China Resources Boya Bio-pharmaceutical (SZ:300294) EBSCN·2025-03-20 09:46Investment Rating - The report maintains a "Buy" rating for the company, considering the high barriers in the blood products sector and the company's excellent operational quality [3][5]. Core Insights - The company reported a revenue of 1.735 billion yuan in 2024, a decrease of 34.58% year-on-year, while the net profit attributable to shareholders was 397 million yuan, an increase of 67.18% year-on-year [1]. - The blood products segment generated a revenue of 1.514 billion yuan, accounting for 87.29% of total revenue, with a year-on-year growth of 4.32% [1]. - The company has 20 plasma collection stations and one under construction, with a total plasma collection volume of 630.6 tons in 2024, representing a year-on-year increase of 10.4% [1]. Summary by Sections Financial Performance - Revenue for 2024 was 1.735 billion yuan, with a net profit of 397 million yuan and a non-recurring net profit of 302 million yuan, showing significant growth of 110.77% [1][4]. - The company expects net profits to grow to 547 million yuan in 2025, 606 million yuan in 2026, and 675 million yuan in 2027, with respective growth rates of 37.81%, 10.80%, and 11.33% [3][4]. Product Development - Several ongoing projects are progressing well, with the 10% intravenous immunoglobulin expected to be approved in 2025, and the tetanus immunoglobulin also on track for approval [2]. - The company is enhancing its product pipeline with various research projects, which will strengthen its core competitiveness in the blood products sector [2]. Market Positioning - The company continues to solidify its leading position in the Chinese fibrinogen market, with a market share ranking third in the industry for PCC [2]. - The company is actively building its brand through academic conferences and expanding its marketing network across the country [2].