血制品行业深度分析：血制品板块前三季度财报回顾及展望

Investment Rating - The report maintains a "Market Perform" rating for the blood products industry, indicating a neutral outlook compared to the broader pharmaceutical market [1]. Core Insights - The blood products industry achieved a revenue of 11.788 billion yuan in the first half of 2024, representing a year-on-year growth of 3.31%. The net profit attributable to shareholders reached 3.188 billion yuan, up 9.60%, with a non-recurring net profit of 2.904 billion yuan, increasing by 10.68%, indicating that profit growth outpaced revenue growth [1][6][7]. - The report highlights that the profitability of the blood products sector is steadily improving, with a gross margin of 49.17%, an increase of 1.6 percentage points year-on-year, and a net profit margin of 29.56%, up 1.92 percentage points [13][16]. - Future prospects for China's blood products market are optimistic, with potential for further concentration and advancements in research and development driven by the introduction of recombinant blood products [3][38]. Summary by Sections 1. Overview of Blood Products - Blood products include various human plasma protein products, categorized into four main types: albumin, immunoglobulin, coagulation factors, and trace proteins. The raw material for blood products is plasma, which consists of 92%-93% water and 7%-8% proteins [5]. 2. 2024 Mid-Year Report Summary and Analysis of Henan Listed Companies 2.1. 1H2024 Performance Review - The blood products industry reported a revenue of 11.788 billion yuan, a 3.31% increase year-on-year, and a net profit of 3.188 billion yuan, a 9.60% increase [6][7]. - The top three companies by revenue growth in 1H24 were Pailin Biological, Weiguang Biological, and Hualan Biological, while the top three by net profit growth were Bohui Innovation, Pailin Biological, and Tiantan Biological, all exceeding 20% growth [2][6]. 2.2. Steady Improvement in Profitability - The gross margin for the blood products sector was 49.17%, up 1.6 percentage points year-on-year, and the net profit margin was 29.56%, an increase of 1.92 percentage points [13][16]. 2.3. Continuous Decline in Sales Expense Ratio - The sales expense ratio has been on a downward trend, with the top three companies in 1H24 being Boya Biological, Bohui Innovation, and Pailin Biological [16][17]. 2.4. Decline in Net Cash Flow from Operating Activities - The net cash flow from operating activities for the blood products sector was 1.899 billion yuan, a 56% decline year-on-year, which is lower than the industry net profit level [20][21]. 2.5. Slower Inventory Turnover and Faster Accounts Receivable Turnover - The inventory turnover days increased to 351.05 days, up 43.51 days year-on-year, while accounts receivable turnover days decreased to 60.23 days, down 18.36 days [21][22]. 2.6. Slight Decline in Fixed Asset Turnover Rate - The fixed asset turnover rate for the blood products sector was 1.30, a slight decrease of 0.07 percentage points year-on-year [23][25]. 2.7. Continuous Decrease in Debt Ratio - The debt ratio for the blood products sector was 11.64%, down 0.32 percentage points year-on-year, indicating a trend of decreasing leverage [27][28]. 2.8. Secondary Market Performance and Valuation Review - As of October 25, 2024, the blood products sector had declined by 11.97%, underperforming the pharmaceutical market by 11.75 percentage points, with a PE ratio of 28.93 times [30][31]. 3. Analysis of Industry Characteristics and Development Trends 4.1. Rapid Development and Market Potential - China's blood products industry started later than in developed countries but has grown rapidly, with a market size exceeding 500 billion yuan in 2023 and projected to reach 950 billion yuan by 2030 [38]. 4.2. Concentration of Production - Companies with a production capacity of over 1,000 tons account for over 50% of the national plasma collection, indicating potential for further market concentration [39].