博雅生物（300294）：2024年报点评：内生外延扩展规模，产品结构持续优化

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price adjusted to RMB 32.50 [1][9]. Core Insights - The company has cleared goodwill impairment risks and is expanding its plasma collection stations through both organic growth and acquisitions, establishing a foundation for future growth. The potential impact of tariffs on imported albumin may benefit domestic albumin products [1][9]. - The company reported a full-year revenue of RMB 1.74 billion in 2024, a decrease of 34.58%, while net profit increased by 67.18% to RMB 397 million, primarily due to a low base from goodwill impairment in 2023 [1][9]. - The product structure is continuously optimized, with blood product revenue growing by 4.32% to RMB 1.51 billion in 2024, despite a slight decline in gross profit margin [1][9]. Financial Summary - Revenue and profit forecasts for the upcoming years have been adjusted, with 2025 EPS projected at RMB 1.16 and 2026 EPS at RMB 1.33, while a new forecast for 2027 EPS is set at RMB 1.50 [1][9]. - The company is expected to maintain a steady growth trajectory, with plasma collection volume projected to reach 630.6 tons in 2024, reflecting a 10.4% increase [1][9]. - The financial outlook includes a projected net profit of RMB 585 million for 2025, with a net profit margin expected to improve over the years [1][9].