2023年采浆大幅提升，2024年Q1疫苗板块出现业绩波动

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - In 2023, the company achieved a revenue of 5.342 billion yuan, representing a year-on-year growth of 18.26%. The net profit attributable to shareholders was 1.482 billion yuan, up 37.66% year-on-year, while the net profit excluding non-recurring items reached 1.267 billion yuan, increasing by 41.77% [2][6] - The blood products segment saw a significant increase in plasma collection, totaling 1,342.32 tons, a growth of 19.59% compared to the previous year. The vaccine segment also performed well, with revenue of 2.405 billion yuan, a year-on-year increase of 32.30% [2][7] - In Q1 2024, the vaccine segment negatively impacted overall performance, with revenue dropping to 787 million yuan, a decline of 10.60% year-on-year, and net profit attributable to shareholders falling to 262 million yuan, down 25.56% [2][6] Financial Performance Summary - For 2023, the company reported a revenue of 5.342 billion yuan, with a year-on-year growth of 18.3%. The net profit attributable to shareholders was 1.482 billion yuan, reflecting a growth of 37.7% [3][10] - The gross margin for 2023 was 69.6%, showing an increase of 3.53 percentage points year-on-year. The return on equity (ROE) was 13.0% [3][10] - The company forecasts earnings per share (EPS) of 0.93, 1.07, and 1.22 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 21.0, 18.2, and 16.0 [2][10] Business Segment Analysis - The blood products segment generated revenue of 2.926 billion yuan in 2023, with a year-on-year growth of 9.22%. The vaccine segment accounted for 2.405 billion yuan in revenue, representing 45.02% of total revenue [7][8] - The company has been expanding its plasma collection capabilities, with new plasma stations established and operational, contributing to the growth in plasma collection [8] - The company is also advancing its research and development in monoclonal antibodies, with multiple products in clinical trials, indicating potential future growth [8]