Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable revenue but faced profit pressure due to price adjustments in albumin products, leading to slightly lower-than-expected performance [6] - The company is actively expanding its plasma resource base through strategic partnerships and has a leading position in the domestic market with 107 plasma collection stations [6] - Continuous innovation in product offerings is evident, with several new products in the pipeline and ongoing clinical trials [6] - The profit forecast has been adjusted downwards due to the impact of price pressures on profitability, with expected net profits for 2025 and 2026 revised to 1.569 billion and 1.748 billion respectively [6] Financial Summary - For the first half of 2025, the company achieved total revenue of 31.10 billion yuan, a year-on-year increase of 9.47%, and a net profit of 6.33 billion yuan, a year-on-year decrease of 12.88% [6] - The revenue from human albumin was 13.45 billion yuan, up 20.79% year-on-year, while the revenue from immunoglobulin was 14.27 billion yuan, up 6.56% year-on-year [6] - The company’s gross margin for human albumin was 41.02%, down 11.61 percentage points year-on-year, and for immunoglobulin, it was 49.82%, down 7.67 percentage points year-on-year [6] - The projected total revenue for 2025 is 66.66 billion yuan, with a compound annual growth rate of 10.5% from 2024 [5]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 27.86, compared to the current price of RMB 21.90 [1][9]. Core Insights - The company expects 2024 revenue to reach RMB 2.66 billion, representing a 14.00% year-on-year growth, and a net profit attributable to shareholders of RMB 745 million, which is a 21.76% increase [9]. - The company is enhancing its plasma collection capabilities with 19 stations, of which 17 are operational, and anticipates plasma collection to exceed 1,400 tons in 2024, showing rapid growth year-on-year [9]. - The report highlights ongoing capacity expansion efforts, projecting annual production capacity to exceed 3,000 tons, with a 20% year-on-year increase in collection expected in 2025 [9]. Financial Summary - The financial summary indicates the following projections: - Revenue for 2023A: RMB 2,329 million, 2024A: RMB 2,655 million (+14.0%), 2025E: RMB 3,090 million (+16.4%) [3]. - Net profit attributable to shareholders for 2023A: RMB 612 million, 2024A: RMB 745 million (+21.8%), 2025E: RMB 886 million (+18.8%) [3]. - Earnings per share (EPS) forecast for 2025E is RMB 1.21, with an adjustment for 2026E to RMB 1.39 and a new forecast for 2027E at RMB 1.56 [9]. Market Position and Strategy - The company is actively pursuing both organic growth and external expansion strategies, with a focus on increasing plasma collection and enhancing product development [9]. - The report notes that the company is advancing its R&D efforts, with over 10 products in fast-track development, including several in clinical trial stages [9]. - The company is also expanding its export strategy, with sales initiated in Pakistan and ongoing regulatory efforts for markets like Brazil [9].