Shanghai RAAS(002252) 中国银河·2024-05-02 01:30Investment Rating - The report maintains a "Recommend" rating for Shanghai RAAS (002252) [1] Core Views - In 2023, the company achieved operating revenue of 7.964 billion yuan, a year-on-year increase of 21.27%, with strong performance in its main business [1] - Net profit attributable to shareholders was 1.779 billion yuan, a year-on-year decrease of 5.35%, mainly due to investment losses from GDS equity method accounting [1] - In Q1 2024, operating revenue was 2.056 billion yuan, a slight decrease of 0.33% year-on-year, while net profit attributable to shareholders increased by 5.32% to 757 million yuan [1] - The company's plasma collection volume exceeded 1,500 tons in 2023, reaching a historical high [1] - The company added 3 new plasma collection stations in 2023 through approvals and acquisitions, bringing the total to 44 stations across 11 provinces [1] - The company is developing SR604 injection, a novel monoclonal antibody for hemophilia treatment, which has entered clinical trials and has no competing products globally [1] Financial Performance Revenue and Profit - 2023 revenue: 7.964 billion yuan (+21.27% YoY) [1] - 2023 net profit: 1.779 billion yuan (-5.35% YoY) [1] - 2024 Q1 revenue: 2.056 billion yuan (-0.33% YoY) [1] - 2024 Q1 net profit: 757 million yuan (+5.32% YoY) [1] Product Performance - Human albumin revenue: 4.935 billion yuan (+16.84% YoY), with gross margin of 26.00% [1] - Imported albumin: 3.504 billion yuan (+28.16% YoY), gross margin 18.63% [1] - Self-produced albumin: 1.431 billion yuan (-3.94% YoY), gross margin 44.06% [1] - Intravenous immunoglobulin revenue: 1.805 billion yuan (+37.47% YoY), gross margin 56.63% [1] Financial Projections - 2024-2026 net profit forecast: 2.198/2.530/2.917 billion yuan [1] - 2024-2026 PE ratio: 22/19/16 times [1] - 2024-2026 EPS forecast: 0.33/0.38/0.44 yuan [2] Business Development - The company continues to expand its plasma collection network and optimize existing stations [1] - It is pursuing a dual strategy of internal growth and external expansion through mergers and acquisitions [1] - The company is focusing on enhancing core competitiveness and sustainable development capabilities [1] Research and Development - SR604 injection, a novel hemophilia treatment, has entered clinical trials with a unique mechanism of action [1] - The drug aims to provide subcutaneous injection every 4 weeks, compared to current treatments requiring 2-3 intravenous injections per week [1] - Preclinical research results have been published in the international journal Blood [1] Market Position - The company maintains a leading position in plasma collection volume and station numbers in China [1] - Its plasma stations are distributed across 11 provinces, covering major regions in China [1]