Investment Rating - The investment rating for the company is "Buy" with a target price reflecting an expected return of over 20% within the next six months [4][11]. Core Views - The company, Jinbo Biological, is a leading enterprise in the field of recombinant collagen, and 2024 is expected to be a pivotal year for its commercialization efforts. The company is focusing on enhancing its C-end marketing for the Weiyimei® brand and deepening its B-end relationships with major clients [2][4]. - The company has achieved significant revenue growth, with a year-on-year increase of 91.16% in the first three quarters of 2024, reaching a total revenue of 988 million yuan [1][2]. - The company has made substantial investments in R&D, obtaining 13 invention patents in the first half of 2024, including two international patents, and has completed key research in various medical fields [1][2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 712.76 million yuan, with a year-on-year growth rate of 137.75%. The expected earnings per share (EPS) for 2024 is 8.05 yuan [3][7]. - The company's revenue is forecasted to grow to 1.49 billion yuan in 2024, reflecting a growth rate of 91% compared to the previous year [3][7]. - The company's EBITDA is expected to reach 876.76 million yuan in 2024, with a significant increase in profitability metrics such as gross margin and net margin [3][7]. Market Position and Strategy - The company is expanding its product specifications and types, which has been a key driver for its growth in the medical aesthetics sector. The Weiyimei® product line has seen innovative developments aimed at high-end channels [2][4]. - The company is also focusing on building a strong consumer brand presence and enhancing customer retention through targeted marketing strategies [2][4].

Investment Rating - The report maintains a "Recommended" investment rating for the company [3]. Core Insights - The company reported a revenue of 988 million yuan for the first three quarters of 2024, representing a year-on-year growth of 91.16%. The net profit attributable to shareholders reached 520 million yuan, up 170.42% year-on-year, with a non-recurring net profit of 511 million yuan, reflecting a 198.12% increase. The earnings per share (EPS) stood at 5.87 yuan, a 156.33% increase year-on-year, with an overall gross margin of 92.37% [1]. - In Q3 2024 alone, the company achieved a revenue of 386 million yuan, a year-on-year increase of 92.07%, and a net profit of 210 million yuan, up 153.96% year-on-year, with a gross margin of 93.60%. The performance in Q3 continued to show growth compared to Q2, with an improvement in gross margin [1]. - The medical device segment showed strong performance, with significant revenue growth driven by the sales of Class III medical device implants featuring recombinant human collagen as a core component. The company's self-branded product "Wei Yi Mei" is now available in approximately 3,000 medical institutions, focusing on correcting cosmetic issues around the eyes and forehead. As sales scale up, the company's sales, management, and R&D expense ratios are gradually decreasing [1]. - The company has a clear long-term strategy and is well-prepared for future growth, with a rich pipeline of new products. The "Recombinant Type III Human Collagen Injection" has passed innovative medical device approval, marking it as the second Class III medical device implant in this field. The company is also researching other types of collagen for various applications, including hair, oral, and skin treatments. Additionally, the company plans to invest up to 220 million yuan in a workshop project aimed at producing recombinant Type III human collagen freeze-dried fibers and injectable gels, which will drive future growth [1]. - The collagen industry has significant growth potential, with the market for recombinant collagen products in China expected to reach 58.57 billion yuan by 2025, with a compound annual growth rate (CAGR) exceeding 40%. As a leading player in this field, the company is expected to continue increasing its market share through ongoing technological advancements and new product developments [1]. Financial Forecast - The company is expected to generate revenues of 1.385 billion yuan, 1.920 billion yuan, and 2.351 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 77.45%, 38.69%, and 22.44%. The net profit attributable to shareholders is projected to be 696 million yuan, 989 million yuan, and 1.230 billion yuan for the same years, with growth rates of 132.00%, 42.18%, and 24.35%, respectively. The EPS is forecasted to be 7.86 yuan, 11.17 yuan, and 13.89 yuan, with corresponding price-to-earnings (PE) ratios of 29.46, 20.72, and 16.66 [2][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has continued to show high growth and profitability, with a strong focus on brand promotion, market education, and product development [6][2] - The company plans to purchase land use rights to enhance its R&D and production capabilities, which is expected to solidify its competitive advantages [6] - The company is projected to achieve significant revenue and profit growth over the next few years, with expected revenues of 14.83 billion, 20.06 billion, and 25.69 billion for 2024, 2025, and 2026 respectively [6] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 988 million (up 91.2% YoY) and net profit attributable to shareholders of 520 million (up 170.4% YoY) [6] - In Q3 2024, the company achieved revenue of 386 million (up 92.1% YoY) and net profit of 210 million (up 154.0% YoY) [6] - The gross margin for Q3 2024 was 93.6% (up 2.35 percentage points YoY), with a net profit margin of 54.57% (up 13.3 percentage points YoY) [6][2] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 14.83 billion, 20.06 billion, and 25.69 billion respectively, with growth rates of 90.0%, 35.3%, and 28.1% [6] - Net profit projections for the same years are 7.57 billion, 10.45 billion, and 13.42 billion, with growth rates of 152.6%, 38.1%, and 28.4% [6] - Earnings per share (EPS) are expected to be 8.56, 11.81, and 15.16 for 2024, 2025, and 2026 respectively [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company, Jinbo Biological, has a rich product matrix that injects new momentum into its development, with a 154% year-on-year increase in net profit attributable to the parent company in Q3 2024 [1][3] - The company achieved a revenue of 988 million yuan in the first three quarters of 2024, representing a year-on-year growth of 91.16%, and a net profit of 520 million yuan, up 170.42% year-on-year, with a net profit margin of 52.60% [3] - The company is recognized as a leader in collagen protein, with its product "Wei Yimei" continuing to see significant growth, leading to an upward revision of profit forecasts for 2024-2026 [3] Financial Performance Summary - Revenue for 2024 is projected to be 1,384 million yuan, with net profit expected to reach 680 million yuan, reflecting a year-on-year growth of 127% [3][7] - The gross margin is expected to be 93.6% in 2024, while the net margin is projected at 49.2% [7] - The earnings per share (EPS) for 2024 is estimated at 7.69 yuan, with corresponding price-to-earnings (P/E) ratios of 30.1, 22.2, and 18.2 for 2024, 2025, and 2026 respectively [3][7] Product Development and Market Strategy - Jinbo Biological has expanded its product offerings, launching new collagen-based skincare products, including a triple collagen cream and an eye cream with advanced ingredients [4] - The company has increased its sales expenses by 55.51% year-on-year, reflecting its commitment to expanding its sales team and enhancing brand promotion efforts [4] - A key laboratory for functional proteins has been approved for construction, which will facilitate collaborative research and development efforts [5] Research and Development Initiatives - The company is actively engaged in multiple research projects, including studies on collagen proteins for various medical applications, indicating a strong focus on innovation and product development [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company has demonstrated rapid growth, with a revenue of RMB 988 million for Q1-Q3 2024, representing a year-on-year increase of 91.16%, and a net profit of RMB 520 million, up 170.42% year-on-year [2][3] - The gross margin continues to improve, reaching 92.37% for Q1-Q3 2024, an increase of 2.40 percentage points year-on-year [2][3] - The company is focused on the recombinant collagen field, with unique advantages in its products, particularly the recombinant type III humanized collagen, which is rare in the market [2][3] Financial Summary - For 2024, 2025, and 2026, the expected net profits are RMB 700 million, RMB 975 million, and RMB 1.324 billion, respectively, with corresponding EPS of RMB 7.91, RMB 11.01, and RMB 14.96 [2][3] - The company’s revenue is projected to grow significantly, with a forecast of RMB 1.445 billion in 2024, RMB 2.015 billion in 2025, and RMB 2.647 billion in 2026, reflecting growth rates of 85.2%, 39.4%, and 31.4% respectively [3][4] - The expected P/E ratios for 2024, 2025, and 2026 are 31.2x, 22.4x, and 16.5x, indicating a strong valuation outlook [3][4] Operational Efficiency - The company has successfully reduced its selling and administrative expense ratios, with selling expenses down 3.98 percentage points year-on-year to 17.38% and management expenses down 3.06 percentage points to 8.42% for Q1-Q3 2024 [2][3] - The EBITDA for 2024 is projected to be RMB 916 million, with a significant growth rate of 131.9% [3][4]

[Table_TargetPrice] [Table_Main] 公司研究|医疗保健|制药、生物科技与生命科学 证券研究报告 锦波生物(832982)公司点评报告 2024 年 10 月 22 日 [Table_Title]业绩表现亮眼，产业应用多点开花 ——锦波生物(832982)2024 年三季报点评 [Table_Summary] 事件： 公司发布 2024 年三季度报告。 点评： 业绩表现超预期，利润同比增长 170.42% 前三季度公司实现营业收入 9.88 亿元，同比增长 91.16%；实现归母净利 润 5.20 亿元，同比增长 170.42%，业绩表现超预期，主要为重组人源化胶 原蛋白三类医疗器械植入剂的增长带动。单三季度来看，公司实现营业收入 3.86 亿元，同比增长 92.07%，归母净利润 2.10 亿元，同比增长 153.96%， 单三季度毛利率达到 93.60%，环比/同比分别提升 2.21/2.35 个百分点，单 三季度公司销售/管理/研发费用率分别为 16.60%/7.12%/4.84%，归母净利 润率达到 54.57%。 产业应用多点开花，医美持续放量，化妆品潜力大，原料牵手大厂 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's Q3 performance exceeded expectations, showing further growth compared to Q2, driven by the strong momentum of its core product, Wei Yi Mei [3] - The report highlights the company's potential to benefit from market expansion and product innovation, maintaining rapid growth [3] Financial Summary - The company adjusted its EPS forecasts for 2024-2026 to 8.15 (+1.01), 10.63 (+0.63), and 13.48 (+0.96) yuan, respectively, and set a target price of 318.90 yuan based on a 30x PE for 2025 [5] - For the first three quarters of 2024, the company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 988 million, 520 million, and 511 million yuan, respectively, representing year-on-year increases of 91%, 170%, and 178% [5] - In Q3 2024, the company achieved revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 386 million, 210 million, and 207 million yuan, respectively, with year-on-year growth of 92%, 154%, and 159% [5] - The gross margin for the first three quarters of 2024 increased by 2.40 percentage points to 92.37%, primarily due to the accelerated growth of high-margin medical device products [5] - The net profit margin increased by 15.58 percentage points to 52.60% for the first three quarters of 2024 [5] Product Performance - The core product, Wei Yi Mei, has shown significant growth, with over 1 million units sold within 1000 days of its launch, setting a sales record in the Chinese medical beauty materials market [5] - The company successfully launched a skincare brand during the 2024 Double Eleven shopping festival, achieving immediate sell-out of its key product [5] Research and Development - The company has established a strong foundation in the field of recombinant collagen, with multiple new products in development across various medical applications [5]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported a significant increase in revenue and profit, with a 91.2% year-on-year growth in revenue to 988 million yuan and a 170.4% increase in net profit to 520 million yuan for the first three quarters of 2024 [2]. - The growth in revenue is primarily driven by the increase in medical device sales, particularly the product series based on A-type recombinant humanized collagen [2]. - The company has shown improvement in expense ratios, leading to enhanced profitability, with a gross margin of 92.37% for the first three quarters of 2024, up 2.40 percentage points year-on-year [2]. - Future growth prospects are supported by product innovation, competitive advantages, and deepened sales channels, with expectations for continued revenue growth from the company's collagen products [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 52.60%, an increase of 15.58 percentage points year-on-year [2]. - The projected revenues for 2024, 2025, and 2026 are 1.483 billion yuan, 1.970 billion yuan, and 2.447 billion yuan, respectively, with year-on-year growth rates of 90.1%, 32.8%, and 24.2% [3][5]. - The projected net profits for the same years are 760 million yuan, 1.040 billion yuan, and 1.327 billion yuan, with growth rates of 153.5%, 36.9%, and 27.5% [3][5]. - The company’s PE ratios are projected to decrease from 68 in 2023 to 15 by 2026, indicating an improving valuation as earnings grow [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance relative to the market [3]. Core Views - The company has demonstrated strong revenue growth, with a 91.2% year-on-year increase in revenue for the first three quarters of 2024, reaching 988 million yuan, and a 170.4% increase in net profit, amounting to 520 million yuan [3]. - The medical aesthetics business is expected to continue its growth trajectory, with sales of the flagship product, Wei Yi Mei, projected to exceed 1 billion yuan for the year, driven by strong customer repurchase trends and increased marketing efforts [3]. - The private health sector is being expanded through online initiatives for the Wei Run product line, targeting a growing market with significant potential for penetration [3]. - The company is also developing new applications in scalp care with its Zhi Chun Yuan Su brand, which includes products featuring advanced collagen types [3]. - Profitability remains robust, with a gross margin of 93.6% and a net margin of 54.6% in Q3 2024, despite slight increases in sales and R&D expenses [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 988 million yuan, a 91.2% increase year-on-year, and a net profit of 520 million yuan, reflecting a 170.4% growth [3][4]. - The projected revenue for 2024 is estimated at 1.485 billion yuan, with a year-on-year growth rate of 90.4% [4]. - The company anticipates net profits of 700 million yuan in 2024, with a growth rate of 133.5% [4]. Business Segments - The medical aesthetics segment is expected to be the primary growth driver, with sales of Wei Yi Mei projected to reach approximately 3.15 billion yuan in Q3 2024 [3]. - The private health segment is being enhanced through online marketing strategies, aiming to increase awareness and customer base in the private medical aesthetics market [3]. - The scalp care product line is being developed to include innovative applications, supported by strong R&D capabilities [3]. Profitability Metrics - The company achieved a gross margin of 93.6% and a net margin of 54.6% in Q3 2024, indicating strong profitability despite rising operational costs [3]. - The projected earnings per share for 2024 is 7.91 yuan, with a corresponding PE ratio of 31x [4].