HUALAN BIOLOGICAL(002007) 中邮证券·2024-07-10 09:00Investment Rating - The report gives a "Buy" rating for the company, with expected relative stock price growth of over 20% compared to the benchmark index within 6 months [7][10] Core Views - The company's blood products business is developing steadily, with a share buyback plan announced by the chairman and controlling shareholder [3] - Plasma collection volume is expected to maintain high growth, with all 7 plasma stations in Henan province operational, laying a solid foundation for sustained growth [5] - Influenza vaccine prices have been reduced by about 30%, which is expected to boost market penetration [6] Company Overview - Latest closing price: 15.15 yuan [1] - Total market capitalization: 27.7 billion yuan [1] - P/E ratio: 18.66 [1] - Debt-to-asset ratio: 16.7% [1] Financial Projections - Expected net profit attributable to parent company: 1.688 billion yuan in 2024, 1.923 billion yuan in 2025, and 2.152 billion yuan in 2026 [7] - Projected EPS: 0.92 yuan in 2024, 1.05 yuan in 2025, and 1.18 yuan in 2026 [7] - Forecasted revenue growth: 15.03% in 2024, 14.91% in 2025, and 13.45% in 2026 [8] Business Development - Plasma collection reached 1,342 tons in 2023, with double-digit growth expected in 2024 [5] - In Q2 2024, the company received 50 batches of albumin approvals and 31 batches of immunoglobulin approvals [5] - Influenza vaccine received 54 batches of approvals for quadrivalent vaccine and 4 batches for trivalent vaccine in H1 2024 [6] Shareholder Activity - The controlling shareholder and some directors plan to buy back 1.22-2.42 million shares within 6 months starting from July 8, 2024 [4] - The chairman and controlling shareholder have already repurchased 450,000 shares at an average price of 15.03 yuan per share [4]