HUALAN BIOLOGICAL(SZ:002007) Southwest Securities·2024-02-06 16:00Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Views - The company has launched a "Quality Return Dual Improvement" action plan, focusing on five key initiatives to enhance value creation [2]. - The approval of the Danzhou plasma collection station is expected to drive significant growth in plasma volume in 2024, positively impacting the company's blood products business [2]. - The company has a strong commitment to shareholder returns, having distributed a total of 1.46 billion yuan in dividends from 2020 to 2022, representing 36.6% of net profit attributable to shareholders [2]. Financial Summary - Revenue projections for 2023-2025 are 45.17 billion yuan, 55.14 billion yuan, and 64.45 billion yuan, respectively, with growth rates of 22.07%, 16.89%, and 14.49% [3]. - Net profit attributable to shareholders is forecasted to be 1.47 billion yuan, 1.77 billion yuan, and 2.03 billion yuan for 2023-2025, with growth rates of 36.32%, 20.59%, and 14.85% [3]. - Earnings per share (EPS) is expected to increase from 0.59 yuan in 2023 to 1.11 yuan in 2025 [3]. - The return on equity (ROE) is projected to improve from 12.37% in 2023 to 13.46% in 2025 [3]. - The price-to-earnings (PE) ratio is expected to decrease from 32 in 2023 to 17 in 2025, indicating a potentially more attractive valuation over time [3].