北交所公司深度报告 全球首个注射用重组Ⅲ型人源化胶原蛋白凝胶获批，填补国内技术空白 | 日期 |  2025/4/15 | 积极研发新产品、强化品牌建设，领航重组人源化胶原蛋白新应 | | --- | --- | --- | | 当前股价(元) | 376.00 | 公司积极研发新产品、强化品牌建设、努力拓展市场，深耕现有客户并不断拓展 | | 一年最高最低(元) | 412.00/142.60 | 新客户，医疗器械及功能性护肤品的销售规模大幅增长，首个注射用重组Ⅲ型人 | | 总市值(亿元) | 332.80 | 源化胶原蛋白凝胶获批。根据锦波生物 2024 年度业绩快报，2024 年公司实现营 | | 流通市值(亿元) | 172.55 | 业收入 亿元，同比增长 亿元，同比增长 14.47 85.40%；归母净利润 7.33 144.65%， | | 总股本(亿股) | 0.89 | 因此我们维持 2024-2026 年盈利预测，预计 2024-2026 年归母净利润为 | | 流通股本(亿股) | 0.46 | 734/927/1125 百万元，对应 EPS 分别为 8.29/10.47/12.71 ...

北交所公司深度报告 全球首个注射用重组Ⅲ型人源化胶原蛋白凝胶获批，填补国内技术空白 2025 年 04 月 16 日 投资评级：增持（维持） | 日期 |  2025/4/15 | 积极研发新产品、强化品牌建设，领航重组人源化胶原蛋白新应 | | --- | --- | --- | | 当前股价(元) | 376.00 | 公司积极研发新产品、强化品牌建设、努力拓展市场，深耕现有客户并不断拓展 | | 一年最高最低(元) | 412.00/142.60 | 新客户，医疗器械及功能性护肤品的销售规模大幅增长，首个注射用重组Ⅲ型人 | | 总市值(亿元) | 332.80 | 源化胶原蛋白凝胶获批。根据锦波生物 2024 年度业绩快报，2024 年公司实现营 | | 流通市值(亿元) | 172.55 | 业收入 亿元，同比增长 亿元，同比增长 14.47 85.40%；归母净利润 7.33 144.65%， | | 总股本(亿股) | 0.89 | 因此我们维持 2024-2026 年盈利预测，预计 2024-2026 年归母净利润为 | | 流通股本(亿股) | 0.46 | 734/927/1125 百万 ...

上 市 公 司 美容护理 2025 年 04 月 13 日 锦波生物 (832982) ——重磅胶原填充产品获批，或推动行业格局重塑 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 339.01 | | 一年内最高/最低（元） | 367.00/142.60 | | 市净率 | 22.8 | | 股息率%（分红/股价） | 0.59 | | 流通 A 股市值（百万元） | 15,558 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 14.88 | | 资产负债率% | 28.84 | | 总股本/流通 A 股（百万） | 89/46 | | 流通 B 股/H 股（百万） | -/- | 投资要点： 一年内股价与大盘对比走势： 04-11 05-11 06-11 07-11 08-11 09-11 10-11 11-11 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 455 CNY, indicating an expected return of over 20% within the next six months [6][17]. Core Insights - The approval of the injectable recombinant type III humanized collagen gel by the National Medical Products Administration exceeded expectations, potentially enhancing the company's market valuation [1]. - The product represents the third type of recombinant type III collagen aesthetic injection from the company, covering various formulations of recombinant humanized collagen in China, thus meeting diverse clinical application needs [2]. - The injectable gel utilizes innovative self-assembly and self-crosslinking technologies, eliminating immunogenicity and toxicity from crosslinking agents, which allows for direct supplementation of collagen tissue and promotes the regeneration of extracellular matrix [3]. Financial Projections - The company is expected to see revenue growth from 14.47 billion CNY in 2024 to 31.82 billion CNY in 2026, with net profit projections of 7.33 billion CNY to 15.58 billion CNY over the same period [4]. - The projected earnings per share (EPS) are expected to rise from 8.29 CNY in 2024 to 17.60 CNY in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 41x to 19x [5][4]. - The company’s revenue for 2023 is projected at 780.26 million CNY, with a growth rate of 99.96% compared to the previous year [5]. Market Position - The company is positioned in the beauty care and medical aesthetics industry, with a total market capitalization of approximately 30 billion CNY [6][7]. - The stock has shown significant price fluctuations, with a 52-week high of 367 CNY and a low of 142.60 CNY [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 455 CNY, indicating an expected return of over 20% within the next six months [6][17]. Core Insights - The approval of the injectable recombinant type III humanized collagen gel by the National Medical Products Administration exceeded expectations, potentially enhancing the company's market valuation [1]. - The product represents the third type of recombinant type III collagen aesthetic injection from the company, covering various formulations in the field of biological materials, thus meeting diverse clinical application needs [2]. - The injectable gel utilizes innovative self-assembly and self-crosslinking technologies, eliminating immunogenicity and the toxicity of crosslinking agents, which helps to directly address aging by replenishing collagen tissue and promoting the regeneration of extracellular matrix [3]. Financial Projections - The company is expected to see revenue growth from 14.47 billion CNY in 2024 to 31.82 billion CNY in 2026, with net profit projections of 7.33 billion CNY to 15.58 billion CNY over the same period [4]. - The expected growth rates for revenue are 85.40% in 2024, 62.50% in 2025, and 35.36% in 2026, while net profit growth rates are projected at 144.65%, 56.88%, and 35.38% respectively [5][4]. - The company's earnings per share (EPS) are forecasted to increase from 8.29 CNY in 2024 to 17.60 CNY in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 40.91x to 19.26x [5][4]. Market Position - The company operates in the beauty care and medical aesthetics industry, with a total market capitalization of approximately 30 billion CNY [6][7]. - The stock has shown significant price fluctuations, with a 52-week high of 367 CNY and a low of 142.60 CNY [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6]. Core Viewpoints - The company has received its third Class III medical device registration certificate for "Injectable Recombinant Type III Humanized Collagen Gel," solidifying its monopoly in the recombinant collagen aesthetic medicine industry in China [2][3]. - The new product is the first of its kind internationally to utilize self-assembly and self-crosslinking technology, expanding the application of recombinant collagen in aesthetic medicine, particularly in filling and supporting roles [3]. - The company is expected to see significant revenue growth, with projected revenues of 1.446 billion RMB in 2024, reflecting an 85.35% growth rate compared to the previous year [4]. Financial Projections - The company forecasts net profits of 734 million RMB in 2024, with a compound annual growth rate (CAGR) of 144.67% from 2023 to 2024 [4]. - Earnings per share (EPS) are projected to increase from 4.40 RMB in 2023 to 8.29 RMB in 2024, with corresponding price-to-earnings (P/E) ratios of 42 and 28 for 2024 and 2025, respectively [4][10]. - The company’s gross margin is expected to improve from 90.2% in 2023 to 92.6% in 2024, indicating strong profitability [12]. Market Position - The company holds all three Class III medical device certificates for recombinant collagen in China, reinforcing its leading position in the domestic and global recombinant collagen market [2][3]. - The report highlights the rapid growth of the collagen market, with a notable increase in sales of animal-derived collagen in mainland China, suggesting a favorable market environment for the company's new products [4].

Core Viewpoint - Jinbo Biological has emerged as a significant player in the Shanxi capital market, being the highest-priced and highest-valued stock on the Beijing Stock Exchange, symbolizing the province's industrial transformation [1] Group 1: Company Overview - Jinbo Biological specializes in various terminal medical devices and functional skincare products, with A-type recombinant humanized collagen as its core material [2] - The company’s recombinant type III humanized collagen freeze-dried fibers received approval from the National Medical Products Administration in June 2021, marking it as the first medical device in China made from this innovative biomaterial [2] Group 2: Financial Performance - In the 2024 performance report, Jinbo Biological achieved a revenue of 1.447 billion yuan, representing a year-on-year growth of 85.40%, and a net profit of 733 million yuan, up 144.65% year-on-year [3] - Over four years, the company's revenue has increased more than fivefold, while net profit has nearly increased twelvefold compared to 2021 [3] Group 3: Strategic Focus - The company aims to focus on scientific innovation rather than competing in saturated markets, emphasizing the creation of new products and applications [3] - Jinbo Biological is committed to enhancing its brand presence both domestically and internationally, with plans to strengthen brand development in the coming year [7][8] Group 4: Talent Development - The company employs a "mentorship" approach for internal talent development, sending employees to prestigious research institutions for training [6] - Jinbo Biological is building a collaborative framework with academic and research institutions to continuously infuse new talent into the company [6] Group 5: Industry Context - Shanxi is undergoing a high-quality transformation, actively promoting emerging industries such as biomedicine, which supports the rapid rise of Jinbo Biological and the humanized collagen industry [4] - The biomedicine sector's reliance on high-end talent presents challenges for Jinbo Biological in attracting intellectual resources in Shanxi compared to larger cities [5]

山西锦波生物医药股份有限公司（以下简称"公司"）于近日获得一项 由国家药品监督管理局颁发的第三类医疗器械注册证。 二、医疗器械注册证主要内容 产品名称：注射用重组Ⅲ型人源化胶原蛋白凝胶 证券代码：832982 证券简称：锦波生物 公告编号：2025-006 山西锦波生物医药股份有限公司 关于获得第三类医疗器械注册证的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、基本情况 骨膜上层。该产品注射后可对细胞、组织起支撑作用。 山西锦波生物医药股份有限公司 注册证编号：国械注准20253130751 注册人名称：山西锦波生物医药股份有限公司 注册人住所：山西综改示范区太原唐槐园区锦波街18号、山西省太原市 小店区化章街88号 适用范围：产品适用于注射到中面部皮下至骨膜上层，以矫正中面部容 量缺失和/或中面部轮廓缺陷。 批准日期：2025年4月9日 三、对公司的影响 上述产品是国际首个通过自组装、自交联技术，利用合成生物法生产的 "注射用重组Ⅲ型人源化胶原蛋白凝胶"产品。该产品成分单一，不含交联 剂或 ...

Investment Rating - The investment rating for the company is "Outperform" [7] Core Insights - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year growth of 85.4%, and a net profit of 733 million yuan, which is a 144.65% increase compared to the previous year [3] - The company has made significant advancements in the research and application of recombinant human collagen, particularly in the development of a new IV type collagen for skincare products, which has set a new benchmark in the market [4] - The company has successfully gained FDA certification for multiple products, enhancing its brand recognition and market presence internationally [5] Financial Summary - Revenue projections for 2024-2026 are 1,446 million, 1,851 million, and 2,186 million yuan respectively, with corresponding net profits of 733 million, 927 million, and 1,125 million yuan [6] - The gross margin is expected to be 95.4% in 2024, with a net margin of 50.7% [6] - The earnings per share (EPS) are projected to be 8.29, 10.47, and 12.71 yuan for 2024, 2025, and 2026 respectively, with a current price-to-earnings (P/E) ratio of 31.7 for 2024 [6][8]

Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Insights - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year growth of 85.4%, and a net profit of 733 million yuan, which is a 144.65% increase compared to the previous year [3] - The company has made significant advancements in the research and application of recombinant human collagen, particularly in the development of a new IV type collagen for skincare products, setting a new benchmark in the market [4] - The company has successfully expanded its international market presence, with over 2 million clinical injections of its products and multiple FDA certifications for its brands, enhancing its global competitiveness [5] Financial Summary - Revenue projections for 2024-2026 are set at 1.446 billion, 1.851 billion, and 2.186 billion yuan respectively, with corresponding net profits of 733 million, 927 million, and 1.125 billion yuan [6] - The gross margin is expected to remain high, with estimates of 95.4% in 2024, 94.1% in 2025, and 94.8% in 2026 [6] - The earnings per share (EPS) are projected to be 8.29 yuan in 2024, 10.47 yuan in 2025, and 12.71 yuan in 2026, with the current price-to-earnings (P/E) ratios at 31.7, 25.1, and 20.7 respectively [6][8]