HUALAN BIOLOGICAL(SZ:002007) SINOLINK SECURITIES·2025-08-27 13:53Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Viewpoints - The company reported a revenue of 1.798 billion yuan for the first half of 2025, representing an 8.80% year-on-year growth, and a net profit of 516 million yuan, which is a 17.19% increase year-on-year [1]. - The blood products business continues to grow steadily, with a revenue of 1.738 billion yuan, up 7.49% year-on-year, and a net profit of 501.89 million yuan, up 18.51% year-on-year [2]. - The company is actively enhancing its plasma collection capabilities, achieving a total plasma collection of 803.66 tons in the first half of 2025, a 5.23% increase compared to the same period last year [2]. - Revenue from similar drugs is on the rise, with the company's affiliate, Hualan Gene, generating sales of 59 million yuan from Bevacizumab [3]. - The company is advancing its innovative drug development, with several products in various stages of clinical trials [3]. Summary by Sections Performance Review - In the first half of 2025, the company achieved an operating income of 1.798 billion yuan, a year-on-year increase of 8.80%, and a net profit attributable to shareholders of 516 million yuan, up 17.19% year-on-year [1]. Operational Analysis - The blood products segment generated 1.738 billion yuan in revenue, a 7.49% increase year-on-year, with a net profit of 501.89 million yuan, reflecting an 18.51% growth [2]. - The company has successfully established a new plasma collection station in Fengdu County, Chongqing, contributing to a total plasma collection of 803.66 tons, a 5.23% increase year-on-year [2]. Profit Forecast, Valuation, and Rating - The report forecasts the company's net profit for 2025-2027 to be 1.25 billion yuan (+15%), 1.41 billion yuan (+13%), and 1.59 billion yuan (+13%) respectively, with corresponding EPS of 0.68, 0.77, and 0.87 yuan [4].