天坛生物（600161）：采浆量稳健增长，静待新品放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see steady growth in plasma collection, with new products anticipated to drive revenue growth [5] - The projected net profit for the company from 2025 to 2027 is estimated at 1.44 billion, 1.67 billion, and 1.91 billion yuan respectively, with year-on-year growth rates of -6.8%, 15.5%, and 14.4% [6] - The current stock price corresponds to a price-to-earnings (PE) ratio of 28, 24, and 21 for the years 2025, 2026, and 2027 respectively [6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 3.11 billion yuan, a year-on-year increase of 9.47%, and a net profit of 633 million yuan, a year-on-year decline of 12.88% [6] - For Q2 2025, the operating revenue was 1.793 billion yuan, with a year-on-year growth of 10.70%, and a net profit of 388 million yuan, down 5.13% year-on-year [6] - The company maintained a leading position in the industry with a plasma collection volume of approximately 1361 tons in the first half of 2025, representing a year-on-year growth of 0.7% [6] Product and Market Insights - The company has a total of 107 plasma collection stations, with 85 currently operational [6] - Revenue from immunoglobulin products in the first half of 2025 was 1.43 billion yuan, up 6.56% year-on-year, while revenue from albumin was 1.35 billion yuan, up 20.8% year-on-year [6] - The fourth-generation chromatography immunoglobulin product has been launched, which is expected to significantly enhance profit margins [6] Future Growth Potential - The company is expected to achieve notable results in acquiring new plasma collection stations due to the strength of its controlling shareholder, China National Pharmaceutical Group [6] - The ongoing clinical trials for various new products, including subcutaneous immunoglobulin and recombinant coagulation factors, are anticipated to contribute to future revenue growth [6]