博雅生物：点评报告：采浆量稳健增长，在研管线不断丰富-20250507

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company has shown steady growth in plasma collection, with a total of 630.6 tons collected in 2024, representing a year-on-year increase of 10.4% [2] - The company has a diverse product line with 11 varieties and 31 specifications, including human immunoglobulin and coagulation factors [2] - The revenue from blood products in 2024 was 15.14 billion yuan, a slight increase of 0.86% year-on-year, despite a competitive market leading to price declines [2][3] - The company is expanding its research pipeline and has received regulatory approvals for products aimed at international markets, including a registration certificate for immunoglobulin in Pakistan [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 17.35 billion yuan, a decrease of 34.58%, while net profit attributable to shareholders was 3.97 billion yuan, an increase of 67.18% [1] - For Q1 2025, total revenue was 5.36 billion yuan, up 19.49%, but net profit decreased by 8.25% to 1.39 billion yuan [1] Product and Market Development - The company has 20 operational plasma collection stations and one under construction, totaling 21 stations [2] - The company is focusing on optimizing product structure and enhancing production processes to drive revenue growth in blood products [2] Profitability Metrics - The gross margin for the company in 2024 was 64.65%, an increase of 11.90 percentage points compared to the previous year, but it decreased to 53.80% in Q1 2025 [3] - The company’s projected net profits for 2025, 2026, and 2027 are 5.20 billion yuan, 5.98 billion yuan, and 6.54 billion yuan, respectively [9]