China Resources Boya Bio-pharmaceutical (300294) 中邮证券·2024-11-01 10:35Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company experienced a significant decline in revenue and profit due to the transfer of stakes in subsidiaries, which are no longer included in the consolidated financials [2][3]. - The blood products segment remains stable, with a slight revenue increase driven by specific factor products, despite a short-term revenue decline in Q3 2024 [3][4]. - The company has achieved a good growth in plasma collection, with a 12.39% year-on-year increase, and is progressing on its smart factory project expected to start trial production by the end of 2025 [4]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 1.245 billion yuan, down 43.16%, and a net profit of 413 million yuan, down 11.07% [2][3]. - The blood products segment generated revenue of 1.089 billion yuan in the first nine months of 2024, a slight increase of 0.39% year-on-year [3]. - The company forecasts net profits of 567 million yuan, 627 million yuan, and 691 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.12, 1.24, and 1.37 yuan [5][6]. Operational Highlights - The company has successfully optimized the plasma donation environment, leading to a total plasma collection of 387.44 tons in the first three quarters of 2024 [4]. - The smart factory construction is progressing well, with major structural work completed, and it is expected to be operational by July 2027 [4]. Market Performance - The stock has shown a performance decline of 29% over the past year, reflecting broader market trends in the pharmaceutical sector [2].