Shanghai RAAS(002252) 国泰君安·2024-05-09 01:32Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's annual revenue met expectations, but investment losses impacted profits. The self-produced blood products business showed steady growth, and the agency business contributed additional revenue. The forecasted EPS for 2024 has been raised to 0.37 yuan from 0.35 yuan, with a target price of 10.09 yuan based on a PE of 27X for 2024 [1][2]. Financial Summary - The company reported a revenue of 7,964 million yuan in 2023, a year-on-year increase of 21.3%. The net profit attributable to shareholders was 1,779 million yuan, down 5.4% from the previous year. The net profit excluding non-recurring items was 1,815 million yuan, a slight decrease of 0.6% [2][8]. - The gross profit margin decreased by 3.37 percentage points to 40.79%, primarily due to a decline in the gross margin of imported albumin products [1][2]. - For Q1 2024, the company reported a revenue of 2,056 million yuan, a slight decrease of 0.3%, while the net profit attributable to shareholders increased by 5.3% to 757 million yuan [1][2]. Business Performance - The self-produced blood products business developed steadily, with a record plasma collection volume exceeding 1,500 tons in 2023. Revenue from self-produced blood products reached 4,317 million yuan, up 14.5% year-on-year. Notably, the revenue from immunoglobulin increased significantly by 37.5% to 1,805 million yuan [1][2]. - The agency business for imported albumin and testing services continued to contribute additional revenue, with respective revenues of 3,504 million yuan and 141 million yuan, reflecting year-on-year growth rates of 28% and 131% [1][2]. Financial Forecasts - The company forecasts revenues of 8,593 million yuan for 2024, 9,520 million yuan for 2025, and 10,368 million yuan for 2026, with respective growth rates of 8%, 11%, and 9% [2][8]. - The forecasted EPS for 2025 is 0.40 yuan and for 2026 is 0.43 yuan [1][2]. Market Data - The current stock price is 7.45 yuan, with a target price of 10.09 yuan, indicating a potential upside [3][4]. - The company has a market capitalization of 49,509 million yuan, with a 52-week price range of 6.20 to 8.47 yuan [4][8]. Valuation Metrics - The report provides a PE ratio of 27.45 for 2023, projected to decrease to 20.10 in 2024 and further to 18.56 in 2025 [2][8]. - The company’s net asset return rate is projected to be 6.0% for 2023, increasing to 7.6% in 2024 [2][8].