20231030-德邦证券-华兰生物-002007.SZ-业绩符合预期_关注流感疫苗放量情况_4页_798kb

Summary of Hualan Biologicals (002007SZ)

Rating and Target: Maintain "Buy" with target price unchanged.

Key Financial Highlights:

• 2023 Q3 Performance: Revenue up 86%, net profit +185%, operating profit +194%.
• Blood Products: Q3 revenue +1%, aligning with expectations.
• Influenza Vaccine: Expected to drive significant growth in 2023, with potential sales peak.
• Plasma Collection: Capacity increasing, 2023 target over 1,300 tons, 2026 projection 2,000 tons.

Profit Forecast:

• 2023-2025: Net profit estimated at CNY 139B, 169B, 202B.
• Valuation: PE ratios projected at 29, 24, 20 times.

Risks: Increased market competition, sales uncertainty, regulatory changes.