生物医药Ⅱ行业深度研究：以血制品行业盈利模型，窥其投资价值几何

Investment Rating - The report maintains a positive outlook on the biopharmaceutical sector, specifically focusing on the blood products industry [1]. Core Insights - The report analyzes the profitability model of blood products companies, emphasizing that company profits are derived from plasma collection volume multiplied by gross profit per ton of plasma, minus period expenses. It also considers risks such as centralized procurement and the substitution risk from recombinant biological products [1]. Summary by Sections Plasma Collection Volume - The core competitiveness of companies lies in plasma collection volume, which is expected to exceed 15,000 tons by 2025. As of June 2024, there are 327 operational plasma collection stations in China, with significant growth anticipated during the "14th Five-Year Plan" period [1][5]. - The top four blood product companies accounted for 60% of the plasma collection stations in 2023, indicating a trend towards concentration among leading firms [1]. Single Station Collection Capacity - The average plasma collection per station in China was 38 tons in 2023, with expectations for this figure to rise to approximately 40.7 tons, 43.6 tons, and 46.1 tons from 2024 to 2026 [1][5]. Gross Profit per Ton of Plasma - There is significant potential for increasing gross profit per ton of plasma, driven by stable demand for key products. The report highlights growth opportunities in various segments, including albumin and immunoglobulin products [1][5]. - The report anticipates that the cost of plasma will stabilize, while the revenue from plasma products is expected to grow due to increasing terminal demand [1]. Period Expenses - The report notes that period expenses are stabilizing, with net profit margins expected to rise. This is attributed to steady R&D expenses, decreasing sales expenses, and stable management costs [1][5]. Market Dynamics - The report indicates that the blood products market is characterized by a stable price environment due to the inelastic demand for key products like albumin and immunoglobulin. The risk of price fluctuations from centralized procurement is considered low [1][5]. Related Companies - Key companies mentioned in the report include Tian Tan Biological, Shanghai Raist, Hualan Biological, and Pailin Biological, all of which are positioned to benefit from the trends outlined in the report [1][5].