PLBIO(SZ:000403) EBSCN·2024-05-06 01:02Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - Multiple factors are driving rapid growth in performance, with plasma collection scale reaching the first tier in the industry [2]. - The company achieved a significant increase in revenue and net profit in Q1 2024, with revenue of 4.36 billion yuan, up 67% year-on-year, and net profit of 1.22 billion yuan, up 116.31% year-on-year [1][2]. - The company has a total of 38 plasma collection stations, ranking among the top three in the industry, with a plasma collection volume exceeding 1,200 tons in 2023 [2]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 2.329 billion yuan, a decrease of 3.18% year-on-year, and a net profit of 612 million yuan, an increase of 4.25% year-on-year [1]. - For Q1 2024, the company reported revenue of 4.36 billion yuan, a year-on-year increase of 67%, and a net profit of 1.22 billion yuan, a year-on-year increase of 116.31% [1][2]. Growth Drivers - The rapid growth in performance is attributed to a significant increase in plasma volume, strong sales demand (especially for albumin and immunoglobulin), and deepened operational reforms [2]. - The company is continuously investing in the development of new products, with over 10 products in the research pipeline, which is expected to enhance the comprehensive utilization rate of plasma [2]. Profit Forecast and Valuation - The profit forecast for 2024 and 2025 has been raised to 7.82 billion yuan and 9.34 billion yuan, respectively, reflecting an increase of 5% and 8% from previous estimates [3]. - The projected net profit for 2026 is 10.86 billion yuan, representing a year-on-year growth of 27.71% [3].