博雅生物：血制品业务整体稳健，经营质效稳步提升-20250320

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 1.735 billion RMB in 2024, a decrease of 34.58% year-on-year, while achieving a net profit attributable to shareholders of 397 million RMB, an increase of 67.18% year-on-year [1] - The blood products business showed resilience, with a revenue of 1.514 billion RMB, a year-on-year growth of 4.32%, and other blood products revenue grew significantly by 108.20% [2] - The company has made significant progress in plasma collection, achieving 630.6 tons in 2024, a 10.4% increase year-on-year, and expanded its plasma collection stations to 21 [2] - The company is increasing its R&D investment, with several products in various stages of development, including IVIG and C1 esterase inhibitor [3] - Profit forecasts for 2025-2027 are adjusted to 560 million RMB (+41%), 636 million RMB (+14%), and 703 million RMB (+11%) respectively, with corresponding EPS of 1.11, 1.26, and 1.39 RMB [4] Summary by Sections Performance Review - In 2024, the company achieved a revenue of 1.735 billion RMB, down 34.58% year-on-year, and a net profit of 397 million RMB, up 67.18% year-on-year [1] Operational Analysis - The blood products business remained stable despite market competition, with a revenue of 1.514 billion RMB, a 4.32% increase year-on-year [2] - The company successfully expanded its plasma collection capabilities, achieving 630.6 tons collected in 2024, a 10.4% increase year-on-year [2] Research and Development - The company is focusing on product innovation and has several products in clinical stages, including IVIG and C1 esterase inhibitor [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 is set at 560 million RMB, 636 million RMB, and 703 million RMB, with corresponding EPS of 1.11, 1.26, and 1.39 RMB [4]