BTBP(SH:600161) Capital Securities·2024-10-16 12:00Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has maintained stable performance with continuous improvement in profitability. For the first three quarters of 2024, the company achieved operating revenue of 4.073 billion yuan, an increase of 1.28%, and a net profit attributable to shareholders of 1.052 billion yuan, up 18.52% [2][3] - Short-term performance has shown fluctuations, but long-term growth is expected to remain stable. The revenue growth rate for Q3 2024 was -7.44%, primarily due to a high base in Q3 2023 and expected fluctuations in quarterly shipment volumes. However, the company's net profit margin for Q3 2024 was at its highest level in recent years, indicating improved profitability [3] - The company is expanding its plasma sources through various means, with a 15% year-on-year increase in plasma collection volume in the first half of 2024. The number of operational plasma collection stations has also increased, reflecting successful expansion efforts [3][4] Summary by Sections Financial Performance - For 2024, the company is projected to achieve operating revenues of 5.765 billion yuan, 6.734 billion yuan in 2025, and 7.772 billion yuan in 2026, with year-on-year growth rates of 11.3%, 16.8%, and 15.4% respectively. Net profit attributable to shareholders is expected to be 1.369 billion yuan in 2024, 1.652 billion yuan in 2025, and 1.983 billion yuan in 2026, with growth rates of 23.3%, 20.7%, and 20.0% respectively [4][5] - The company's current price-to-earnings (PE) ratios are projected to be 31.9 for 2024, 26.4 for 2025, and 22.0 for 2026, indicating a favorable valuation trend [4] Product Development - The company has received approval for high-concentration intravenous immunoglobulin, which is expected to significantly contribute to revenue and profit growth. The revenue from this product in the first half of 2024 was 1.339 billion yuan, with a year-on-year growth of 21.97% and an increase in gross margin by 11.42 percentage points [3][4] - New product approvals are anticipated to further enhance revenue and profit potential, with several products in various stages of clinical trials and regulatory approvals [3][4]