证券研究报告 医药生物 | 生物制品 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 27 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 08 | 月 | | | 26 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 20.62 | | | | | | 一 年 内 高 | 最 | 最 | | | | 27.60/18.88 | 低 | / | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | 40,773.40 | | | | | | 流通市值（百万元） | | | | | | 40,773.40 | | | | | | 总股本（百万股） | | | | | | 1 ...

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]