Investment Rating - The investment rating for the company is "Buy" with expectations of a relative price increase of over 15% in the next six months [4][15]. Core Insights - The company reported a total revenue of 1.735 billion yuan in 2024, a decrease of 34.58% year-on-year, while the net profit attributable to shareholders was 397 million yuan, an increase of 67.18% [1][2]. - In Q1 2025, the company achieved a total revenue of 536 million yuan, reflecting a year-on-year growth of 19.49%, but the net profit attributable to shareholders decreased by 8.25% to 139 million yuan [1][2]. - The company has a stable growth in plasma collection, with a total collection of 630.6 tons in 2024, representing a year-on-year increase of 10.4% [2]. - The company has 11 product varieties and 31 specifications, including imported recombinant factor VIII, and operates 20 plasma stations with one under construction [2]. - The revenue from blood products in 2024 was 1.514 billion yuan, a slight increase of 0.86% year-on-year, despite a competitive market leading to a decline in product gross margins [2][3]. Summary by Sections Financial Performance - The company’s revenue is projected to grow to 1.971 billion yuan in 2025, with a growth rate of 13.62%, and further to 2.242 billion yuan in 2026 [3][10]. - The net profit is expected to reach 519 million yuan in 2025, reflecting a growth rate of 30.86%, and 597 million yuan in 2026 [3][10]. - The earnings per share (EPS) are forecasted to be 1.03 yuan in 2025 and 1.18 yuan in 2026 [3][10]. Research and Development - The company is expanding its research pipeline with a focus on both long-term and short-term strategies, including the approval of drug registration certificates for certain products expected to launch in 2025 [3]. - The company has received drug registration approval for its immunoglobulin product in Pakistan, which is anticipated to enhance overseas revenue [3]. Market Position - The company is experiencing pressure on gross margins due to rising costs and increased competition in the blood products sector, with gross margins reported at 64.65% in 2024 [3][9]. - The company’s sales, management, and financial expense ratios were 33.47% in 2024, indicating an increase in operational costs [9].