Performance Overview: In 2023, the company achieved revenue of 5.342 billion yuan (+18.26%), net profit attributable to mother of 1,482 billion yuan (+37.66%); gross profit margin of 69.59%. Sales/management/ R&D expenses were 22.51%/5.13%/5.26%, respectively.
Revenue split: Blood products achieved revenue of 2,926 billion yuan (+9.22%), gross profit margin of 54.34%. Human white income was 1,057 million yuan (+6.97%), gross profit margin 57.14%; Jingjiang revenue was 845 million yuan (+8.96%), gross profit margin 53.75%; revenue from other blood products was 1,025 million yuan (+11.87%), gross profit margin 51.94%.
Vaccine products achieved revenue of 2,405 billion yuan (+32.30%), with a gross profit margin of 88.32%.
The amount of pulp collected increased by double digits, and the performance of blood products gradually materialized. The company currently has 32 single plasma collection stations (including substations), including 4 in Guangxi, 1 in Guizhou, 15 in Chongqing, and 12 in Henan. The sample volume in 2023 is 1342.32 tons (+19.59%). At present, the company's product structure is reasonable, the product range is complete, and the comprehensive utilization rate of plasma is at the forefront of the industry. The product structure of blood products is constantly being optimized, and the market share of various products is at the forefront of the industry. The revenue and gross margin of the company's blood products are expected to continue to increase, thanks to the company's rich product range and increased plasma utilization rate. In terms of production capacity, the company has built Hualan Biomedicine R&D and intelligent production base. The construction has now been completed, and the equipment is being installed and commissioned.
The influenza vaccine industry is leading, and the vaccine product pipeline continues to be rich. In terms of vaccines, from 2021 to 2023, the company's influenza vaccine was approved to issue 100 batches, 103 batches and 94 batches respectively; 73 batches of quadrivalent influenza vaccine (adult dosage form), 15 batches of quadrivalent influenza vaccine (child dosage form), 6 batches of trivalent influenza vaccine, quadrivalent influenza vaccine and influenza vaccine batches continued to maintain the leading position in the country. In February 2023, the company successively obtained “Drug Registration Certificates” for freeze-dried human rabies vaccine (Vero cells) and adsorbed tetanus vaccine, further enriching the product line.
Profit forecast and rating: The company's pulp collection is expected to climb to 1,600 tons in 2024 and reach around 1,800 tons in 2025, and blood product revenue will continue to grow. The company is expected to achieve net profit of 16.33/19.06/2.143 billion yuan in 24-26, an increase of 10.2%/16.7%/12.4% year-on-year. Maintain a “buy” rating.
Risk warning: Pulp station development falls short of expectations, product development progress is slow, industry policy risks