资源开拓+产出提升，助公司成长之势：截至目前上海莱士共拥有单采血浆站44 家，分布于广西、湖南、海南、陕西、安徽、广东、内蒙、浙江、湖北、江西、山东11 个省（自治区），同时具备新浆站申请资格且跨多省经营，为公司新浆站拓展提供更大的可能性。此外，公司产品品类丰富，目前拥有12 个产品批文，其中11 个产品在产，产品结构均衡，拥有目前国内在售的独家产品冻干人纤维蛋白粘合剂，随着未来下属子公司产品线补足以及自研新产品的上市，公司的吨浆收入和利润有望进一步提升。Key points of investment:
Incident: The company released its 2024 three-quarter report. In the first three quarters of 2024, the company achieved operating income of 6.314 billion yuan (+6.39% YoY), realized net profit attributable to mother of 1.838 billion yuan (+2.81% YoY), and realized net profit of 1.739 billion yuan (-3.64% YoY); 2024Q3 achieved operating income of 2.062 billion yuan (YoY +1.34%) in a single quarter, achieving net profit to mother of 0.597 billion yuan (same period) Compared to +8.82%), net profit not attributable to mother was achieved at 0.61 billion yuan (+1.12% year over year), and the performance was in line with expectations.
Haier Group Holdings, the company embarked on a new journey: In July 2024, Haier Group became the actual controller of the company. It will provide comprehensive support to the company and help the company improve management level and operational efficiency through a group operation model. At the same time, Kirriff reached a new exclusive strategic cooperation agreement with the company and Haiyingkang. Kirifu will continue to award the company as an exclusive distributor of its human blood albumin products in China for a specified period of time, bringing significant profit growth and improved market competitiveness to the company. Furthermore, with Kirriff's global network, the company is expected to further expand the overseas market for intravenous human immunoglobulin and achieve an international layout and optimization upgrade of the business.
Resource development+output improvement to help the company grow: Up to now, Shanghai Rice has 44 single plasma collection stations, distributed in 11 provinces (autonomous regions) of Guangxi, Hunan, Hainan, Shaanxi, Anhui, Guangdong, Inner Mongolia, Zhejiang, Hubei, Jiangxi and Shandong. It also has the qualifications to apply for new pulp stations and operates across multiple provinces, providing greater possibilities for the company to expand its new plasma stations. In addition, the company has a rich product range. Currently, it has 12 product approvals, of which 11 products are in production, the product structure is balanced, and it has the exclusive product freeze-dried human fibrin binder currently sold domestically. As the product line of its subsidiaries is replenished in the future and the launch of new self-developed products, the company's slurry revenue and profit are expected to increase further.
Profit forecast and valuation: We maintain our previous profit forecast. The company's net profit for 2024-2026 is 2.33/2.614/2.916 billion yuan, respectively, up 30.9%/12.2%/11.6% year-on-year. The number of rice pulp stations in Shanghai, the amount of pulp collected, and the number of product approvals all rank in the first tier of the blood products industry in China. After Haier Group joined the company, it changed its previous state of having no actual controller, which is expected to bring new impetus to the company's growth. We maintain a “buy” rating.
Risk warning: The construction progress of the new pulping station and the amount of pulp collection fell short of expectations; risk of impairment of goodwill; the marketing progress and marketing of products under development fell short of expectations.
