BTBP(SH:600161) CMS·2025-08-26 08:05Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported stable revenue growth with a total revenue of 3.11 billion yuan in H1 2025, representing a year-on-year increase of 9.47%. However, the net profit attributable to shareholders decreased by 12.88% to 633 million yuan [1] - The company is experiencing a temporary pressure on profit margins due to price declines in product sales, but it is leveraging its brand strength and nationwide distribution network to adjust sales strategies and maintain revenue growth [7] - The company has a stable plasma collection volume and is gradually ramping up production at three new facilities, which is expected to enhance capacity and mitigate price pressures in the future [7] Financial Data and Valuation - The projected total revenue for the company is expected to grow from 51.80 billion yuan in 2023 to 72.38 billion yuan in 2025, with a compound annual growth rate (CAGR) of 20% [3] - The net profit attributable to shareholders is projected to increase from 11.10 billion yuan in 2023 to 15.91 billion yuan in 2025, with a corresponding PE ratio decreasing from 36.8 to 25.6 [3][10] - The company maintains a low debt ratio of 9.3% and a return on equity (ROE) of 12.6% [4][10] Revenue Breakdown - In H1 2025, the revenue from human albumin was 1.34 billion yuan, a year-on-year increase of 20.79%, while the revenue from immunoglobulin was 1.43 billion yuan, up 6.56% [7] - The revenue from other blood products decreased by 13.16% to 328 million yuan [7] Production Capacity and R&D - The company has 107 plasma collection stations, with 85 currently operational, achieving a plasma collection of 1,361 tons, maintaining a market share of approximately 20% [7] - New production facilities are expected to increase total design capacity to over 5,000 tons, with new products in the pipeline, including high-concentration immunoglobulin and recombinant coagulation factors [7] Profit Forecast and Investment Recommendation - The company is expected to gradually increase its revenue and profit margins as it adjusts its sales strategies and ramps up production of new products, with net profits projected at 15.91 billion yuan for 2025 [7]