PLBIO(SZ:000403) Huaxin Securities·2024-03-14 16:00Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2][3]. Core Views - The company is positioned in a high-barrier industry, specifically in blood products, and currently ranks among the top players in the sector. As of now, there are only 28 companies in China with production qualifications in this field [2][3]. - The strategic cooperation with Xinjiang Deyuan is expected to enhance the company's operational performance by extending the cooperation period and increasing the supply of raw plasma, which is crucial for the company's growth [2][3]. - The company is projected to achieve significant revenue growth, with forecasts of 2.453 billion, 2.942 billion, and 3.382 billion yuan for the years 2023, 2024, and 2025 respectively, alongside earnings per share (EPS) of 0.82, 1.06, and 1.25 yuan for the same years [3]. Summary by Sections Company Overview - The company has a total market capitalization of 21 billion yuan and a current stock price of 28.62 yuan. It has a total share capital of 733 million shares, with 688 million shares in circulation [2]. Strategic Cooperation - The strategic cooperation agreement with Xinjiang Deyuan has been extended by two years, now lasting until June 21, 2028. This extension is expected to stabilize the partnership and enhance the company's plasma supply capabilities [2][3]. Financial Projections - Revenue projections for the company are as follows: 2.453 billion yuan in 2023, 2.942 billion yuan in 2024, and 3.382 billion yuan in 2025, indicating a growth rate of 2.0%, 19.9%, and 15.0% respectively [4]. - The net profit is expected to grow from 605 million yuan in 2023 to 920 million yuan in 2025, with corresponding growth rates of 3.0% and 18.6% [4]. Market Position - The company is expected to exceed 1,000 tons of plasma collection in 2023, entering the first tier of blood product companies in China. The number of plasma stations and the volume of plasma collected are key drivers for the company's development [3].