BTBP(SH:600161) EBSCN·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a price-to-earnings (P/E) ratio of 30/25/22 for the years 2024/2025/2026 respectively [3]. Core Insights - The company reported a revenue of 5.18 billion yuan in 2023, a year-on-year increase of 21.57%, and a net profit of 1.11 billion yuan, up 25.99% year-on-year, indicating strong performance in line with market expectations [2]. - The company has seen a significant increase in cash flow from operations, which rose by 112.57% year-on-year to 2.39 billion yuan, primarily due to increased sales volume and changes in sales credit policies [2]. - The company is leading in the fourth-generation intravenous immunoglobulin market, with new products enhancing the comprehensive utilization rate of plasma [3]. Summary by Sections Financial Performance - In 2023, the company's quarterly revenues were 1.29 billion, 1.40 billion, 1.33 billion, and 1.16 billion yuan, showing a year-on-year growth of 83.30%, 17.98%, 30.23%, and a decline of 14.11% respectively [2]. - The annual revenue breakdown shows human albumin at 2.25 billion yuan (up 17.88%), intravenous immunoglobulin at 2.32 billion yuan (up 16.89%), and other blood products at 595 million yuan (up 68.33%) [2]. Product Development - The company has received approval for the first domestic fourth-generation 10% concentration intravenous immunoglobulin and is advancing several other products through clinical trials [3]. - The company is expected to continue enhancing its product offerings, which will contribute to sustained growth in the future [3]. Profit Forecast and Valuation - The forecast for net profit is set at 1.40 billion yuan for 2024, 1.68 billion yuan for 2025, and 1.93 billion yuan for 2026, with respective growth rates of 25.98%, 20.39%, and 14.49% [3]. - The estimated earnings per share (EPS) are projected to be 0.86 yuan, 1.02 yuan, and 1.17 yuan for the years 2024, 2025, and 2026 respectively [3].