四季度业绩短期波动，全年采浆量增长超预期

Investment Rating - The report maintains a "Buy" rating for Tiantan Biological (600161) [1] Core Views - The company achieved a revenue of 5.18 billion yuan in 2023, representing a year-on-year growth of 21.6%, and a net profit attributable to shareholders of 1.11 billion yuan, up 26% year-on-year [3] - The fourth quarter showed some fluctuations in performance, with quarterly revenues of 1.29 billion, 1.4 billion, 1.33 billion, and 1.16 billion yuan, reflecting a growth of 83.3%, 18%, 30.2%, and a decline of 14.1% respectively [3] - The company collected 2,415 tons of plasma in 2023, exceeding expectations with an 18.7% year-on-year increase [3] - The report forecasts net profits for 2024, 2025, and 2026 to be 1.3 billion, 1.49 billion, and 1.77 billion yuan respectively, supported by rich plasma station resources and new product approvals [3] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 5,180 million yuan with a growth rate of 21.57% [4] - The net profit attributable to shareholders was 1,109.89 million yuan, reflecting a growth rate of 25.98% [4] - The average revenue per quarter showed significant variation, with the fourth quarter experiencing a decline of 20.6% in net profit compared to the previous quarter [3] Plasma Collection and Operations - The company operated 79 plasma collection stations by the end of 2023, with a total of 102 approved stations [3][9] - The average plasma collection per station was 30.6 tons, with expectations for continued growth as new stations become operational [3] Future Projections - Revenue projections for 2024 to 2026 are estimated at 5,913 million, 7,012 million, and 8,407 million yuan respectively, with growth rates of 14.15%, 18.57%, and 19.90% [4] - The report anticipates a steady increase in net profit, with growth rates of 16.81%, 14.56%, and 19.49% for the same period [4] Market Position and Strategy - The company is focusing on expanding its blood source development and enhancing operational efficiency through various measures [3] - The report highlights the importance of new product approvals and the expansion of plasma collection capabilities as key drivers for future growth [3]