血液制品专题研究：血液制品行业盈利水平改善，未来成长空间广阔

Investment Rating - The investment rating for the blood products industry is "Positive" [6] Core Insights - The blood products industry in China has significant growth potential, with the market size expected to exceed 50 billion yuan in 2023 and reach 95 billion yuan by 2030 [2][11] - The overall development of the blood products industry is favorable, with improved profitability indicated by a gross margin of 48.81% and a net margin of 30.87% in the first half of 2024, both showing year-on-year increases [3][17] - The industry concentration is increasing due to mergers and acquisitions, with major players like TianTan Biological, Shanghai Raas, and others forming a competitive landscape [4][13] Summary by Sections 1. Overview of Blood Products - Blood products are a sub-sector of the biopharmaceutical industry, essential for medical emergencies and specific disease treatments, with a market that has evolved significantly since the 1960s in China [11][12] 2. Policy and Industry Growth - Recent regulations have been implemented to strengthen and standardize the management of blood plasma collection and production, which is expected to enhance industry consolidation and healthy development in the long term [14][15] 3. Improvement in Industry Profitability - The blood products industry has shown a notable improvement in profitability, with a decrease in sales expense ratio to 6.38% in the first half of 2024, down 2.29 percentage points year-on-year [3][17][19] 4. Key Companies - TianTan Biological: Achieved revenue of 2.841 billion yuan in the first half of 2024, a 5.59% increase year-on-year, with a net profit of 726 million yuan, up 28.10% [24][26] - Pailin Biological: Reported a revenue of 1.136 billion yuan, a 60.23% increase year-on-year, and a net profit of 327 million yuan, up 128.44% [27][29] - Shanghai Raas: Generated revenue of 4.252 billion yuan in the first half of 2024, a 9.02% increase year-on-year, with a net profit of 1.241 billion yuan, a slight increase of 0.15% [31][30] 5. Investment Recommendations - The report suggests focusing on companies like TianTan Biological, Pailin Biological, and Shanghai Raas due to the increasing demand driven by an aging population and greater awareness of the clinical value of blood products [5][33]