Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see steady growth in plasma collection, with new products anticipated to drive revenue growth [5] - The projected net profit for the company from 2025 to 2027 is estimated at 1.44 billion, 1.67 billion, and 1.91 billion yuan respectively, with year-on-year growth rates of -6.8%, 15.5%, and 14.4% [6] - The current stock price corresponds to a price-to-earnings (PE) ratio of 28, 24, and 21 for the years 2025, 2026, and 2027 respectively [6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 3.11 billion yuan, a year-on-year increase of 9.47%, and a net profit of 633 million yuan, a year-on-year decline of 12.88% [6] - For Q2 2025, the operating revenue was 1.793 billion yuan, with a year-on-year growth of 10.70%, and a net profit of 388 million yuan, down 5.13% year-on-year [6] - The company maintained a leading position in the industry with a plasma collection volume of approximately 1361 tons in the first half of 2025, representing a year-on-year growth of 0.7% [6] Product and Market Insights - The company has a total of 107 plasma collection stations, with 85 currently operational [6] - Revenue from immunoglobulin products in the first half of 2025 was 1.43 billion yuan, up 6.56% year-on-year, while revenue from albumin was 1.35 billion yuan, up 20.8% year-on-year [6] - The fourth-generation chromatography immunoglobulin product has been launched, which is expected to significantly enhance profit margins [6] Future Growth Potential - The company is expected to achieve notable results in acquiring new plasma collection stations due to the strength of its controlling shareholder, China National Pharmaceutical Group [6] - The ongoing clinical trials for various new products, including subcutaneous immunoglobulin and recombinant coagulation factors, are anticipated to contribute to future revenue growth [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve steady growth in plasma collection, leading to stable long-term performance [5] - The company maintains a leading position in the domestic market with a projected plasma collection volume of approximately 2,781 tons in 2024, representing a year-on-year growth of 15.15% [7] - The introduction of new products, such as the fourth-generation chromatographic immunoglobulin, is anticipated to significantly enhance profit margins [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,180 million RMB - 2024: 6,032 million RMB (growth of 16.44%) - 2025E: 6,716 million RMB (growth of 11.35%) - 2026E: 7,633 million RMB (growth of 13.65%) - 2027E: 8,627 million RMB (growth of 13.02%) [6] - Net profit forecasts are as follows: - 2023: 1,110 million RMB - 2024: 1,549 million RMB (growth of 39.58%) - 2025E: 1,626 million RMB (growth of 4.93%) - 2026E: 1,859 million RMB (growth of 14.37%) - 2027E: 2,124 million RMB (growth of 14.25%) [6] - The company’s earnings per share (EPS) are projected to be: - 2023: 0.56 RMB - 2024: 0.78 RMB - 2025E: 0.82 RMB - 2026E: 0.94 RMB - 2027E: 1.07 RMB [6] Market Performance - The closing price of the company's stock is 19.10 RMB, with a total market capitalization of approximately 37,767.79 million RMB [3]