2024Q3血制品行业跟踪报告（附批签发）：进口人白批次占比提升，静丙逐季恢复

Investment Rating - The report suggests a focus on key companies in the blood products industry, including Shanghai Raist (002252.SZ), Weigao Biology (002880.SZ), Hualan Biological (002007.SZ), Palin Biological (000403.SZ), and Tiantan Biological (600161.SH) [4] Core Insights - The report indicates an increase in the proportion of imported human albumin, which reached 68% in the first three quarters of 2024, up by 1 percentage point year-on-year [8][32] - The total number of human albumin batches approved in the first three quarters of 2024 was 3,797, reflecting a 13% increase compared to the previous year [3][12] - The report highlights a recovery in the sales of immunoglobulin, with a 6% year-on-year increase in Q3 2024 [63] - The overall net profit growth for blood product companies was 12% in the first three quarters of 2024, driven by factors such as the divestment of non-blood product businesses by Boya Biological and improved profit margins for Tiantan Biological [3][4] Summary by Category Human Albumin - In the first three quarters of 2024, the number of approved human albumin batches was 3,797, with domestic approvals at 1,229 (up 9%) and imports at 2,568 (up 15%) [3][12] - Q3 2024 saw 1,306 batches approved, marking a 5% increase [31][36] Immunoglobulin - The total number of immunoglobulin batches approved in the first three quarters was 940, a decrease of 3% year-on-year [62] - Q3 2024 saw a 6% increase in the number of approved immunoglobulin batches, totaling 355 [63] Coagulation Factors - In the first three quarters of 2024, the number of approved coagulation factor VIII batches was 396, reflecting a 23% increase [21] - Q3 2024 saw 127 batches of coagulation factor VIII approved, a 1% increase [12][21] Rabies Immunoglobulin - The report notes a significant increase in rabies immunoglobulin approvals, with a total of 120 batches approved in the first three quarters of 2024, representing a 48% increase [80][84] - Q3 2024 saw 41 batches approved, an 11% increase year-on-year [81][96] Tetanus Immunoglobulin - The number of approved tetanus immunoglobulin batches in the first three quarters was 104, a 9% increase [97] - Q3 2024 saw 41 batches approved, marking a 58% increase [98]