PLBIO(SZ:000403) Guohai Securities·2024-10-29 12:49Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company reported significant revenue and profit growth in Q3 2024, with total revenue reaching 1.89 billion yuan, a year-over-year increase of 37.49%, and a net profit of 543 million yuan, up 66.38% year-over-year [2][3]. - The company has received approval for new plasma collection stations, which is expected to enhance its raw plasma supply capacity, with total annual production capacity projected to reach 3,000 tons by 2025 [3]. - The company's Q3 gross margin was 51.00%, with a slight year-over-year decrease of 0.43 percentage points, while the net profit margin improved by 1.16 percentage points to 28.62% [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.89 billion yuan and a net profit of 543 million yuan, with Q3 revenue at 754 million yuan and net profit at 216 million yuan [2][3]. - The report forecasts revenues of 2.95 billion yuan, 3.49 billion yuan, and 3.96 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 758 million yuan, 895 million yuan, and 1.02 billion yuan [4][8]. - The projected P/E ratios for the next three years are 22.39X, 18.95X, and 16.63X, indicating a favorable valuation trend [4][8].