BTBP(600161) 国投证券·2024-09-01 12:46Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 28.18 CNY [3][5]. Core Insights - The company reported a significant increase in profit for the first half of 2024, with a revenue of 2.841 billion CNY, up 5.59% year-on-year, and a net profit of 726 million CNY, up 28.10% year-on-year [1][5]. - The company is actively expanding its plasma collection capabilities, with 102 plasma stations across 16 provinces, achieving a plasma collection of 1,294 tons, representing a 15% increase year-on-year [1][5]. - The acquisition of Wuhan Zhongyuan Ruide for 185 million USD is expected to enhance the company's comprehensive strength and expand its plasma resources [5]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 55.67%, an increase of 7.14 percentage points year-on-year, and a net profit margin of 34.68%, up 5.91 percentage points year-on-year [1][5]. - The sales revenue from blood products, particularly immunoglobulin, showed robust growth, with a revenue of 1.339 billion CNY for immunoglobulin, up 21.97% year-on-year [1][5]. - The company expects revenue growth rates of 18.4%, 18.0%, and 16.3% for 2024 to 2026, with net profit growth rates of 25.5%, 19.9%, and 16.7% respectively [5][6]. Research and Development Progress - The company has made significant advancements in its R&D pipeline, with several products entering clinical trials and receiving regulatory approvals [2][5]. - The company is focusing on innovative products, including recombinant coagulation factors, which are expected to support long-term growth [5]. Market Position and Strategy - The company maintains a leading position in the domestic blood products industry, with a strong focus on expanding its market share through strategic acquisitions and enhanced production capabilities [5][6]. - The collaboration with CSL Group is anticipated to deepen partnerships and leverage resources in both domestic and international markets [5].