博雅生物：公司信息更新报告：采浆量较快增长，高浓度静丙及破免有望获批上市-20250319

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in plasma collection, with high-concentration immunoglobulin and tetanus immunoglobulin expected to be approved for market launch [6] - In 2024, the company achieved revenue of 1.735 billion yuan, a year-on-year decrease of 34.58%, while net profit attributable to shareholders increased by 67.18% to 397 million yuan [4] - The company maintains its profit forecast for 2025-2026 and has added a forecast for 2027, expecting net profits of 551 million, 653 million, and 755 million yuan for 2025, 2026, and 2027 respectively [4] Financial Performance - In 2024, the company's revenue was 1.735 billion yuan, with a net profit of 397 million yuan, and a non-recurring net profit of 302 million yuan [4] - The gross profit margin for 2024 was 64.7%, an increase of 11.98 percentage points year-on-year [4] - The company’s plasma collection volume reached 630.6 tons in 2024, a year-on-year increase of 10.4%, with the parent company contributing 522.04 tons, growing by 11.7% [6] Product Performance - The revenue from immunoglobulin was 391 million yuan in 2024, down 12%, with a gross margin of 64.27% [5] - The revenue from human albumin was 403 million yuan, down 7.94%, with a gross margin of 59.88% [5] - The company’s blood product sales volume increased by 9.14% in 2024, while inventory levels decreased by 24.21% [5] Research and Development - The company invested 97 million yuan in R&D in 2024, accounting for 5.59% of its revenue [6] - The company has completed the listing application for high-concentration immunoglobulin and tetanus immunoglobulin, with several other products in development [6] Valuation Metrics - The current stock price is 28.08 yuan, with a market capitalization of 14.159 billion yuan [1] - The projected P/E ratios for 2025, 2026, and 2027 are 26.4, 22.3, and 19.2 respectively [4]