回款增加现金为王，层析静丙有望贡献新增量

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Insights - The company achieved a revenue of 5.18 billion yuan in 2023, representing a year-over-year growth of 21.57%, and a net profit of 1.11 billion yuan, which is a 25.98% increase year-over-year [4][9] - The demand for blood products, particularly immunoglobulin, has significantly increased due to the lifting of pandemic restrictions, leading to a notable rise in sales [4][9] - The company has a leading position in plasma collection, with a total collection of 2,415 tons in 2023, marking an 18.67% increase [17] Financial Performance Summary - Revenue and Profit Forecast: - 2024E revenue is projected at 6.18 billion yuan, with a growth rate of 19.28% - Net profit for 2024E is expected to be 1.33 billion yuan, reflecting a year-over-year growth of 19.64% [5] - Key Financial Metrics: - Earnings per share (EPS) is forecasted to increase from 0.67 yuan in 2023 to 0.81 yuan in 2024 - The price-to-earnings (P/E) ratio is expected to decrease from 39.79 in 2023 to 33.26 in 2024 [1][5] Operational Highlights - The company has maintained stable expense ratios, with sales expenses increasing by 3.22% to 271 million yuan, while the sales expense ratio decreased by 0.93 percentage points to 5.22% [13] - The company has expanded its plasma collection stations to 79, with plans for 22 more under construction, enhancing its operational capacity [17] - Cash flow from operations has significantly improved due to increased sales and changes in credit policies, leading to higher cash collections [13]