血制品盈利能力提升，疫苗贡献业绩弹性

Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Views - The company reported a revenue of 5.342 billion yuan in 2023, representing a year-on-year increase of 18.26%, and a net profit attributable to shareholders of 1.482 billion yuan, up 37.66% year-on-year [6]. - The blood products segment showed steady growth with a revenue of 2.926 billion yuan, an increase of 9.22%, driven by improved supply-demand dynamics and new plasma collection stations [6]. - The vaccine segment achieved a revenue of 2.405 billion yuan, a growth of 32.30%, with the company leading in the number of flu vaccine batches approved for release [6]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 1.429 billion yuan, a year-on-year increase of 56.23%, and a net profit of 414 million yuan, up 135.85% year-on-year [6]. - The company’s total revenue for 2024 is projected to be 6.201 billion yuan, with a net profit of 1.754 billion yuan, reflecting a growth rate of 18.4% [8]. Blood Products Segment - The blood products segment's revenue for 2023 was 2.926 billion yuan, with human albumin revenue at 1.057 billion yuan and immunoglobulin revenue at 845 million yuan [6]. - The gross margin for human albumin improved by 7.32 percentage points year-on-year, attributed to increased demand and pricing post-pandemic [6]. Vaccine Segment - The vaccine segment's revenue for 2023 was 2.405 billion yuan, with the company obtaining 94 batches of flu vaccine approvals, maintaining a leading position in the domestic market [6]. - The company is expanding its vaccine product line, having received registration certificates for new vaccines in 2023 [6]. Shareholder Returns - The company announced a shareholder return plan for 2024-2026, committing to a cash dividend of no less than 30% of the annual net profit [7]. Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 1.754 billion yuan, 1.962 billion yuan, and 2.188 billion yuan, respectively, with corresponding EPS of 0.96, 1.07, and 1.20 yuan [8].