收入稳健，采浆优势奠定业绩增长基础。受2023Q1 高基数影响（2023Q1，公司收入12.92 亿元，同比增长83.30%），2024Q1，公司收入12.22 亿元，同比下滑5.42%。公司单采血浆站分布于全国16 个省/自治区，总数达102 家，其中在营数量达80 家，所属79 家营业单采血浆站实现血浆采集2415 吨，约占国内行业总采浆量的20%。2021 年以来，公司浆站数量增长较快，新设浆站资源储备丰厚，2021/2022/2023 尚未在采浆站数量分别为24 个/32 个/22 个，未来随着新设浆站投入使用以及新浆站逐步成熟，业绩有望随采浆量的提升逐步兑现。Key elements of the report:
In the first quarter of 2024, the company achieved operating income of 1,222 million yuan, a year-on-year decrease of 5.42%; net profit to mother was 317 million yuan, an increase of 20.91% year on year; net profit after deducting non-return to mother was 313 million yuan, an increase of 23.82% year on year.
Investment highlights:
Revenue is steady, and pulp harvesting advantages lay the foundation for performance growth. Affected by the high base of 2023Q1 (2023Q1, the company's revenue was 1,292 billion yuan, up 83.30% year on year), 2024Q1, the company's revenue was 1,222 billion yuan, down 5.42% year on year. The company's single plasma collection stations are distributed in 16 provinces/autonomous regions across the country, with a total of 102, of which 80 are in operation. The 79 affiliated single plasma collection stations have collected 2,415 tons of plasma, accounting for about 20% of the total amount of plasma collected in the domestic industry. Since 2021, the number of pulp stations in the company has grown rapidly, and the resources for newly built pulping stations are abundant. The number of pulping stations not yet in 2021/2022/2023 is 24, 32, and 22, respectively. In the future, as the new pulping stations are put into use and the new pulp stations gradually mature, the performance is expected to gradually be realized as the pulping volume increases.
Profitability improvement and cost rate optimization. 2024Q1, the company's gross profit margin was 56.08%, an increase of 10.08 percentage points over the previous year. The gross margin of the blood products business is mainly related to the revenue structure. The higher the proportion of factor products, the higher the gross margin, indicating that the company's factor products are gradually increasing the company's profit level. In terms of expense ratios, 2024Q1, the company's sales expense rate/management expense ratio/financial expense ratio were 4.54% (year-on-year decrease of 0.83 percentage points), 8.86% (year-on-year increase of 0.97 percentage points), and -1.18% (year-on-year decrease of 0.70 percentage points), respectively. The three cost rates combined were 12.22% (down 0.55 percentage points year-on-year). Due to increased gross margin and cost ratio optimization, the company's net profit margin increased by 7.58 percentage points in the first quarter of 2024, reaching 35.36%.
With the layout of hematogenesis and recombinant new products, it is expected that the future will usher in a harvest period. The company maintains a leading position in the domestic industry in the research and development of recombinant human coagulation factors and human immunoglobulin products. The research pipeline includes more than ten blood products and genetically recombinant products, focusing on new products such as high-concentration human immunoglobulins, hematogenous coagulation factors, recombinant coagulation factors, and microprotein preparations. The company is currently the only company in the domestic blood products industry that has deployed recombinant human coagulation factor products and approved for marketing. In 2023, the first domestic fourth-generation chromatography process independently developed by Chengdu Rongsheng was approved for marketing with 10% concentration of intravenous human immunoglobulin (pH4). The new products are expected to optimize the company's revenue structure and maintain the company's long-term competitive advantage within the industry.
Profit forecast and investment suggestions: The blood products circuit has high barriers and product demand is stable. The company is the leader of the blood products circuit, and the plasma station has strong approval capabilities. Based on research on the industry and companies, we expect the company's net profit to be 1,358 billion yuan/1,639 billion yuan/1,992 billion yuan respectively, corresponding to EPS 0.69 yuan/share, 0.83 yuan/share, 1.01 yuan/share, corresponding to EPS of 36.34/30.10/24.78 (corresponding to June 20, 2024) The closing price was 24.96 yuan), giving it a “buy” rating.
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Risk factors: risk of insufficient supply of raw materials, risk of rising pulping costs, risk of product development progress falling short of expectations
