PLBIO(SZ:000403) Guotai Junan Securities·2024-04-18 07:31Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][4][17]. Core Views - The company has entered the first tier of the industry in plasma collection potential through acquisitions and strategic partnerships, with operational efficiency expected to improve under the new ownership of Shaanxi Coal and Chemical Industry Group [2][17]. - The projected earnings per share (EPS) for 2023-2025 are 0.84, 1.06, and 1.28 yuan, respectively, with a target price of 34.56 yuan based on a 27x price-to-earnings (PE) ratio for 2025 [2][17][20]. Summary by Sections 1. Initial Coverage and Rating - The company is expected to see a continuous increase in plasma collection volume, with operational efficiency likely to improve following the acquisition by Shaanxi Coal [2][17]. - The forecasted net profits for 2023-2025 are 6.12 billion, 7.74 billion, and 9.35 billion yuan, respectively, with corresponding EPS growth rates of 4%, 26%, and 21% [17][20]. 2. Industry Characteristics - The blood product industry is characterized by high barriers to entry and a favorable supply-demand structure, making plasma collection capacity a key competitive factor [2][25]. - The market for blood products has been growing steadily, with a compound annual growth rate (CAGR) of 16% from 2014 to 2020 [28]. 3. Plasma Collection Potential - The company operates 38 plasma collection stations, with ongoing efforts to enhance the collection capacity through existing and new stations [2][43]. - The company has established a strategic partnership with Xinjiang Deyuan, which is expected to stabilize plasma supply and enhance collection capabilities [49][52]. 4. Operational Improvements - The acquisition by Shaanxi Coal is anticipated to enhance operational efficiency and facilitate the establishment of new plasma collection stations [2][17]. - The company has a strong pipeline of new products expected to contribute to revenue growth in the coming years [2][19]. 5. Financial Projections - Revenue projections for 2023-2025 are 2.33 billion, 2.80 billion, and 3.45 billion yuan, with growth rates of -3.2%, 20.4%, and 22.9%, respectively [19]. - The gross profit margin is expected to remain stable, with slight fluctuations due to changes in sales policies and operational costs [19][46].