PLBIO(SZ:000403) China Post Securities·2024-03-21 16:00Investment Rating - The report gives a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8]. Core Views - The company is experiencing strong growth momentum through its overseas market expansion, particularly in the immunoglobulin product segment, which is the largest in the global blood products market. The recent exclusive licensing agreement with a distributor in Pakistan is expected to enhance the company's long-term growth prospects [5][6]. - The company has shown a consistent increase in net profit projections for 2023-2025, with expected figures of 6.0 billion, 7.7 billion, and 9.4 billion CNY respectively, translating to EPS of 0.82, 1.05, and 1.28 CNY [5][6]. Financial Summary - The company's revenue is projected to grow from 24.05 billion CNY in 2022 to 33.91 billion CNY by 2025, with a compound annual growth rate (CAGR) of approximately 15% [6][7]. - The EBITDA is expected to increase from 730.52 million CNY in 2022 to 1,139.53 million CNY in 2025, reflecting a strong operational performance [6][7]. - The net profit attributable to the parent company is forecasted to rise from 587.13 million CNY in 2022 to 938.53 million CNY in 2025, with a notable growth rate of 21.62% in 2025 [6][7]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 34.49 in 2022 to 21.58 in 2025, indicating improving valuation metrics as earnings grow [6][7].