PLBIO(SZ:000403) Guotou Securities·2024-08-31 03:05Investment Rating - The investment rating for the company is maintained at "Buy - A" with a 6-month target price of 30.00 CNY [3][7]. Core Views - The company reported significant growth in both revenue and net profit for the first half of 2024, with revenue reaching 1.136 billion CNY, a year-on-year increase of 60.23%, and net profit of 327 million CNY, up 128.44% [1][7]. - The increase in performance is attributed to a substantial rise in plasma collection volume and sustained high demand for products like immunoglobulin [1][2]. - The company is actively expanding its plasma collection stations and enhancing product development, which is expected to further increase the utilization rate of plasma [2][7]. Financial Performance Summary - In H1 2024, the gross margin was 50.20%, a slight increase of 1.45 percentage points year-on-year, while the expense ratio decreased to 17.32%, down 11.21 percentage points [1]. - The net profit margin improved to 28.78%, reflecting an increase of 8.61 percentage points year-on-year [1]. - The company aims for a plasma collection target of 1,400 tons for the full year, having collected approximately 700 tons in H1 2024 [2][7]. Revenue and Profit Forecast - Revenue growth is projected at 26.2%, 18.1%, and 12.8% for 2024, 2025, and 2026 respectively, with net profit growth expected at 28.3%, 17.9%, and 13.5% for the same years [7][8]. - The earnings per share (EPS) are forecasted to be 1.07 CNY, 1.26 CNY, and 1.43 CNY for 2024, 2025, and 2026 respectively [7][8]. Market Position and Strategy - The company has a total of 38 plasma collection stations, with ongoing efforts to expand and optimize existing facilities [2][7]. - Strategic partnerships, such as the extended collaboration with Xinjiang Deyuan, are in place to incentivize increased plasma supply [2][7].