行 华福证券 医药生物 2025 年 07 月 06 日 业 研 究 医药生物 皮丙：血制品下一个大品种，天坛生物独家报产 投资要点： 行 业 定 期 报 行情回顾：本周（2025 年 6 月 30 日- 2025 年 7 月 4 日）中信医药指数 上涨 3.6%，跑赢沪深 300 指数 2.0pct，在中信一级行业分类中排名第 4 位； 2025年初至今中信医药生物板块指数上涨10.8%，跑赢沪深300指数9.6pct， 在中信行业分类中排名第 6 位。本周涨幅前五的个股为：塞力医疗 （+51.55%）、广生堂（+48.64%）、神州细胞（+45.01%）、热景生物（44.30%）、 上海谊众（+32.20%）。 告 周专题：皮丙：血制品行业下一个大品种。皮丙全称为皮下注射人免 疫球蛋白（SCIG），跟静丙的主要成分相同，但给药方式不同。相比静丙， 皮丙具有耐受性好、不良反应发生率低、经济成本低、患者满意度较高、 可维持稳定的生理水平的血清 IgG 浓度、可自我给药、易于患者自我管理 等优点。2024 年皮丙全球市场规模约为 49 亿美元，达静丙市场规模的 1/2。 目前国内并无上市的皮丙产品，天坛生物已经 ...

Group 1 - The core viewpoint emphasizes the continuous catalysis in the innovative drug sector of the pharmaceutical and biotechnology industry, with a focus on areas such as anti-tumor, autoimmune, GLP-1, stem cells, and gene therapy [1] - The CXO sector is expected to see a valuation recovery due to supportive policies for innovative drug development in China and a reduction in overseas geopolitical risks [1] - In the blood products sector, there is an increasing demand for intravenous immunoglobulin (IVIG) in critical care, driven by an expanding market and a price increase in high-end chromatography IVIG, with a short-term shortage expected to persist [1] Group 2 - The vaccine sector is under pressure, but some key companies are showing marginal performance improvements, with attention on new areas such as shingles and the penetration potential of domestic high-cost performance HPV manufacturers [1] - In traditional Chinese medicine, it is recommended to focus on companies related to fertility subsidies [1] - The medical device sector is experiencing accelerated replacement due to centralized procurement, with a focus on the replacement potential in electrophysiology and neurointervention fields [1] Group 3 - The low-value consumables industry is gradually completing inventory destocking, with attention on cyclical upward opportunities and the potential of the GLP-1 industry chain [1] - The Vaccine ETF (159643) tracks the Vaccine Biotechnology Index (980015), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in vaccine research, production, and sales from the A-share market [1] - The Vaccine Biotechnology Index aims to reflect the overall performance of listed companies related to vaccines and biotechnology [1]

证券代码：000403 证券简称：派林生物 派斯双林生物制药股份有限公司投资者关系活动记录表 编号：【2025】002 | | □特定对象调研 □ 分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访☑业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网 | | 及人员姓名 | 络远程的方式召开业绩说明会提问的投资者 | | 时间 | 2025 年 5 月 20 日 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 | | | 用网络远程的方式召开业绩说明会 | | 上市公司接待 | 总经理 荣先奎 | | | 董事会秘书赵玉林 | | 人员姓名 | 财务总监 王晔弘 | | | 主要问答记录如下： | | | 1、请问陕煤集团对公司的战略定位？公司在争取陕煤集团支持 | | | 和赋能方面有哪些举措和成效？ | | 投资者关系活 | 公司将聚焦血液制品主业， ...

Core Viewpoint - The blood products sector is experiencing revenue growth among listed companies, but profitability is declining due to price reductions driven by increased competition and centralized procurement policies [1][2]. Group 1: Company Performance - In 2024, all nine listed companies in the blood products sector achieved revenue growth, with seven companies reporting an increase in net profit [1]. - In Q1 2024, eight companies reported a decline in net profit year-on-year, including Shanghai Raist and Tian Tan Biological, with declines of 25.20% and 22.90% respectively [1][2]. - Tian Tan Biological attributed its profit decline to a greater reduction in product prices than the increase in sales volume, primarily due to intensified market competition and centralized procurement [2][5]. - Shanghai Raist's net profit decline was also linked to increased credit impairment losses, which surged by 481% due to a rise in accounts receivable [2]. Group 2: Market Dynamics - The price of human albumin has been decreasing, with terminal prices dropping by 10% and 20% for human albumin and intravenous immunoglobulin respectively in Q1 2024 [5]. - The blood products market is characterized by a limited number of qualified players, with fewer than 30 companies holding production qualifications [1]. - The industry is facing pressure from imported human albumin, which is expected to account for 68% of total batch issuance in 2024, creating competitive challenges for domestic producers [7][12]. Group 3: Industry Trends - Centralized procurement has been a significant factor in price reductions, but its impact is considered manageable due to the rigid clinical demand for blood products [6]. - The blood products industry is heavily reliant on plasma supply, with a noted shortage in domestic plasma availability to meet market demand [7][12]. - Companies are actively pursuing acquisitions of plasma collection stations to secure raw material supply, indicating a competitive landscape for plasma resources [14][15].

[Table_Summary] 事件: 3 月 19 日,公司发布 2024 年年报。2024 年，公司实现营业总收入 17.35 亿元（-34.58%），归母净利润 3.97 亿元（+67.18%）。 4 月 25 日，公司发布 2025 年一季报。2025Q1，公司实现总营业收入 5.36 亿元（+19.49%）；归母净利润 1.39 亿元（-8.25%）。 投资要点: ⚫ 采浆量稳健增长。截至 2024 年年报，公司（含绿十字（中国））现有 11 个品种 31 个规格（含进口重组Ⅷ因子）产品，涵盖白蛋白、人免疫球 蛋白和凝血因子三大类；在营浆站 20 个，在建浆站 1 个，合计 21 个。 公司 2024 年采浆量为 630.6 吨，同比增长 10.4%，其中华润博雅生物 采浆量为 522.04 吨，同比增长 11.7%，高于行业平均增速。公司通过 研发优化产品结构，提升生产工艺水平， 采浆量稳健增长，在研管线不断丰富 [Table_StockName] ——博雅生物（300294）点评报告 [Table_ReportDate] PCC 和Ⅷ因子推动血制品收入稳健增长：公司血制品业务 2024 年营业 ...

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]

Core Viewpoint - The blood products industry, once considered a "golden track," is facing significant challenges in Q1 2025, with major companies experiencing over 20% declines in net profits, contrasting sharply with their strong performance in 2024. This downturn is attributed to a combination of price wars, inventory buildup, and technological substitution [1]. Group 1: Financial Performance - TianTan Bio reported a revenue increase of 7.84% to 1.318 billion yuan, but its net profit plummeted by 22.9%. Operating cash flow fell by 65.75%, and accounts receivable surged by 1093%, indicating deteriorating sales collection efficiency [2]. - Boya Bio's revenue grew by 19.49%, yet its net profit decreased by 8.25%, with core products like human albumin seeing price declines of 2.65% to 12% [2]. - Pailin Bio experienced a revenue drop of 14% and a net profit decline of 26.95%, with operating expenses rising to 18.04%, indicating a failure in cost control [2]. - Shanghai Laishi's net profit growth rate fell from 23.25% to -25.20%, highlighting operational pressures despite expansion efforts [2]. Group 2: Industry Dynamics - The industry's sudden performance decline is driven by price wars, inventory accumulation, and technological substitution. In 2024, blood product inventory growth (36.02%) significantly outpaced cost growth (7.12%), forcing companies to lower prices to clear stock. The terminal price of human albumin has dropped to 350-380 yuan per bottle [3]. - Although not included in national procurement, regional alliance negotiations and competition from imported products create "invisible procurement pressure," with imported albumin's market share rising to 69% and over 70% in tertiary hospitals [3]. - Disruptive technologies are eroding the industry's competitive advantages, with plant-based recombinant albumin potentially reducing costs to below 10 yuan per gram, halving current blood-derived product prices. Additionally, recombinant coagulation factor VIII has captured a 30 billion yuan market share, further compressing the premium space for blood-derived products [3]. Group 3: Opportunities and Challenges - The reliance on imports and the threat from recombinant technologies make domestic production crucial for overcoming current challenges. Tariffs on imports from the U.S. could increase imported albumin prices by 10%-15%, highlighting the cost-effectiveness of domestic products, which currently hold a 31% market share that needs to rise above 50% [4]. - Leading companies are accelerating technological advancements, with TianTan Bio achieving a revenue of over 6 million yuan per ton of plasma and aiming for a 50% domestic production rate for coagulation factors. Shanghai Laishi is investing 4.2 billion yuan to acquire Nanyue Bio, increasing its plasma collection stations to over 50, with the top five companies controlling over 80% of plasma collection [4]. - However, the disruptive threat from recombinant technologies remains, with the clinical adaptation and market education for recombinant albumin expected to take 5-8 years, providing traditional companies with a valuable window for transformation [4]. Group 4: Conclusion - The blood products industry's challenges are not coincidental but rather a painful transition in market logic. As price wars and inventory pressures push companies towards efficiency competition, the race for survival in this trillion-yuan market will test not only the number of plasma collection stations but also product quality, cost control, and strategic foresight [5].

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]

Core Viewpoint - Hualan Biological's Q1 2025 financial report shows strong growth driven by its "blood products + vaccines + recombinant protein drugs" strategy, with significant increases in revenue and net profit compared to the previous year [1][2]. Financial Performance - The company achieved a revenue of 868 million yuan, a year-on-year increase of 10.2% [1]. - The net profit attributable to shareholders was 313 million yuan, reflecting a growth of 19.62% year-on-year [1]. - The non-recurring net profit reached 300 million yuan, up 35.35% from the same period last year [1]. - Blood products business generated revenue of 843 million yuan, a growth of 11.98% year-on-year, with a net profit of 291 million yuan, increasing by 23.47% [1]. Product Performance - Hualan Biological maintains a leading market share in domestic blood products, with core product batch approvals remaining among the top in the industry [2]. - The vaccine segment is expected to see growth in Q2 as flu vaccine sales ramp up following seasonal factors [2]. - The new product Bevacizumab began sales in Q1 2025, with expectations for increased sales in Q2, potentially creating a new growth driver [2]. Research and Development - The company invested 66.46 million yuan in R&D, accounting for 7.66% of its revenue, indicating a commitment to biopharmaceutical innovation [2]. - Hualan Biological's plasma collection efforts have led to a record high collection volume of 1586.37 tons in 2024, an increase of 18.18% year-on-year [2]. Strategic Outlook - The Q1 performance validates the effectiveness of the company's three-pronged strategy and demonstrates resilience and robust growth in core business areas [2]. - Future growth is anticipated as domestic vaccine demand recovers and the blood products industry consolidates, with Bevacizumab expected to capture a larger market share in a market projected to reach hundreds of billions [2].