派林生物（000403）：浆站采浆量稳步提升，新品种提供长期增长动力

Investment Rating - The report assigns a "Buy-B" rating for the company, marking its first coverage [5]. Core Insights - The company has shown significant growth in revenue and profit, with a compound annual growth rate (CAGR) of 22.1% in revenue from 860 million yuan to 2.33 billion yuan from 2018 to 2023, and a CAGR of 50.2% in net profit from 80 million yuan to 610 million yuan during the same period [3][19]. - The company is expanding its plasma collection capacity and product offerings, which are expected to drive long-term growth [4][19]. - The domestic market for immunoglobulin and blood products is growing, with the company positioned to capture a larger market share due to increasing demand and limited domestic supply [4][51]. Summary by Sections 1. Company Growth and Resource Expansion - The company has rapidly expanded its plasma collection stations and resources through mergers and acquisitions, particularly with the integration of subsidiaries Guangdong Shuanglin and Paisfiko [16][19]. - The company has a diverse product portfolio with 11 blood product varieties, ranking it among the top in the industry [40][69]. 2. Market Demand and Product Development - There is a strong demand for immunoglobulin and albumin products, with significant room for domestic product substitution as the market is currently dominated by imports [4][47]. - The company is actively developing new products, including the fourth-generation immunoglobulin and various coagulation factor products, which are expected to enhance its market position [4][71]. 3. Financial Projections and Valuation - Revenue projections for 2024-2026 are estimated at 2.91 billion yuan, 3.32 billion yuan, and 3.81 billion yuan, respectively, with corresponding net profits of 760 million yuan, 860 million yuan, and 980 million yuan [5][6]. - The company is expected to maintain a favorable price-to-earnings (P/E) ratio, projected at 21.1, 18.6, and 16.4 for the years 2024, 2025, and 2026, respectively [5][6].