BTBP(SH:600161) Guotai Junan Securities·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" with a target price of 31.11 CNY, maintaining the previous rating of "Buy" [1][4]. Core Views - The company's performance meets expectations, with continuous growth in plasma collection and a rich variety of products [1]. - The company achieved a revenue of 5.18 billion CNY in 2023, representing a year-on-year increase of 21.6%, and a net profit attributable to shareholders of 1.11 billion CNY, up 26.0% [1][4]. - The company benefits from strong industry demand and a sufficient supply of raw plasma, leading to high-speed growth in performance [1][4]. Summary by Sections Financial Performance - The company reported a revenue of 5.18 billion CNY in 2023, with a net profit of 1.11 billion CNY, reflecting a growth of 26.0% year-on-year [1][4]. - The earnings per share (EPS) for 2024 is projected to be 0.80 CNY, with a target price-to-earnings (PE) ratio of 39X [1][4]. Plasma Collection - The plasma collection volume increased by 18.67% in 2023, reaching 2,415 tons, with 79 operational plasma stations [1][4]. - The company has 80 operational plasma stations and 22 under construction, which are expected to contribute to continuous growth in plasma collection [1][4]. Product Development - The company is advancing in product development, with new products such as high-purity immunoglobulin approved in September 2023, and others in various stages of clinical research [1][4]. - The company aims to enhance profitability through the introduction of new product varieties and the expansion of its product line [1][4].