BTBP(SH:600161) KAIYUAN SECURITIES·2024-02-07 16:00Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Views - The blood products industry leader has significant development potential, and profitability is expected to continue improving [5][6]. - The company is the only blood products enterprise under China National Pharmaceutical Group, focusing on blood product research, development, production, and sales [13][15]. - The company has a strong market position with a leading number of plasma collection stations and a robust product pipeline [19][21]. Summary by Sections 1. Company Overview - The company specializes in blood products, including human albumin, immunoglobulin, and coagulation factors, with a total of 14 products [5][13]. - As of 2023 H1, the company operates 102 plasma collection stations, with plans for further expansion during the 14th Five-Year Plan [5][17]. 2. Industry Dynamics - The blood products industry is experiencing increased consolidation, with major acquisitions enhancing market concentration [6][26]. - The global blood products market is dominated by a few key players, with significant revenue shares held by companies like CSL Behring and Baxter [26][27]. 3. Financial Performance - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 9.81% from 2018 to 2022, and a projected net profit of 1.103 billion yuan for 2023 [19][29]. - The expected earnings per share (EPS) for 2023-2025 are 0.67, 0.86, and 1.10 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 44.0, 34.4, and 26.9 [5][8]. 4. Product Pipeline and Innovation - The company has a diverse product pipeline, with the recent approval of a high-concentration immunoglobulin product, which is expected to enhance profitability [7][21]. - The company’s product offerings are well-positioned in the market, with a strong focus on quality and safety [21][34]. 5. Market Potential - The Chinese blood products market is projected to grow significantly, with the market size increasing from 283 billion yuan in 2018 to 512 billion yuan in 2022 [29][30]. - The company is well-positioned to capitalize on the growing demand for blood products, supported by its extensive distribution network and sales channels [25][39].