PLBIO(SZ:000403) Guotai Junan Securities·2024-04-29 05:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 34.56 CNY, unchanged from the previous rating [1]. Core Insights - The company has fully restored its plasma collection operations, which is expected to support future growth. The construction of new plasma stations is ongoing, enhancing the company's long-term collection capacity [1]. - The company's performance in 2023 met expectations, with a revenue of 2.329 billion CNY, a decrease of 3.2% year-on-year, and a net profit of 612 million CNY, an increase of 4.3% [1]. - The report forecasts significant growth in 2024, with an expected revenue of 2.804 billion CNY, representing a 20% increase, and a net profit of 774 million CNY, a 26% increase [6][7]. Financial Summary - The company reported a revenue of 2.329 billion CNY in 2023, with a net profit of 612 million CNY. The forecast for 2024 is a revenue of 2.804 billion CNY and a net profit of 774 million CNY [1][6]. - The earnings per share (EPS) for 2023 is projected at 0.84 CNY, increasing to 1.06 CNY in 2024 and 1.28 CNY in 2025 [1][7]. - The company's operating profit margin is expected to improve from 27.9% in 2023 to 30.9% in 2024 [6][7]. Growth Potential - The company is expected to benefit from high demand for blood products, with specific products like immunoglobulin experiencing supply shortages. The overall plasma collection volume is anticipated to continue increasing [1]. - The ongoing construction of new plasma stations is expected to enhance the company's future collection capacity, positioning it to enter the ranks of large-scale blood product companies [1][6].