PLBIO(SZ:000403)2024-05-29 01:30Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 31.80 based on a 30X PE for 2024 [3][13]. Core Insights - The company reported a revenue of RMB 2.33 billion in 2023, a decrease of 3.18% year-on-year, while net profit attributable to shareholders increased by 4.25% to RMB 612 million. The growth was driven by increased plasma volume, strong sales demand, and successful overseas exports [3][10][12]. - In Q1 2024, the company achieved a revenue of RMB 436 million, representing a significant increase of 67.00%, and net profit attributable to shareholders surged by 116.31% to RMB 122 million, indicating a recovery in plasma supply issues [11][12]. - The company has expanded its plasma collection efforts, exceeding 1200 tons collected in 2023, and is actively pursuing overseas market opportunities, with exports to countries like Brazil and Pakistan [12][13]. Financial Summary - The company’s revenue for 2023 was RMB 2.33 billion, with a projected increase to RMB 2.96 billion in 2024, reflecting a growth rate of 26.9% [4][8]. - Net profit is expected to grow from RMB 612 million in 2023 to RMB 777 million in 2024, with corresponding EPS increasing from RMB 0.84 to RMB 1.06 [4][8]. - The gross margin is projected to remain stable, with slight improvements from 51.5% in 2023 to 52.0% by 2026 [4][8]. R&D and Product Development - The company has significantly increased its R&D investment, with over 10 products in rapid development, including a new generation IVIG and fibrinogen currently in clinical trials [12][13]. - By the end of 2023, the company had developed 11 product varieties across different categories, indicating a strong commitment to innovation and product optimization [12][13]. Market Expansion - The company is focusing on expanding its overseas market presence, with overseas sales revenue reaching RMB 37 million in 2023, accounting for 1.61% of total revenue [5][12]. - The domestic market for IVIG is currently experiencing high demand, prompting the company to balance domestic supply with international export opportunities [12].