HUALAN BIOLOGICAL(SZ:002007) EBSCN·2025-12-12 06:28Investment Rating - The report maintains a "Buy" rating for the company, considering its innovative layout and high dividend yield [3][4]. Core Insights - The blood products business is expected to maintain steady growth, with a significant increase in demand for quadrivalent influenza vaccines. By mid-2025, the company will have 34 plasma collection stations, with four stations expected to exceed 100 tons of plasma collection in 2024 [1]. - The company is actively innovating in the blood products sector, upgrading existing processes and developing new products. This includes the completion of on-site verification for a new 10% intravenous immunoglobulin and plans for a subcutaneous immunoglobulin submission [2]. - The company has implemented a cash dividend of 7 yuan per 10 shares for 2025, resulting in a dividend yield of 4.63% based on the closing price on December 11, 2025. The company aims to enhance the stability and predictability of its cash dividends [3]. Summary by Sections Blood Products Business - The blood products segment is projected to grow steadily, supported by an increase in plasma collection and improved utilization rates. The demand for quadrivalent influenza vaccines has surged, leading to faster inventory turnover [1]. Innovation and R&D - The company is increasing its R&D investments in vaccines, innovative drugs, and biosimilars. Key developments include the advancement of a recombinant herpes zoster vaccine and mRNA vaccines for influenza and respiratory syncytial virus [2]. Financial Performance and Forecast - The company has adjusted its net profit forecasts for 2025 and 2026 to 1.252 billion yuan and 1.472 billion yuan, respectively, reflecting a decrease of 20% and 23% from previous estimates. The projected earnings per share (EPS) for 2025 is 0.69 yuan, with corresponding price-to-earnings (P/E) ratios of 22, 19, and 16 for 2025, 2026, and 2027 [3][8].