China Resources Boya Bio-pharmaceutical (300294) 光大证券·2024-07-18 02:01Investment Rating - The report maintains a "Buy" rating for the company [4][15]. Core Views - The company announced the acquisition of 100% equity in Green Cross Hong Kong Holdings Limited for RMB 1.82 billion, indirectly acquiring the domestic blood product entity Green Cross (China) Biological Products Co., Ltd [1][14]. - A strategic cooperation framework agreement was signed with China Resources Pharmaceutical and GC, focusing on business integration, drug import and export sales, and product technology collaboration [3][14]. - The acquisition is expected to enhance the company's plasma collection capabilities, increasing the number of plasma stations from 16 to 20, which will significantly boost plasma collection volume and support revenue growth [14]. Financial Summary - The company’s revenue for 2022 was RMB 2,759 million, with a projected decline to RMB 1,984 million in 2024, followed by a recovery to RMB 2,310 million by 2026 [13]. - Net profit is forecasted to drop from RMB 432 million in 2022 to RMB 237 million in 2023, before rebounding to RMB 551 million in 2024, reflecting a growth rate of 132.11% [13][15]. - Earnings per share (EPS) are expected to increase from RMB 0.86 in 2022 to RMB 1.30 by 2026 [13][15]. Market Data - The total share capital of the company is 5.04 billion shares, with a total market value of RMB 17.987 billion [1]. - The stock price has fluctuated between RMB 22.69 and RMB 36.29 over the past year, with a recent price of RMB 35.67 [1][16]. Strategic Developments - The partnership with China Resources Pharmaceutical and GC aims to leverage each other's strengths, facilitating the launch of innovative products in China and Korean markets [3]. - The acquisition of Green Cross is anticipated to create synergies with the company's existing products, particularly in the coagulation product sector, enhancing market presence and brand strength [7][14].