2023年年报点评：血制品业务稳健增长，产品梯队持续丰富

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The blood products business shows steady growth, with a continuous expansion of the product lineup [6] - The company has adjusted its net profit forecasts for 2024 and 2025 to CNY 5.51 billion and CNY 6.02 billion, respectively, down by 20% and 26% from previous estimates [4][5] - The projected net profit for 2026 is CNY 6.56 billion, representing a year-on-year growth of 132.11% [4] Financial Summary - The company reported a revenue of CNY 26.52 billion in 2023, a decrease of 3.87% year-on-year [4] - The net profit attributable to the parent company was CNY 2.37 billion, down 45.06% year-on-year [4] - The basic EPS for 2023 was CNY 0.47, with forecasts for 2024, 2025, and 2026 at CNY 1.09, CNY 1.19, and CNY 1.30, respectively [4][5] - The company’s blood products revenue reached CNY 14.52 billion in 2023, an increase of 10.41% year-on-year [5] - The company has 16 plasma collection stations, with 14 currently operational, and collected approximately 467.3 tons of raw plasma in 2023, up 6.47% year-on-year [5] Product Development - The company received approval for clinical trials of its C1 esterase inhibitor, accelerating the progress of its research and development projects [6] - Ongoing clinical studies for von Willebrand factor and intravenous immunoglobulin (IVIG) are expected to expedite production approvals [6]