BTBP(600161) KAIYUAN SECURITIES·2024-10-29 15:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady revenue growth in the first three quarters of 2024, with revenue reaching 4.073 billion yuan (up 1.28% year-on-year) and net profit attributable to shareholders of 1.052 billion yuan (up 18.52% year-on-year) [3] - The company is expected to maintain its profit forecast, with projected net profits for 2024-2026 being 1.412 billion yuan, 1.739 billion yuan, and 2.194 billion yuan respectively, corresponding to PE ratios of 30.5, 24.8, and 19.7 times [3] Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 55.33% (up 5.72 percentage points) and a net margin of 35.04% (up 5.01 percentage points) [3] - In Q3 2024, the company recorded revenue of 1.232 billion yuan (down 7.44% year-on-year) and a net profit of 326 million yuan (up 1.57% year-on-year) [3] - The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio for the first three quarters of 2024 were 2.94%, 8.55%, 2.42%, and -0.74% respectively, showing a decrease in sales expense ratio by 2 percentage points year-on-year [5] Strategic Developments - The company is advancing industry mergers and acquisitions, with a planned acquisition of 100% equity in Wuhan Zhongyuan Ruide Biological Products Co., Ltd. for 1.126 billion yuan, which will enhance its market share [4] - Wuhan Zhongyuan Ruide has 13 product licenses, primarily for human albumin and intravenous immunoglobulin, and has established five plasma collection stations in Hubei province [4] Financial Forecasts - The company’s projected revenue for 2024 is 6.331 billion yuan, with a year-on-year growth of 22.2% [6] - The projected gross margin is expected to increase to 52.8% in 2024, with net margin reaching 22.3% [6] - The company’s return on equity (ROE) is forecasted to improve to 13.3% in 2024 [6]