HUALAN BIOLOGICAL(SZ:002007) SINOLINK SECURITIES·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 5.342 billion RMB in 2023, representing an 18% year-on-year increase, and a net profit attributable to shareholders of 1.482 billion RMB, up 38% year-on-year [2] - The blood products business showed steady growth, with revenue reaching 2.926 billion RMB, a 9.22% increase year-on-year, supported by the construction of new plasma collection stations [3] - The flu vaccine segment experienced rapid growth, generating 2.405 billion RMB in revenue, with a 32.19% year-on-year increase, and the company maintained a leading position in the number of flu vaccine batches issued [3] - The company is increasing R&D investments to cultivate new profit growth points, focusing on various drug developments and clinical research [3] - Profit forecasts for 2024-2026 remain unchanged, with expected net profits of 1.71 billion RMB (+15%), 1.96 billion RMB (+15%), and 2.23 billion RMB (+14%) respectively [3] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 5.342 billion RMB, with a growth rate of 18.26% compared to 2022 [6] - The net profit attributable to shareholders was 1.482 billion RMB, reflecting a growth rate of 37.66% year-on-year [6] - The diluted earnings per share (EPS) for 2023 was 0.81 RMB, with projections of 0.90 RMB, 1.05 RMB, and 1.16 RMB for 2024, 2025, and 2026 respectively [6] Business Segments - Blood products revenue was 2.926 billion RMB in 2023, with a 9.22% increase year-on-year, driven by the expansion of plasma collection stations [3] - The flu vaccine segment generated 2.405 billion RMB in revenue, with a significant 32.19% year-on-year growth [3] R&D and Future Outlook - The company is focusing on accelerating the development of new drugs and enhancing its clinical research pipeline to create new profit growth points [3] - The company plans to maintain its growth trajectory with steady revenue and profit increases projected for the next three years [3]