博雅生物：点评报告：采浆量双位数同比增长，盈利水平同比提升明显

Investment Rating - The investment rating for the company is "Buy" [4][10]. Core Insights - The company reported a significant increase in plasma collection, achieving a total of 387.44 tons, which represents a year-on-year growth of 12.39% [2]. - Revenue from blood products for the first three quarters of 2024 reached 1.08 billion yuan, a slight increase of 0.39% compared to the previous year, driven mainly by the growth in human prothrombin complex and human factor VIII [2]. - The company has enhanced its plasma collection capabilities through the acquisition of Green Cross (Hong Kong), which indirectly controls Green Cross (China), and is expected to see steady growth in plasma collection due to the stable performance of existing plasma stations and the positive outlook for new stations [2]. - The company has made significant improvements in profitability, with a gross margin of 66.67% and a net margin of 33.12% for the first three quarters of 2024, reflecting an increase of 16.63 percentage points and 11.48 percentage points year-on-year, respectively [3]. - The company is actively advancing its smart factory construction and has ongoing research pipelines that are expected to enhance profitability once approved [2][3]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 1.245 billion yuan, a decrease of 43.16% year-on-year, and a net profit attributable to shareholders of 413 million yuan, down 11.07% [1]. - The third quarter of 2024 saw revenue of 349 million yuan, a year-on-year decline of 46.21%, but a quarter-on-quarter increase of 21.89% [1]. - The company’s projected net profits for 2024, 2025, and 2026 are 530 million yuan, 576 million yuan, and 630 million yuan, respectively, with corresponding earnings per share of 1.05 yuan, 1.14 yuan, and 1.25 yuan [6].