WEIGUANG BIOLOGICAL(002880) 华安证券·2025-05-06 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved double-digit growth in both revenue and profit for 2024, with a notable increase in non-recurring net profit growth [2][3] - The company's revenue for 2024 reached 1.203 billion yuan, a year-on-year increase of 14.75%, while the net profit attributable to shareholders was 254 million yuan, up 15.95% year-on-year [2] - The first quarter of 2025 showed a slight decline in revenue and profit, indicating some pressure on performance [2][3] Financial Performance - In 2024, the company reported a gross margin of 41.88%, an increase of 0.56 percentage points year-on-year, with a total expense ratio of 11.81%, down 1.49 percentage points [4] - The blood products segment generated revenue of 1.072 billion yuan in 2024, a year-on-year increase of 8.80%, with a gross margin of 43.04% [5] - The company’s plasma collection volume increased by 8.7% in 2024, reaching 562 tons [5][8] Future Projections - Revenue projections for 2025, 2026, and 2027 are 1.347 billion yuan, 1.497 billion yuan, and 1.653 billion yuan, respectively, with year-on-year growth rates of 12.0%, 11.1%, and 10.4% [9][10] - The net profit attributable to shareholders is expected to be 299 million yuan, 345 million yuan, and 396 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 18.0%, 15.3%, and 14.8% [9][10]