PLBIO(SZ:000403) China Post Securities·2024-10-31 13:15Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has demonstrated steady revenue and profit growth, with a revenue of 1.89 billion yuan (+37.49%) and a net profit of 543 million yuan (+66.38%) in the first three quarters of 2024. The gross margin for the same period was 50.52% [3][4] - The company has completed the acceptance and extraction of all plasma stations, which is expected to support rapid growth in plasma collection in the coming years. The target for plasma collection in 2025 is set at 1,600 tons [4] - The company has announced a mid-term dividend distribution plan, distributing 1.5 yuan per 10 shares, totaling 110 million yuan, which represents 41.79% of the net profit attributable to shareholders for 2023 [5] Financial Summary - The company is projected to achieve net profits of 780 million yuan, 940 million yuan, and 1.1 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.07 yuan, 1.29 yuan, and 1.50 yuan. The current PE ratios are 21.67, 18.00, and 15.44 for the respective years [6][7] - Revenue is expected to grow from 2.329 billion yuan in 2023 to 2.970 billion yuan in 2024, reflecting a growth rate of 27.54% [7][9] - The company's asset-liability ratio is currently at 14.0%, indicating a strong financial position [3][9]