博雅生物：采浆量稳步增长，期待华润长期赋能想象空间

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - Short-term performance is under pressure, but the plasma collection volume is steadily increasing. In Q3 2024, the company achieved revenue of 3.49 billion yuan, a year-on-year decline of 46.2%, and a net profit attributable to shareholders of 0.97 billion yuan, down 30.0% year-on-year. The core blood products business generated revenue of 10.9 billion yuan from Q1 to Q3 2024, a year-on-year increase of 0.39% [2][3] - The company operates at an industry-leading efficiency level, with significant potential for growth in both plasma collection volume and profit per ton. The recent acquisition of Green Cross is expected to enhance operational capabilities and increase plasma collection volume [2][3] - The company is the only blood product platform under China Resources, which has been providing substantial support in new plasma station applications and resource integration. The strategic position of the company within the China Resources health sector is expected to be significant, with plans to double the number of plasma stations and collection scale during the 14th Five-Year Plan period [3] Financial Summary - For 2024-2026, the company's net profit forecasts have been adjusted to 5.0 billion yuan, 5.6 billion yuan, and 6.3 billion yuan, with year-on-year growth rates of 112.6%, 11.4%, and 12.1% respectively. The current stock price corresponds to P/E ratios of 32, 29, and 26 times [3][4] - The company aims to achieve a revenue of 1.73 billion yuan in 2024, with a year-on-year decline of 34.89%, followed by a recovery in 2025 and 2026 with growth rates of 12.34% and 11.78% respectively [4][5] - The company’s gross margin is projected to be 67.84% in 2024, with a net profit margin of 30.36% [5]