China Resources Boya Bio-pharmaceutical (300294) 光大证券·2025-03-20 10:39Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company achieved 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 business generated a revenue of 1.514 billion yuan, accounting for 87.29% of total revenue, with a year-on-year increase 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 growth of 10.4% [1]. - Several research projects are progressing well, with expectations for new product approvals in 2025 and 2027, enhancing the product pipeline and core competitiveness in the blood products sector [2]. - The company is solidifying its market position in China, particularly in the fibrinogen market, and has achieved significant sales targets in various product categories [2]. Financial Summary - The projected net profits for 2025, 2026, and 2027 are 547 million yuan, 606 million yuan, and 675 million yuan, respectively, with year-on-year growth rates of 37.81%, 10.80%, and 11.33% [3]. - The earnings per share (EPS) are estimated to be 1.08 yuan, 1.20 yuan, and 1.34 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 26, 23, and 21 [3][4]. - The company’s revenue is expected to recover to 1.958 billion yuan in 2025, with a growth rate of 12.87% [4]. Market Position and Brand Development - The company has successfully enhanced its brand influence and market coverage through academic conferences and marketing strategies [2]. - The company continues to lead in the fibrinogen market and has achieved a third-place market share in the PCC category [2].