天坛生物：Q4业绩超预期，开疆拓土助成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Insights - The company reported a strong Q4 performance, with revenue and net profit exceeding expectations. For 2024, the company anticipates revenue of 60.34 billion yuan (up 16.47% year-on-year) and a net profit of 15.47 billion yuan (up 39.42 year-on-year) [7]. - The acquisition of Zhongyuan Ruide has enhanced the company's overall strength, adding a blood product manufacturing enterprise and increasing plasma collection capabilities [7]. - The company is actively expanding its plasma collection stations, achieving a total of 85 operational single plasma collection stations in 2024, with a plasma collection volume of 2,781 tons, representing a 15.15% year-on-year increase [7]. - The product line is being enriched, with new products expected to improve profit margins per ton of plasma collected [7]. - The profit forecasts for 2024-2026 have been revised upwards, with expected net profits of 15.47 billion yuan, 17.31 billion yuan, and 19.47 billion yuan respectively, reflecting the company's strong resource endowment and new product contributions [7]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 51.80 billion yuan, with a year-on-year growth rate of 21.6%. The net profit attributable to the parent company is expected to be 11.10 billion yuan, with a growth rate of 26.0% [3][9]. - For 2024, the company expects total revenue of 60.34 billion yuan and a net profit of 15.47 billion yuan, with corresponding EPS of 0.78 yuan [3][9]. - The gross profit margin is expected to remain stable at around 55% from 2024 onwards [3].