24Q1 新增1 家单采血浆站获证，浆站数量和血浆采集规模均保持国内领先。2024 年一季度，大姚上生单采血浆站获得单采血浆许可证，据2023 年年报，公司单采血浆站总数达102 家，其中在营单采血浆站数量达80 家，2023 年实现血浆采集2,415 吨，约占国内行业总采浆量的20%，浆站数量和血浆采集规模均保持国内领先地位。Incident: Tiantan Biotech released its 2024 quarterly report. 2024Q1 achieved revenue of 1,222 million yuan, a year-on-year decrease of 5.42%, and realized net profit of 317 million yuan to mother, an increase of 20.91% over the previous year.
Comment:
Net profit attributable to mother increased by 20.91% year-on-year in 24Q1, and overall cost control was relatively steady. According to the company's announcement, in the first quarter of 2024, due to sales volume, operating income declined slightly compared to the same period of the previous year; due to factors such as product prices and cost control, net profit increased 20.91% year on year. From the cost side, gross margin and net interest rate increased year on year in the first quarter of 2024, sales expenses decreased year on year, R&D expenses rate and management expense ratio increased year on year, and overall cost control was steady.
In 24Q1, 1 additional single plasma collection station was certified. The number of plasma stations and the scale of plasma collection remained leading in the country. In the first quarter of 2024, the Dayao Shangsheng Single Plasma Collection Station obtained a single plasma collection license. According to the 2023 annual report, the total number of the company's single plasma collection stations reached 102, of which 80 were in operation. In 2023, 2,415 tons of plasma were collected, accounting for about 20% of the total amount of plasma collected in the domestic industry. The number of plasma stations and plasma collection scale maintained a leading position in the country.
Albumin and hydroxypropyl will grow rapidly in 2023, and the industrialization of new products will be promoted in 2024. According to the 2023 annual report, in 2023, the company increased its marketing efforts, and sales of blood products increased 15.21% year on year. At the same time, due to the increase in plasma production and the acceleration of plasma delivery, production volume increased 19.69 percent year on year. Human blood albumin products achieved revenue of 2,247 billion yuan, up 17.88% year on year; intravenous human immunoglobulin products achieved revenue of 2,319 billion yuan, up 16.89% year on year; other blood products achieved revenue of 595 million yuan, up 68.33% year on year. In 2024, the company strengthened pre-clinical research and evaluation, strengthened clinical trial operation and quality risk management and integration with production and research, promoted the industrialization of new products, and strengthened quality management to ensure 100% pass rate for self-inspection and batch issuance, and stable product yield.
Profit forecast: We expect Tiantan Biotech's 2024-2026 revenue to be 63.27/73.12/8.492 billion yuan, respectively, and net profit to mother of 13.41/15.79/1,867 billion yuan, respectively. The corresponding PE is 35/30/25X, respectively.
Risk factors: policy risk, single plasma collection station regulatory risk, market competition risk, product development risk
