BTBP(SH:600161)2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 51.8 billion yuan in 2023, representing a year-on-year growth of 21.6%. The net profit attributable to shareholders was 11.1 billion yuan, up 26.0% year-on-year [1]. - The sales of blood products saw rapid growth, with the main products' gross margins improving. Human albumin revenue reached 22.5 billion yuan, a 17.9% increase, with a gross margin of 48.7%, up 2.5 percentage points. Immunoglobulin revenue was 23.2 billion yuan, a 16.9% increase, with a gross margin of 50.4%, up 2.6 percentage points [1]. - The company collected 2415 tons of plasma in 2023, an 18.67% increase year-on-year, maintaining a leading position in the domestic market [1]. - The company has established three new production bases with a total capacity of 3600 tons, enhancing its production scale and design capacity [1]. - New products are expected to contribute to growth, with a rich pipeline of products under development, including a fourth-generation immunoglobulin and recombinant coagulation factor VIII [1]. Financial Summary - The company forecasts revenues of 59.99 billion yuan in 2024, 69.59 billion yuan in 2025, and 80.02 billion yuan in 2026, with growth rates of 15.81%, 16.00%, and 14.98% respectively [2]. - The net profit attributable to shareholders is projected to be 13.05 billion yuan in 2024, 15.42 billion yuan in 2025, and 18.12 billion yuan in 2026, with growth rates of 17.60%, 18.13%, and 17.52% respectively [2]. - The gross margin is expected to improve from 50.76% in 2023 to 53.03% in 2026 [2]. - The diluted EPS is projected to increase from 0.67 yuan in 2023 to 1.10 yuan in 2026 [2]. Additional Insights - The company has a strong pipeline with over ten products under development, focusing on rare diseases and immune deficiencies [1]. - The company’s PE ratio is projected to decrease from 40.13 in 2023 to 24.58 in 2026, indicating potential value for investors [2].