China Resources Boya Bio-pharmaceutical (300294) Huaxin Securities·2024-10-30 00:41Investment Rating - The report maintains a "Buy" investment rating for the company [1][3]. Core Views - The company has experienced a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 1.245 billion yuan, down 43.16% year-on-year, and net profit at 413 million yuan, down 11.07% year-on-year. This decline is primarily due to the transfer of stakes in two subsidiaries, which are no longer included in the consolidated financials [1]. - Despite the overall decline, the blood products segment has shown steady growth, with revenue of 1.089 billion yuan for the first nine months of 2024, an increase of 0.39% year-on-year, driven by higher sales of specific blood products [1]. - The company is expanding its plasma collection stations through both organic growth and acquisitions, having increased its plasma collection by 12.39% year-on-year to 387.44 tons in the first nine months of 2024 [1]. - A significant acquisition was made in July 2024, where the company purchased 100% of Green Cross (Hong Kong) for 1.82 billion yuan, which will enhance its plasma collection capabilities and product offerings [1]. - The company is actively developing new products, with the application for the market launch of a 10% intravenous immunoglobulin (IVIG) already accepted, and it is the first in China to receive clinical approval for a C1 esterase inhibitor [2]. Financial Summary - The company forecasts revenues of 1.93 billion yuan in 2024, 2.08 billion yuan in 2025, and 2.24 billion yuan in 2026, with corresponding net profits of 552 million yuan, 599 million yuan, and 655 million yuan respectively [3][5]. - The earnings per share (EPS) are projected to be 1.09 yuan in 2024, 1.19 yuan in 2025, and 1.30 yuan in 2026, with the current stock price reflecting a price-to-earnings (P/E) ratio of 28.8, 26.5, and 24.2 for the respective years [3][5].