BTBP(SH:600161) KAIYUAN SECURITIES·2025-08-27 05:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 3.11 billion yuan in the first half of 2025, representing a year-on-year increase of 9.47%. However, the net profit attributable to the parent company decreased by 12.88% to 633 million yuan [4] - The company is optimistic about its long-term development due to its plasma collection capabilities and potential, maintaining profit forecasts for 2025-2027 with expected net profits of 1.739 billion, 2.194 billion, and 2.490 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 23.4, 18.6, and 16.4 times for 2025, 2026, and 2027 respectively [4] Financial Performance - In the first half of 2025, the company reported a gross margin of 45.05%, down 10.32 percentage points, and a net margin of 29.48%, down 4.69 percentage points [4] - The company’s human albumin revenue grew by 20.79% to 1.345 billion yuan, while the revenue from immunoglobulin increased by 6.56% to 1.427 billion yuan [5] - The company operates 107 plasma collection stations across 16 provinces, maintaining a domestic market share of approximately 20% [5] Research and Development - The company invested 143 million yuan in R&D in the first half of 2025, with an R&D expense ratio of 1.83% [6] - Several products are in the research phase, including subcutaneous immunoglobulin and recombinant coagulation factor VIIa, which are currently under drug review [6] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 7.092 billion yuan, with a year-on-year growth of 17.6% [7] - The projected net profit for 2025 is 1.739 billion yuan, reflecting a year-on-year increase of 12.2% [7] - The gross margin is expected to stabilize around 54.8% for 2025, while the net margin is projected at 24.5% [7]