China Resources Boya Bio-pharmaceutical (300294) 开源证券·2025-01-10 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report highlights that the blood products industry in China has high entry barriers, and the demand for blood products is expected to grow due to an aging population and increasing clinical applications. The company, as a leading player in the blood products sector, is expected to accelerate its development through internal expansion and external acquisitions after entering the China Resources system [4][5][6]. Summary by Sections Company Overview - The company, Huaren Boya Biological Pharmaceutical Group Co., Ltd., is a leading blood products platform under China Resources, with a comprehensive range of products including human albumin, immunoglobulin, and coagulation factors. The company has undergone several developments since its establishment in 1993 and was officially renamed in 2022 [15][16]. Financial Performance - The company's revenue has shown stability, with blood products revenue increasing from 9.88 billion yuan in 2019 to 14.52 billion yuan in 2023, with a CAGR of 10.10%. The gross margin for blood products has also improved significantly, reaching 69.74% in 2023 [6][31][53]. Market Growth - The blood products market in China has grown rapidly, from 350 billion yuan in 2019 to 544.30 billion yuan in 2023, with a CAGR of 11.67%. The increasing elderly population and expanding clinical applications are driving this growth [5][48]. Product Development - The company is focusing on high-purity immunoglobulin, which is expected to submit a listing application soon. The company has also seen a steady increase in plasma collection, from 372 tons in 2019 to 467.3 tons in 2023, indicating a positive trend for future growth [6][42]. Profitability and Valuation - The projected net profits for the company from 2024 to 2026 are estimated at 5.24 billion yuan, 5.51 billion yuan, and 6.53 billion yuan, respectively. The current price-to-earnings ratios are 27.9, 26.5, and 22.4 for the respective years [4][8].