采浆规模稳步提升，静待新产能释放 派林生物(000403) ——派林生物 2024 年报点评 股票研究 /[Table_Date] 2025.05.04 2025-05-15 [Table_Industry] 医药/必需消费 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 27.86 [Table_CurPrice] 当前价格： 21.90 [Table_Market] 交易数据 总市值（百万元） 16,011 总股本/流通A 股（百万股） 731/727 流通 B 股/H 股（百万股） 0/0 本报告导读： 公司当前共有 36 个在营浆站，2024 年采浆量超 1400 吨，二期产能扩产完成后投浆 能力和产品工艺水平都将进一步提升，维持优于大市评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 2,329 | 2,655 | 3,090 | 3,460 | 3,834 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has experienced a short-term decline in performance due to temporary production stoppages, but it is expected to benefit from capacity expansion and sustained high growth in plasma collection [4][5] - In 2024, the company achieved a revenue of 2.655 billion yuan, representing a 14% increase year-on-year, and a net profit of 745 million yuan, which is a 21.76% increase [4] - The company’s plasma collection volume exceeded 1,400 tons in 2024, with an expected growth rate of over 15% [6] - The company has signed exclusive licensing and supply agreements to enhance its market presence both domestically and internationally [6] - The company’s gross margin for 2024 was 49.13%, with a net margin of 28.07%, indicating effective cost management and profitability [7] Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 3.112 billion yuan, 3.702 billion yuan, and 4.214 billion yuan respectively, with corresponding net profits of 894 million yuan, 1.095 billion yuan, and 1.231 billion yuan [8][11] - The expected growth rates for revenue from 2024 to 2027 are 14%, 17.24%, 18.93%, and 13.83% respectively [11] - The company’s earnings per share (EPS) are projected to increase from 1.02 yuan in 2024 to 1.68 yuan in 2027 [11]

Industry Outlook - The blood products industry in China is expected to maintain high growth due to factors such as improved consumption structure, enhanced plasma utilization, normalized exports, and increased government support [1] - The market capacity for blood products is projected to exceed 100 billion RMB in the future [2] Company Performance - In 2024, the company reported a revenue of 2.655 billion RMB, a year-on-year increase of 14%, and a net profit of 745 million RMB, up 21.76% [4] - The net profit margin for 2024 was 28.07%, reflecting a year-on-year increase of 1.81 percentage points [5] Production and Capacity - The company’s plasma collection volume in 2024 exceeded 1,100 tons, with an expected increase to over 1,400 tons in 2025, representing a growth of over 20% [5][6] - Post-expansion, the annual production capacity is anticipated to exceed 3,000 tons [6][8] Growth Strategies - The company plans to increase the number of plasma collection stations through both organic growth and acquisitions [3] - Continuous R&D efforts will be made to enhance product variety and improve profit margins per ton of plasma [3] Market Position - The overall performance of the blood products industry is strong, with the company positioned favorably compared to peers [4] - The company has received over 10 county-level and 5 city-level approvals for new plasma stations, aiming for significant expansion in 2025 [7] Future Projections - The company aims to maintain double-digit profit growth in 2025 [6] - The fourth-generation intravenous immunoglobulin is expected to be approved in the first half of 2027 [8] Shareholder Engagement - The company has implemented a value management system and is actively pursuing share buyback plans, maintaining a high dividend payout ratio [10]