BTBP(SH:600161) EBSCN·2025-01-21 11:39Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a strong performance in Q4 2024, with revenue of 1.96 billion yuan, representing a year-on-year increase of 69.05%, and a net profit of 496 million yuan, up 129.77% year-on-year [2] - For the full year 2024, the company achieved revenue of 6.034 billion yuan, a year-on-year growth of 16.47%, and a net profit of 1.547 billion yuan, reflecting a year-on-year increase of 39.42% [1][2] - The growth in performance is attributed to increased product sales and price hikes [2] - The company has enhanced its plasma collection efforts, achieving a collection volume of 2,781 tons in 2024, a 15.15% increase year-on-year, which supports future growth [2] - The company has a robust pipeline of over ten products in development, including blood products and recombinant products, which are expected to strengthen its market position [3] Financial Summary - The company forecasts net profits of 1.688 billion yuan and 1.932 billion yuan for 2025 and 2026, respectively, with year-on-year growth rates of 9.17% and 14.43% [3] - The estimated earnings per share (EPS) for 2025 and 2026 are projected to be 0.85 yuan and 0.98 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 23 and 20 [3] - The revenue for 2025 is expected to reach 6.926 billion yuan, reflecting a growth rate of 14.79% [4]