PLBIO(SZ:000403) China Post Securities·2024-04-30 01:32Investment Rating - The report recommends a "Buy" rating for the company, indicating a positive outlook for its stock performance [7]. Core Insights - The company reported a revenue of 2.329 billion yuan in 2023, a decrease of 3.18%, but a net profit of 612 million yuan, an increase of 4.25%. The first quarter of 2024 showed significant growth with a revenue of 436 million yuan, up 67%, and a net profit of 122 million yuan, up 116.31% [4][5]. - The company has improved its plasma collection, exceeding 1,200 tons in 2023, which is expected to support product growth in 2024. The demand for blood products remains strong, contributing to the company's positive performance [5][6]. - The company is focusing on enhancing efficiency and profitability, with a sales expense ratio of 12.26%, a decrease of 4.35 percentage points, and a net profit margin of 26.26%, an increase of 1.82 percentage points [6]. Financial Projections - The company is projected to achieve net profits of 780 million yuan, 940 million yuan, and 1.1 billion yuan for the years 2024, 2025, and 2026, respectively. Corresponding EPS is expected to be 1.07 yuan, 1.29 yuan, and 1.50 yuan [7][8]. - The projected revenue growth rates for 2024, 2025, and 2026 are 27.54%, 16.19%, and 13.26%, respectively, indicating a strong growth trajectory [8][9].