博雅生物（300294）：公司信息更新报告：采浆量较快增长，高浓度静丙及破免有望获批上市

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in plasma collection, with high-concentration immunoglobulin and tetanus immunoglobulin expected to be approved for market launch [1][6] - In 2024, the company achieved revenue of 1.735 billion yuan, a year-on-year decrease of 34.58%, while net profit attributable to shareholders increased by 67.18% to 397 million yuan [4][5] - The company maintains its profit forecast for 2025-2026 and has added a forecast for 2027, expecting net profits of 551 million yuan, 653 million yuan, and 755 million yuan for 2025, 2026, and 2027 respectively [4][8] Financial Performance - In 2024, the company's revenue was 1.735 billion yuan, with a net profit of 397 million yuan, and a non-recurring net profit of 302 million yuan [4] - The gross profit margin for 2024 was 64.7%, an increase of 11.98 percentage points year-on-year [4][8] - The company’s plasma collection volume reached 630.6 tons in 2024, a year-on-year increase of 10.4%, which is higher than the industry average growth rate [6] Product Performance - The revenue from immunoglobulin was 391 million yuan in 2024, down 12%, while the revenue from human albumin was 403 million yuan, down 7.94% [5] - The company has 20 operational plasma collection stations and one under construction, contributing to the steady growth in plasma collection [6] Future Outlook - The company is expected to see a recovery in revenue in 2025 with an estimated increase of 16.1% year-on-year [8] - The projected P/E ratios for 2025, 2026, and 2027 are 26.4, 22.3, and 19.2 respectively, indicating a favorable valuation trend [4][8]