PLBIO(SZ:000403) Haitong Securities·2024-05-27 05:02Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6][7] Core Views - The company reported a significant increase in plasma collection and steady improvement in profitability despite challenges faced in 2022 [6][7] - In 2023, the company achieved a revenue of 2.329 billion yuan, a decrease of 3.18% year-on-year, while net profit increased by 4.25% to 612 million yuan [6][8] - The company is focusing on expanding its overseas market presence and has seen notable growth in sales from Southeast Asia, South America, and parts of the Middle East [7][8] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 436 million yuan, representing a 67% increase year-on-year, and a net profit of 122 million yuan, up 116.31% [6][8] - The company expects net profits for 2024, 2025, and 2026 to be 777 million yuan, 912 million yuan, and 1.041 billion yuan respectively, with corresponding EPS of 1.06 yuan, 1.24 yuan, and 1.42 yuan [8][11] Market Expansion - The company has expanded its plasma collection stations significantly, with over 1200 tons collected in 2023, marking a substantial year-on-year increase [7][9] - The company is actively pursuing regulatory registrations for its products in countries like Brazil and Pakistan, achieving overseas sales revenue of 37 million yuan in 2023, which accounted for 1.61% of total revenue [7][9] Research and Development - The company has increased its R&D investment, with over 10 products currently in development, including a new generation of immunoglobulin [7][11] - The company aims to enhance its product offerings and explore non-blood-related business opportunities to strengthen its core competitiveness [7][11]