华兰生物：血制品业务增长稳健，流感疫苗短期承压

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a revenue of 3.491 billion yuan for the first three quarters of 2024, a year-on-year decrease of 11%. The net profit attributable to shareholders was 924 million yuan, down 13% year-on-year [2] - Excluding the vaccine business, the company achieved a revenue of 2.533 billion yuan in the first three quarters, representing a year-on-year increase of 15% [2] - The blood product business continues to grow steadily, with the company expanding its plasma collection stations [2] - A price adjustment for flu vaccines has put short-term pressure on the vaccine subsidiary's performance, but there is significant growth potential in the domestic flu vaccine market [2] - The company is advancing product innovation, with several projects in various stages of clinical research, indicating a promising pipeline for future growth [2] Summary by Sections Performance Overview - For Q3 2024, the company reported a revenue of 1.838 billion yuan, a decrease of 21% year-on-year, and a net profit of 483 million yuan, down 11% year-on-year [2] - The adjusted net profit for Q3 was 455 million yuan, also down 11% year-on-year [2] Business Analysis - The blood product segment showed robust growth, with a revenue increase of approximately 21% in Q3 when excluding the vaccine business [2] - The company has successfully opened new plasma collection stations and is accelerating the establishment of additional stations in Chongqing [2] Pricing and Market Dynamics - The company has implemented a new pricing system for its flu vaccines, which has led to short-term performance pressure [2] - The overall flu vaccine coverage in China is around 3%, suggesting substantial room for market growth as public awareness and government policies evolve [2] Product Development - The company is actively pursuing product innovation, with several key projects in advanced clinical stages, including IVIG and a meningococcal vaccine expected to be submitted for production approval in 2025 [2]