are being established to alleviate capacity constraints, with significant progress in the construction of key facilities [2][3]. Profit Forecast and Investment Rating - Revenue projections for 2024-2026 are estimated at 61.6 billion, 71.1 billion, and 81.9 billion yuan, with corresponding net profits of 13.9 billion, 16.4 billion, and 19.0 billion yuan, reflecting strong growth rates [3][7]. - The company's current market valuation is approximately 406.9 billion yuan, with a projected PE ratio of 29.3 for 2024, indicating a favorable investment outlook [6][7].