BTBP(600161) 太平洋·2024-12-04 07:49Investment Rating - The report maintains a "Buy" rating for Tiantan Biological Products (600161) [1] Core Views - The report discusses the growth expectations for Tiantan Biological's immunoglobulin business, particularly focusing on the sustainability of high growth rates post-pandemic, market size projections for the next five years, and the impact of new product launches on revenue growth [1][4][17] Industry Outlook - The immunoglobulin market is expected to reach a terminal size of 22.8 billion by 2028, with a projected CAGR of approximately 10% from 2023 to 2028 [1][5] - The report highlights that the COVID-19 pandemic has accelerated market education regarding the clinical value of immunoglobulin therapy, leading to increased recognition and demand [1][4] Company Insights - Tiantan Biological is positioned as a leading player in the blood products industry, with a significant market share and a robust supply chain [1][4] - The company has a strong pipeline of products, including the recently approved 10% immunoglobulin and a subcutaneous immunoglobulin product expected to drive future growth [4][17] - The report anticipates that the company's immunoglobulin revenue could reach approximately 4.82 billion by 2028, with a CAGR of about 16% from 2023 to 2028 [1][5] Financial Projections - Revenue forecasts for Tiantan Biological are as follows: 5.71 billion in 2024, 6.60 billion in 2025, and 7.61 billion in 2026, with corresponding net profits of 1.40 billion, 1.54 billion, and 1.86 billion respectively [5] - The report indicates that the company’s earnings per share (EPS) are projected to be 0.71, 0.78, and 0.94 for the years 2024, 2025, and 2026 [5]