PLBIO(000403) 国泰君安·2024-10-29 10:42Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company continues to show growth in its performance, with new plasma stations contributing to incremental gains. The report highlights that the company has received certification for two new plasma stations, which are expected to enhance plasma collection capacity and market potential [4][6]. - The financial forecasts for EPS are maintained at 1.06, 1.28, and 1.54 CNY for 2024, 2025, and 2026 respectively, with a target price set at 30.72 CNY based on a PE ratio of 24x for 2025 [6]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 1.89 billion CNY, representing a year-on-year increase of 37.5%. The net profit attributable to the parent company was 543 million CNY, up 66.4%, and the net profit excluding non-recurring items was 498 million CNY, an increase of 84.7% [6]. - In Q3 2024 alone, the company reported a revenue of 754 million CNY, a 13.3% increase year-on-year, with a net profit of 216 million CNY, up 17.9% [6]. - The company has a total of 38 plasma stations, with 17 currently operational and two new stations recently certified for operation, which is expected to further increase plasma collection capacity [6]. Market Data - The current stock price is 22.41 CNY, with a target price of 30.72 CNY, indicating significant upside potential [3][6]. - The company has a total market capitalization of 16.43 billion CNY and a total share capital of 733 million shares [8]. Comparative Valuation - The report includes a comparative valuation table showing the company’s market cap and PE ratios against peers in the biopharmaceutical sector, indicating a competitive position within the industry [13][14].