PLBIO(000403) 华福证券·2024-11-03 08:00Investment Rating - Maintains a "Buy" rating for the company [4] Core Views - The company reported robust growth in Q3 2024, with revenue of 754 million yuan (13.2% YoY) and net profit attributable to shareholders of 215 million yuan (17.9% YoY) [2] - For the first three quarters of 2024, the company achieved revenue of 1.89 billion yuan (37.4% YoY) and net profit attributable to shareholders of 542 million yuan (66.4% YoY) [2] - Two new plasma stations under Paisfeco were successfully approved, enhancing the company's plasma supply capacity and supporting long-term growth [2] - The company's plasma collection volume reached approximately 700 tons in the first half of 2024, with a full-year target of 1,400 tons [2] - The blood products industry remains in a relatively high-growth phase, with the company expanding its overseas business, including exports to Pakistan and regulatory progress in Brazil [3] Financial Performance Summary - Revenue for 2024E is projected at 2.945 billion yuan, with a growth rate of 26.5% YoY [5] - Net profit for 2024E is expected to reach 790 million yuan, with a growth rate of 29.1% YoY [5] - EPS for 2024E is forecasted at 1.08 yuan per share [5] - The company's P/E ratio for 2024E is estimated at 21x [4] Industry and Market Position - The blood products sector continues to experience high demand, with core products such as intravenous immunoglobulin (pH4) remaining in short supply [3] - The company is actively expanding its international presence, focusing on both domestic supply and overseas exports [3] Growth Drivers - Successful approval of new plasma stations is expected to boost plasma collection and support future revenue growth [2] - Overseas market expansion, particularly in Pakistan and Brazil, provides additional growth opportunities [3] - The company's strong financial performance and consistent profit growth are key drivers for future valuation [4]