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" (first coverage) [7] Core Viewpoints - The company is a well-established player in the blood products industry, continuously optimizing its business structure [7] - The focus on core blood products is expected to lead to significant breakthroughs, with a steady increase in the research pipeline [7] - The company has achieved a revenue of approximately 1.65 billion yuan in its blood products business in 2023, representing a year-on-year growth of 10.41% [7][42] - The company is supported by the resources of China Resources Group, enhancing its plasma collection capabilities and operational efficiency [7][42] Summary by Relevant Sections Company Overview - The company, established in 1993, is a key player in the blood products sector under the China Resources Group, focusing on blood plasma collection and blood product manufacturing [16][17] - It has a comprehensive product line including human albumin, immunoglobulin, and coagulation factors, and has been optimizing its business layout by divesting non-core operations [7][17] Financial Performance - In 2023, the company reported a revenue of 2.65 billion yuan, a decrease of 3.88% year-on-year, with a net profit of 237 million yuan, down 45.06% [7][39] - The company’s blood products segment generated approximately 1.45 billion yuan in revenue, accounting for 54.74% of total revenue [42] - The company’s gross margin for the blood products segment was 69.74%, with a slight year-on-year decrease of 0.80 percentage points [7][42] Growth Prospects - The company aims to expand its plasma collection stations to 30 by the end of the 14th Five-Year Plan, with significant growth expected in plasma collection volume [7][42] - The blood products market in China is projected to continue growing, with the market size increasing from 283 billion yuan in 2018 to an estimated 512 billion yuan in 2022, indicating a robust growth trajectory [80][81] Strategic Focus - The company is strategically focusing on blood products, aiming to become a leading player in the industry by enhancing its product offerings and operational efficiencies [7][39] - The management team has been strengthened with new leadership, providing clear strategic direction and oversight [34][39]