PLBIO(SZ:000403)2025-05-15 07:45Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 27.86, compared to the current price of RMB 21.90 [1][9]. Core Insights - The company expects 2024 revenue to reach RMB 2.66 billion, representing a 14.00% year-on-year growth, and a net profit attributable to shareholders of RMB 745 million, which is a 21.76% increase [9]. - The company is enhancing its plasma collection capabilities with 19 stations, of which 17 are operational, and anticipates plasma collection to exceed 1,400 tons in 2024, showing rapid growth year-on-year [9]. - The report highlights ongoing capacity expansion efforts, projecting annual production capacity to exceed 3,000 tons, with a 20% year-on-year increase in collection expected in 2025 [9]. Financial Summary - The financial summary indicates the following projections: - Revenue for 2023A: RMB 2,329 million, 2024A: RMB 2,655 million (+14.0%), 2025E: RMB 3,090 million (+16.4%) [3]. - Net profit attributable to shareholders for 2023A: RMB 612 million, 2024A: RMB 745 million (+21.8%), 2025E: RMB 886 million (+18.8%) [3]. - Earnings per share (EPS) forecast for 2025E is RMB 1.21, with an adjustment for 2026E to RMB 1.39 and a new forecast for 2027E at RMB 1.56 [9]. Market Position and Strategy - The company is actively pursuing both organic growth and external expansion strategies, with a focus on increasing plasma collection and enhancing product development [9]. - The report notes that the company is advancing its R&D efforts, with over 10 products in fast-track development, including several in clinical trial stages [9]. - The company is also expanding its export strategy, with sales initiated in Pakistan and ongoing regulatory efforts for markets like Brazil [9].