Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 710 million yuan in Q1 2025, a year-on-year decrease of 4.8%, while the net profit attributable to shareholders was 270 million yuan, a slight increase of 0.2% year-on-year [1]. - The decline in raw material prices has positively impacted the company's gross margin, which reached 55.96% in Q1 2025, an increase of 3.85 percentage points year-on-year [2]. - The company is focusing on enhancing its e-commerce and catering channels, with plans for strategic resource allocation to support growth in these areas [3]. Summary by Sections Financial Performance - Q1 2025 gross margin was 55.96%, up 3.85 percentage points year-on-year, driven by lower vegetable head purchase prices [2]. - The net profit margin for Q1 2025 was 38.19%, reflecting a year-on-year increase of 1.9 percentage points [2]. - The company forecasts net profits of 878 million yuan, 939 million yuan, and 991 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.76, 0.81, and 0.86 yuan [4]. Strategic Initiatives - The company plans to strengthen its e-commerce and catering channels, with a focus on product offerings and promotional strategies [3]. - A significant acquisition is underway, with the company proposing to acquire 51% of Sichuan Weizimei Food Technology Co., Ltd., which had a revenue of 265 million yuan and a net profit of 39.62 million yuan in 2024 [3]. Valuation Metrics - The current stock price of 13.53 yuan corresponds to a PE ratio of 18x for 2025, 17x for 2026, and 16x for 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 16.50 [7][8]. Core Views - The company's Q1 performance was subdued, with revenue and net profit showing a decline due to low inventory levels during the off-season. However, the company expects a recovery in the second and third quarters as the macroeconomic environment improves and the integration of acquisitions is anticipated to expand its operational scope [1][4]. - The company reported a Q1 revenue of RMB 710 million, a decrease of 4.8% year-on-year, while net profit attributable to the parent company was RMB 270 million, a slight increase of 0.2% year-on-year. The lower revenue was attributed to reduced household stockpiling post-pandemic [1][2]. - The company is optimistic about its future growth driven by both internal and external factors, including the successful acquisition of Weizimei, which specializes in Sichuan-style compound seasonings and pre-prepared dishes, expected to create synergies in channels and product offerings [3][4]. Summary by Sections Q1 Performance - In Q1 2025, the company experienced a revenue decline of 4.8% year-on-year, attributed to off-season low inventory levels. The company aims for an 8% revenue growth for the year, driven by price and channel strategies, as well as expansion in the catering sector [2][4]. - The gross margin improved to 56.0%, up 3.8 percentage points year-on-year, mainly due to lower procurement costs for green vegetables [2]. Acquisition and Future Outlook - The company plans to acquire 51% of Weizimei, which focuses on customized development and sales of Sichuan-style seasonings and pre-prepared dishes. This acquisition is expected to enhance channel cooperation and product expansion [3][4]. - The company forecasts EPS of RMB 0.75, 0.82, and 0.89 for 2025, 2026, and 2027 respectively, with a target PE ratio of 22x for 2025 [4][6]. Financial Projections - The company projects a revenue of RMB 2.578 billion for 2025, with a year-on-year growth of 8%. The net profit attributable to the parent company is expected to reach RMB 863.76 million, reflecting an 8.06% increase [6][18]. - The report highlights a stable financial position with a projected ROE of 9.52% for 2025 and a decreasing trend in PE ratio from 19.29 in 2023 to 18.46 in 2025 [6][18].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price adjusted to RMB 32.50 [1][9]. Core Insights - The company has cleared goodwill impairment risks and is expanding its plasma collection stations through both organic growth and acquisitions, establishing a foundation for future growth. The potential impact of tariffs on imported albumin may benefit domestic albumin products [1][9]. - The company reported a full-year revenue of RMB 1.74 billion in 2024, a decrease of 34.58%, while net profit increased by 67.18% to RMB 397 million, primarily due to a low base from goodwill impairment in 2023 [1][9]. - The product structure is continuously optimized, with blood product revenue growing by 4.32% to RMB 1.51 billion in 2024, despite a slight decline in gross profit margin [1][9]. Financial Summary - Revenue and profit forecasts for the upcoming years have been adjusted, with 2025 EPS projected at RMB 1.16 and 2026 EPS at RMB 1.33, while a new forecast for 2027 EPS is set at RMB 1.50 [1][9]. - The company is expected to maintain a steady growth trajectory, with plasma collection volume projected to reach 630.6 tons in 2024, reflecting a 10.4% increase [1][9]. - The financial outlook includes a projected net profit of RMB 585 million for 2025, with a net profit margin expected to improve over the years [1][9].

星标 ★ IPO日报 精彩文章第一时间推送 血制品行业整合并购再提速。 近期，上海莱士血液制品股份有限公司（002252.SZ）（下称"上海莱士"、"上市公司"）发布公告，拟以支付现金的方式，收购湖南血制品企业南岳生物 制药有限公司（下称"南岳生物"、"标的公司"）100%股权。 资料显示，上海莱士是我国目前营收规模最大的血制品企业，而南岳生物系湖南省唯一一家血液制品生产厂家，对于"得浆站者得天下"的血制品赛道，上 海莱士再下一城。 值得一提的是，去年6月，海尔集团斥资125亿元拿下上海莱士20%股权，此次是海尔集团入主上海莱士后发起的第一笔并购动作。 制图： 佘诗婕 一路"买买买" 近年来，血制品企业间并购整合不断，行业格局加速成型。 由于血制品是生物安全性极高的行业，2001年5月起，国家对血制品行业实行总量控制，不再批准新的生产企业，血制品行业呈现存量竞争的局面。 并且单采血浆站只能由血制品企业设立，且在一个采浆区域内仅可设置一个单采血浆站，新建浆站的平均获批周期长达18至24个月。 对比新建浆站需要投入的人力物力，企业往往倾向于选择"买买买"的外延并购方式，以实现快速扩张。 2024年8月，天坛生物通 ...