卫光生物：采浆量稳步增长，产品种类不断丰富-20250430

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company achieved a revenue of 1.203 billion yuan in 2024, reflecting a growth of 14.75%, with a net profit attributable to shareholders of 254 million yuan, up by 15.95% [4][10]. - The company’s plasma collection volume increased steadily, reaching 562 tons in 2024, a year-on-year growth of 8.7% [5]. - The company is expanding its product range, having obtained a drug registration certificate for a new product, and is advancing its pipeline with new products in clinical trials [5]. - The life sciences park is showing industrial cluster effects, with rental income from the property business soaring by 250.44% in 2024 [6]. - Revenue projections for 2025-2027 are estimated at 1.288 billion, 1.415 billion, and 1.572 billion yuan respectively, with net profits expected to be 278 million, 317 million, and 369 million yuan [7][10]. Company Overview - The latest closing price of the company's stock is 27.88 yuan, with a total market capitalization of 6.3 billion yuan [3]. - The company has a debt-to-asset ratio of 31.9% and a price-to-earnings ratio of 24.94 [3].