BTBP(SH:600161) Guotou Securities·2025-03-31 02:33Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 22.59 CNY, compared to the current stock price of 20.56 CNY [6]. Core Insights - The company achieved a revenue of 6.032 billion CNY in 2024, representing a year-on-year growth of 16.44%, and a net profit of 1.549 billion CNY, which is a 39.58% increase year-on-year [1]. - The gross margin improved to 54.70%, up by 3.94 percentage points year-on-year, with a net profit margin of 35.02%, an increase of 5.88 percentage points year-on-year [2]. - The company expanded its plasma collection capabilities, achieving a total collection of 2,781 tons, a 15.15% increase year-on-year, maintaining a 20% market share in the domestic industry [3]. - Significant progress was made in the R&D pipeline, with multiple products advancing through clinical trials and receiving regulatory approvals, which will support the company's long-term growth [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 6.032 billion CNY and a net profit of 1.549 billion CNY, with respective year-on-year growth rates of 16.44% and 39.58% [1]. - The gross margin for 2024 was 54.70%, an increase of 3.94 percentage points, while the net profit margin reached 35.02%, up by 5.88 percentage points [2]. Operational Developments - The company completed the acquisition of 100% of Zhongyuan Ruide for 1.85 billion USD, enhancing its production capacity and expanding its network of plasma collection stations to 107 across 16 provinces [3]. - The operational plasma collection stations collected 2,781 tons of plasma in 2024, marking a 15.15% increase year-on-year [3]. Research and Development - The company made notable advancements in its R&D efforts, with several products completing clinical trials and receiving approvals, including the subcutaneous human immunoglobulin and recombinant coagulation factors [4]. - The orderly progress of the R&D pipeline is expected to provide strong support for the company's medium to long-term development [4].