血制品头部企业，大股东陕煤赋能空间大

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in this context [5][8][22]. Core Views - The company is recognized as one of the leading players in the domestic blood products industry, with strong long-term growth certainty. It has a total of 38 plasma collection stations, and the plasma collection volume is expected to exceed 1,000 tons in 2023, positioning the company among the top tier in the industry [5][10]. - The blood products industry is experiencing significant asset restructuring, leading to an expected increase in industry concentration. The report anticipates that mergers and acquisitions will continue to be frequent in the coming years [5][10]. - The company has signed a strategic cooperation agreement with Xinjiang Deyuan, which is expected to enhance its plasma collection capacity significantly [6][10]. - The company is projected to achieve revenues of 2.33 billion, 2.92 billion, and 3.37 billion yuan for the years 2023, 2024, and 2025, respectively, with corresponding net profits of 610 million, 770 million, and 920 million yuan [8][19][21]. Summary by Sections Section 1: Control and Empowerment - The company became controlled by Shaanxi Coal and Chemical Industry Group in early 2023, which is expected to provide substantial empowerment opportunities for the company moving forward [5][15][22]. - The company’s revenue for 2023 is projected at 2.33 billion yuan, reflecting a decline of 3.2% year-on-year, while net profit is expected to grow by 4.2% to 610 million yuan [15][21]. Section 2: Profit Forecast and Valuation - The company is expected to see revenue growth rates of -3.2%, 25.4%, and 15.2% for the years 2023, 2024, and 2025, respectively, with net profit growth rates of 3.2%, 27.1%, and 19.6% [8][19][21]. - The current price-to-earnings (PE) ratios are projected to be 36, 29, and 24 for the years 2023, 2024, and 2025, respectively, indicating a competitive valuation compared to peer companies [8][22].