华兰生物：血制品业务稳健增长，疫苗板块短期承压

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The blood products business shows steady growth, while the vaccine segment faces short-term pressure [3][4] - For the first three quarters of 2024, the company achieved operating revenue of 3.491 billion yuan, a decrease of 10.79%, and a net profit attributable to shareholders of 924 million yuan, down 13.46% [3] - The vaccine business reported a significant decline in revenue, with a 44.28% drop, primarily due to reduced sales and price decreases of flu vaccines [4] - The company’s blood products segment generated revenue of 2.534 billion yuan, reflecting a growth of 15.44%, with a net profit of 744 million yuan, up 15.89% [3] Financial Summary - The company’s projected net profits for 2024-2026 are 1.356 billion yuan, 1.571 billion yuan, and 1.808 billion yuan, respectively, with corresponding EPS of 0.74, 0.86, and 0.99 yuan [5] - The current price-to-earnings ratio (P/E) is projected to be 22.23, 19.18, and 16.67 for the years 2024, 2025, and 2026, respectively [7] - The company’s operating revenue is expected to decline to 5.131 billion yuan in 2024, followed by growth to 5.986 billion yuan in 2025 and 6.827 billion yuan in 2026 [7][9]