业绩符合预期，浆量迎增长拐点

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in 2023 met expectations, with a revenue of 2.33 billion yuan, a year-on-year decrease of 3.2%, and a net profit attributable to shareholders of 610 million yuan, a year-on-year increase of 4.3% [2] - In Q1 2024, the company achieved a revenue of 440 million yuan, a year-on-year increase of 67%, and a net profit attributable to shareholders of 120 million yuan, a year-on-year increase of 116.3% [2] - The company is expected to experience a growth inflection point in plasma collection due to the establishment of new plasma stations [2] Summary by Sections Financial Performance - In 2023, the company's quarterly revenues were 260 million, 450 million, 670 million, and 950 million yuan respectively, showing a significant recovery in the latter half of the year [2] - The overall gross profit margin for 2023 was 51.5%, with a net profit margin of 26.3%, reflecting a year-on-year increase of 1.9 percentage points [2] Growth Drivers - The company has received approval for eight new plasma collection stations since August 2022, which is expected to accelerate plasma collection in 2024 [2] - The estimated net profit for 2024-2026 is projected to be 780 million, 890 million, and 1.02 billion yuan respectively, with corresponding valuations of 28x, 25x, and 21x [2] Market Position - The company has a total market capitalization of 21.84 billion yuan and a total asset value of 8.72 billion yuan [5] - The company's earnings per share (EPS) for 2023 is 0.84 yuan, with a projected increase to 1.39 yuan by 2026 [3][10]