博雅生物：聚焦主业轻装上阵，浆站扩张未来可期

Investment Rating - The investment rating for the company is "Buy" (首次) [7] Core Viewpoints - The company is a well-established player in the blood products sector, focusing on optimizing its business structure and enhancing its core operations [7][21] - The company has experienced a decline in revenue due to asset impairment provisions, but its blood products business is expected to maintain steady growth [50][76] - The company aims to become a leading blood products enterprise, supported by strategic partnerships and a focus on innovation in blood product technology [53][75] Summary by Sections 1. Strategic Focus on Blood Products - The company has been empowered by the state-owned enterprise China Resources, which holds a 40.59% voting power in the company [6][21] - The management team has been revitalized, with a clear strategic direction to enhance overall control [45] - The company has faced profit erosion due to goodwill impairment, but its blood products business continues to grow steadily [50] 2. Excellent Profitability and Streamlined Operations - The company has a leading position in tonnage efficiency within the industry, with a focus on expanding its plasma collection stations [79] - The product range includes three major categories, with continuous improvement in product richness [31][75] - The company is actively expanding its plasma station resources and has made significant progress in internal agreements [31] 3. Recommendation Logic and Profit Forecast - Revenue forecasts for 2024-2026 are projected at 19.71 billion, 21.36 billion, and 22.89 billion respectively, with a notable recovery in net profit expected [8][10] - The company is expected to achieve a net profit of 5.57 billion, 6.18 billion, and 6.80 billion in the same period, indicating a strong rebound [8][10] - The company’s focus on blood products is anticipated to stabilize its overall performance, with a projected increase in gross margin [76]