BTBP(600161) 华源证券·2024-10-13 10:39Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 4.07 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.28%, and a net profit attributable to shareholders of 1.05 billion yuan, a year-on-year increase of 18.5% [3] - In Q3 2024, the company achieved a revenue of 1.23 billion yuan, a year-on-year decline of 7.4%, but the net profit attributable to shareholders was 330 million yuan, a year-on-year increase of 1.7% [3] - The net profit margin continued to improve, reaching 26.5% in Q3 2024, up from 25.5% in H1 2024, indicating strong long-term growth potential for the company as a leader in the blood products industry [3] - The company has significantly increased its plasma collection stations, with 102 stations as of mid-2024, up from 59 at the end of 2020, and a plasma collection volume of 1,294 tons in H1 2024, a 15% year-on-year increase [3][4] - The introduction of new products, such as the fourth-generation chromatography immunoglobulin, is expected to enhance profit margins significantly [4] Summary by Sections Financial Performance - For 2024, the company is projected to have a net profit of 1.3 billion yuan, with growth rates of 17.5%, 19.5%, and 19.0% for 2024, 2025, and 2026 respectively [6] - The total revenue for 2024 is estimated at 5.493 billion yuan, with a year-on-year growth rate of 6.0% [6] Market Position - The company is positioned as a leading player in the blood products sector, with a strong backing from its controlling shareholder, China National Pharmaceutical Group [3][4] - The company has demonstrated robust capabilities in acquiring new plasma collection stations, which is crucial for sustaining future performance [3] Product Development - The company has several products in the pipeline, including those in clinical trials, which are expected to enhance its product portfolio and profitability [4]