BTBP(600161) SINOLINK SECURITIES·2025-01-21 01:14Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a revenue of 6.034 billion RMB in 2024, representing a year-on-year growth of 16% [1] - The projected net profit attributable to shareholders is 1.547 billion RMB for 2024, reflecting a 39% increase compared to the previous year [1] - The company has successfully increased its plasma collection volume by 15.15% year-on-year, reaching 2,781 tons in 2024 [2] - The acquisition of Wuhan Zhongyuan Ruide has enhanced the company's competitive position in the industry [2] - Continuous investment in R&D has led to significant clinical progress, including the approval of a new product [3] Summary by Sections Performance Review - In 2024, the company anticipates a revenue of 6.034 billion RMB, a 16% increase from 2023, and a net profit of 1.547 billion RMB, up 39% [1] - The fourth quarter of 2024 is expected to see a revenue of 1.961 billion RMB, a 69% increase year-on-year, and a net profit of 495 million RMB, reflecting a 123% growth [1] Operational Analysis - The company has enhanced its plasma collection capabilities, achieving a total of 2,781 tons in 2024, supported by strategic partnerships with government and health authorities [2] - The acquisition of Wuhan Zhongyuan Ruide has added 13 product licenses to the company's portfolio, further strengthening its market position [2] R&D Investment - The company maintains a high level of R&D investment, with recent advancements including the approval of a new coagulation product and the completion of a Phase III clinical trial for another product [3] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been revised upwards, with expected net profits of 1.547 billion RMB in 2024, 1.742 billion RMB in 2025, and 1.958 billion RMB in 2026 [4] - The projected EPS for 2024-2026 is 0.78, 0.88, and 0.99 RMB, with corresponding PE ratios of 25, 22, and 20 [4]