PLBIO(000403) 民生证券·2024-10-29 07:15Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 23.14 CNY and projected PE ratios of 22, 19, and 16 for the years 2024, 2025, and 2026 respectively [2][3]. Core Insights - The company reported strong performance in its Q3 2024 results, achieving revenue of 1.89 billion CNY, a year-on-year increase of 37.49%, and a net profit attributable to shareholders of 543 million CNY, up 66.38% year-on-year [2]. - The gross profit margin for the first three quarters of 2024 was 28.71%, reflecting a year-on-year increase of 0.47 percentage points, driven by the company's focus on high-margin products [2]. - The company has a diverse product range with 11 varieties across three major categories, and it ranks among the top in the industry for both the number of plasma collection stations and plasma collection scale [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 28.71%, an increase of 5.01 percentage points year-on-year, supported by improved expense ratios [2]. - The company’s revenue for Q3 2024 was 754 million CNY, representing a year-on-year growth of 13.27% and a quarter-on-quarter increase of 7.64% [2]. - The projected net profits for 2024, 2025, and 2026 are 770 million CNY, 920 million CNY, and 1.05 billion CNY respectively, indicating a positive growth trajectory [2][4].