研報掘金丨海通國際:首予博雅生物“優於大市”評級 目標價34.25元
海通國際證券研報指出,博雅生物(300294.SZ)上半年血製品業務基本穩健,PCC實現銷售上量。考慮到公司會剝離非血製品業務,更能體現血製品業務的價值,給予公司2023年35XPE,對應目標價34.25元,首次覆蓋,給予“優於大市”評級。從採漿量來看,23H1年公司採漿量為215t,與上年同期基本持平;從新產品來看,過去兩年公司陸續獲批了PCC和八因子,23H1PCC收入同比增長106.89%,八因子現階段主要工作是推進各省掛網准入,仍處於市場開發階段。從漿站情況來看,目前公司體內有14家漿站,其中有13家老漿站,山西陽城漿站已於23M6開採,存量漿站潛能至2025年有望達650-700噸/年,同時華潤入主後助力公司新漿站申請,力爭十四五期間實現漿站總數量、採漿規模翻番的目標。
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