BTBP(SH:600161) Xinda Securities·2024-05-02 02:00Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - In Q1 2024, the company achieved revenue of 1.222 billion yuan, a year-on-year decrease of 5.42%, while the net profit attributable to the parent company was 317 million yuan, reflecting a year-on-year increase of 20.91% [3] - The company maintains a leading position in the domestic market with 102 licensed plasma collection stations, of which 80 are operational, and collected 2,415 tons of plasma in 2023, accounting for approximately 20% of the total domestic plasma collection [1][3] - The company plans to advance the industrialization and market launch of new products in 2024, building on the strong growth of albumin and immunoglobulin products in 2023 [3] Financial Summary - The company’s total revenue for 2022 was 4.261 billion yuan, which increased to 5.180 billion yuan in 2023, with projected revenues of 6.327 billion yuan for 2024, 7.312 billion yuan for 2025, and 8.492 billion yuan for 2026, reflecting growth rates of 21.6% and 22.1% for 2023 and 2024 respectively [4] - The net profit attributable to the parent company was 881 million yuan in 2022, increasing to 1.110 billion yuan in 2023, with forecasts of 1.341 billion yuan for 2024, 1.579 billion yuan for 2025, and 1.867 billion yuan for 2026, showing a growth rate of 26.0% for 2023 and 20.9% for 2024 [4] - The gross margin is expected to be 50.8% in 2023 and 49.8% in 2024, while the return on equity (ROE) is projected to rise from 11.3% in 2023 to 12.0% in 2024 [4] Earnings Forecast - The report forecasts revenues for the company to be 6.327 billion yuan in 2024, 7.312 billion yuan in 2025, and 8.492 billion yuan in 2026, with net profits expected to be 1.341 billion yuan, 1.579 billion yuan, and 1.867 billion yuan respectively, corresponding to price-to-earnings (PE) ratios of 35, 30, and 25 times [3][4]