BTBP(SH:600161) Guotou Securities·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 32.82 CNY, compared to the current stock price of 27.03 CNY as of March 29, 2024 [4][8]. Core Views - The company reported a robust growth in revenue and plasma collection, with a total revenue of 5.18 billion CNY in 2023, representing a year-on-year increase of 21.6%. The net profit attributable to shareholders was 1.11 billion CNY, up 26.0% year-on-year [3][4]. - The company has successfully launched the first domestic chromatographic intravenous immunoglobulin (IVIG) product, which is expected to enhance its market position and product offerings [4][8]. - The company is actively expanding its plasma collection stations, with 102 stations across 16 provinces, achieving a plasma collection volume of 2,415 tons in 2023, a growth of 18.67% year-on-year [3][4]. Financial Performance - In Q4 2023, the company experienced a decline in revenue and net profit, with revenue of 1.16 billion CNY, down 14.1% year-on-year, and net profit of 222 million CNY, down 20.6% year-on-year [3]. - The gross margin improved to 50.76%, an increase of 1.69 percentage points year-on-year, while the net profit margin rose to 29.14%, up 0.86 percentage points year-on-year [3][4]. - The company expects revenue growth rates of 20.2%, 19.7%, and 16.7% for 2024, 2025, and 2026, respectively, with net profit growth rates of 21.8%, 20.5%, and 19.2% for the same periods [8][9]. Product Development - The company has received approval for several new products, including the fourth-generation 10% concentration IVIG, which offers advantages over the previous generation in terms of safety and efficacy [4][8]. - Ongoing clinical trials for other products, such as subcutaneous human immunoglobulin and recombinant coagulation factor VIIa, are progressing well, indicating a strong pipeline for future growth [4][8].