BTBP(SH:600161) Shenwan Hongyuan Securities·2025-08-28 13:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable revenue but faced profit pressure due to price adjustments in albumin products, leading to slightly lower-than-expected performance [6] - The company is actively expanding its plasma resource base through strategic partnerships and has a leading position in the domestic market with 107 plasma collection stations [6] - Continuous innovation in product offerings is evident, with several new products in the pipeline and ongoing clinical trials [6] - The profit forecast has been adjusted downwards due to the impact of price pressures on profitability, with expected net profits for 2025 and 2026 revised to 1.569 billion and 1.748 billion respectively [6] Financial Summary - For the first half of 2025, the company achieved total revenue of 31.10 billion yuan, a year-on-year increase of 9.47%, and a net profit of 6.33 billion yuan, a year-on-year decrease of 12.88% [6] - The revenue from human albumin was 13.45 billion yuan, up 20.79% year-on-year, while the revenue from immunoglobulin was 14.27 billion yuan, up 6.56% year-on-year [6] - The company’s gross margin for human albumin was 41.02%, down 11.61 percentage points year-on-year, and for immunoglobulin, it was 49.82%, down 7.67 percentage points year-on-year [6] - The projected total revenue for 2025 is 66.66 billion yuan, with a compound annual growth rate of 10.5% from 2024 [5]