BTBP(600161) EBSCN·2024-10-29 23:37Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 4.073 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 1.28%, and a net profit attributable to shareholders of 1.052 billion yuan, up 18.52% year-over-year [1] - Q3 performance was under pressure, with revenue of 1.232 billion yuan, down 7.44% year-over-year, but the report is optimistic about sales in Q4, which is typically a peak season for blood products [1] - The company has seen a continuous increase in plasma collection, achieving a record high of 1,294 tons in H1 2024, up 15% year-over-year, ensuring a stable supply of products [2] - The company is actively expanding its international market presence while maintaining a strong domestic supply [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a net profit of 326 million yuan, a slight increase of 1.57% year-over-year, while the net profit excluding non-recurring items was 320 million yuan, up 0.04% year-over-year [1] - The company forecasts net profits for 2024 to be 1.398 billion yuan, with a growth rate of 25.98%, and EPS projected at 0.72 yuan [3] Market Position and Growth - The company operates 102 plasma collection stations across 16 provinces, with 80 currently in operation, which supports its leading position in the domestic market [2] - The acquisition of Wuhan Zhongyuan Ruide will add 5 operational plasma collection stations, enhancing resource acquisition and production capacity [2] Research and Development - R&D expenses for the first three quarters of 2024 reached 99 million yuan, an increase of 69.15% year-over-year, with several products under development that are expected to strengthen the company's market position [2] Valuation Metrics - The report projects the company's P/E ratios for 2024, 2025, and 2026 to be 31, 26, and 22 respectively, indicating a favorable valuation outlook [3]