派林生物：业绩稳健增长，期待大股东长期赋能空间

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 1.89 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 37.5%, and a net profit attributable to shareholders of 540 million yuan, up 66.4% year-on-year [3] - In Q3 2024, the company achieved a revenue of 750 million yuan, a year-on-year increase of 13.3%, and a net profit of 220 million yuan, growing 17.9% year-on-year, which aligns with market expectations [3] - The gross margin improved to 50.5% compared to 50.0% in the same period last year, and the net profit margin increased to 28.7% from 23.7% [4] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, with the total profit distribution amounting to 41.79% of the net profit attributable to shareholders for 2023 [4] Financial Performance - The company has a total market capitalization of 16.43 billion yuan and a circulating market capitalization of 15.38 billion yuan [2] - The company’s total assets are projected to reach 9.51 billion yuan in 2024, with total liabilities of 1.43 billion yuan [6] - The company is expected to achieve net profits of 770 million yuan, 921 million yuan, and 1.07 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 25.8%, 19.7%, and 16.4% [5][6] - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 21, 18, and 15 respectively [5] Market Position - The company ranks among the top three in the industry in terms of the number of plasma collection stations, with an expected collection volume exceeding 1,400 tons in 2024 [4][5] - The company currently operates 38 plasma stations, with several new stations expected to commence operations in the coming years, indicating significant growth potential in plasma collection [5]