截至4月29日，北交所融资融券余额合计52.06亿元，较前一交易日减少977.97万元，其中，融资余额 52.05亿元，较前一交易日减少954.43万元，为连续3个交易日减少；融券余额为46.88万元，较前一交易 日减少23.53万元。 证券时报·数据宝统计显示，截至4月29日，北交所股票中，融资余额居前的为锦波生物、艾融软件、贝 特瑞，最新融资余额分别为2.18亿元、1.44亿元、1.32亿元，从最新融资余额占流通市值比例看，算术 平均值为1.20%，最新融资余额占流通市值比例居前的有派诺科技、美登科技、国子软件等，占比分别 为7.63%、5.75%、4.40%。 活跃度来看，获融资净买入超百万元个股4月29日加权平均换手率为4.44%，换手率居前的有万达轴 承、科拜尔、亿能电力等，日换手率分别为23.44%、18.91%、18.08%，当日北交所股票日均换手率为 4.22%。（数据宝） 4月29日融资余额增加居前的北交所股票 | 代码 | 简称 | 4月29日涨跌幅 | 最新融资余额 | 较上一日增加 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | -- ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-045 山西锦波生物医药股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （电话会议） 二、 投资者关系活动情况 活动时间：2025 年 4 月 28 日 15：00-16：00 活动地点：电话会议 参会单位：中信证券、天风证券、西部证券、中信建投证券、华泰证券、东 吴证券、中金公司、华源证券、方正证券、兴业证券、长江证券、华福证券、光 大证券、开源证券、国泰海通证券、申万宏源证券、东方财富证券、民生证券、 中欧基金、工银瑞信、富国基金、汇添富基金、广发基金等 104 家机构。 上市公司接待人员：公司董事、副总经理、董事会秘书：唐梦华女士；公司 董事、副总经理：李飞先生。 三、 投资者关系活动主要内容 问题 1、请介绍一下目前公司在重组人源化胶原蛋白领域的国际地位？与同 行相比，公 ...

锦波生物（832982.BJ）2024 年年报及 2025 年一季报点评 ➢ 公司拟实施股权激励计划，彰显长期发展信心。本次计划激励股权 100 万份 （占总股本 1.13%），其中首次授予 80 万份（占总股本的 0.90%）；预留 20 万 份，（占总股本的 0.23%），行权价格 276 元/份。激励对象包括公司董事、高 级管理人员等在内的合计 87 人，考核分为 2025-2027 年三期，分别考核目标为 25/26/27 年 净 利 润 不 低 于 10/14/18 亿 元 ， 同 比 增 速 分 别 不 低 于 37%/40%/29%。 ➢ 投资建议：公司是重组胶原蛋白龙头企业，我们预计 25-27 年公司归母净 利润为 11.1/16.0/21.5 亿元，同比增速+50.9%/+44.6%/+34.2%，当前股价对 应 25-27 年 PE 分别为 30x、21x、16x，维持"推荐"评级。 ➢ 风险提示：政策变动风险；行业竞争加剧；新品研发不及预期。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | -- ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [7] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 1.443 billion yuan, a year-on-year increase of 84.92%, and net profit attributable to shareholders reaching 732 million yuan, up 144.27% [3][6] - In Q1 2025, the company continued to show strong growth, with revenue of 366 million yuan, a year-on-year increase of 62.51%, and net profit attributable to shareholders of 169 million yuan, up 66.25% [3][6] - The company has expanded its product matrix and strengthened its technological barriers, receiving a third-class medical device registration for a new injectable product [6] Summary by Sections Financial Performance - In 2024, the company's medical device sales generated revenue of 1.254 billion yuan, a growth of 84.37%, with a gross margin of 95.03% [6] - The functional skincare segment saw an 86.83% increase in revenue, driven by the growth of the "重源" and "ProtYouth" brands [6] - The company’s revenue from raw materials and other segments increased by 89.07%, attributed to stable procurement from brand clients and rising brand awareness [6] Q1 2025 Performance - The company reported a gross margin of 90.11% in Q1 2025, a decrease of 1.78 percentage points year-on-year, but net profit margin improved by 0.94 percentage points to 45.99% due to effective cost control [6] - Sales and management expense ratios decreased by 2.6 and 2.58 percentage points respectively, while R&D expense ratio increased by 0.64 percentage points, indicating a balance between cost control and innovation investment [6] Future Earnings Forecast - The company is projected to achieve earnings per share of 11.88 yuan and 16.50 yuan for 2025 and 2026 respectively, with corresponding price-to-earnings ratios of 33 times and 23 times [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company reported a strong performance in 2024 with total revenue of 1,443 million yuan, a year-on-year increase of 84.9%, and a net profit of 732 million yuan, up 144.3% year-on-year [6][7]. - The company plans to implement its first stock incentive plan post-listing, indicating confidence in high growth targets for net profit of no less than 10 billion yuan in 2025, 14 billion yuan in 2026, and 18 billion yuan in 2027 [6][7]. - The revenue forecast for 2025-2027 is adjusted to 2,390 million yuan, 3,227 million yuan, and 3,952 million yuan respectively, reflecting a slight downward adjustment due to new stock incentive expenses [7]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 366 million yuan, a year-on-year increase of 62.5%, and a net profit of 169 million yuan, up 66.3% year-on-year [6][7]. - The gross profit margin for 2024 was reported at 92.0%, with a net profit margin of 50.8%, reflecting significant scale effects [6][7]. - The company’s earnings per share (EPS) for 2025 is projected to be 12.97 yuan, with a price-to-earnings (PE) ratio of 30 [2][7]. Business Segment Insights - The company’s revenue breakdown shows that single material medical devices accounted for 78.2% of total revenue, with the flagship product, Wei Yi Mei®, achieving sales of 1.2428 million units, a year-on-year increase of 115.8% [6][7]. - The functional skincare segment saw revenue of 1.42 billion yuan, up 86.8%, driven by the growth of the Rejuvenation® brand and high-end brand ProtYouth® [6][7]. - The company is focusing on enhancing brand interaction and expanding its customer base, which is expected to sustain high growth momentum [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a significant increase in Q1 2025 performance, with revenue reaching 366 million yuan, a year-on-year growth of 62.51%, and a net profit attributable to shareholders of 169 million yuan, up 66.25% year-on-year [1]. - The company launched a new freeze-dried fiber product aimed at addressing eye area aging, and has received approval for multiple types of gel products, positioning itself as a leader in the industry [2]. - A stock option incentive plan was introduced, targeting 87 employees, which represents 10.57% of the total workforce, to align core talent with the company's long-term goals [3]. Financial Performance Summary - For Q1 2025, the gross margin was 90.11%, with a net profit margin of 45.89%. The company effectively managed its expenses, with a sales expense ratio of 21.33% and a management expense ratio of 8.26% [1]. - The financial forecast estimates revenues of 2.13 billion yuan in 2025, with a projected net profit of 1.07 billion yuan, reflecting a year-on-year growth of 46.40% [6]. - The expected earnings per share (EPS) for 2025 is 12.11 yuan, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 20 for the years 2025, 2026, and 2027 respectively [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a significant increase in Q1 2025 performance, with revenue reaching 366 million yuan, a year-on-year growth of 62.51%, and a net profit attributable to shareholders of 169 million yuan, up 66.25% year-on-year [1]. - The company launched a new freeze-dried fiber product aimed at addressing eye area aging, which has already seen over 2 million clinical injections since its launch in June 2021 [2]. - A stock option incentive plan was introduced, targeting 87 employees, which represents 10.57% of the total workforce, to align core talent with the company's long-term goals [3]. Financial Performance Summary - For Q1 2025, the gross margin was 90.11%, with a net profit margin of 45.89%, reflecting effective cost control [1]. - The company is projected to achieve earnings per share (EPS) of 12.11, 16.28, and 20.54 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 20 [4][6]. - The financial forecast indicates a revenue increase from 780.26 million yuan in 2023 to 3,502.88 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25.56% [6].

Investment Rating - The investment rating for the company is "Buy" with a target price of 494 CNY, corresponding to a PE ratio of 38 times for 2025 [6][18]. Core Views - The company has demonstrated continuous high-speed growth, with 2024 revenue reaching 1.443 billion CNY, a year-on-year increase of 84.92%, and a net profit of 732 million CNY, up 144.27% year-on-year [1]. - The company is effectively reducing costs and increasing efficiency, resulting in a stable rise in profitability, with a gross margin of 92.02% for 2024, up 1.86 percentage points year-on-year [2]. - The core segment of medical devices performed exceptionally well, generating 1.254 billion CNY in revenue for 2024, a year-on-year increase of 84.37% [3]. - The company is expanding its product matrix and making steady progress in internationalization, with new product launches and FDA certifications for several products [4]. - A stock incentive plan is proposed, aiming for net profits of no less than 1 billion CNY in 2025, 1.4 billion CNY in 2026, and 1.8 billion CNY in 2027 [5]. Financial Performance Summary - In 2024, the company reported a revenue of 1,442.83 million CNY, with a growth rate of 84.92% [12]. - The net profit attributable to the parent company for 2024 was 732.30 million CNY, reflecting a growth rate of 144.27% [12]. - The projected revenues for 2025, 2026, and 2027 are 2,350.81 million CNY, 3,181.93 million CNY, and 4,140.33 million CNY, respectively [12]. - The projected net profits for the same years are 1,150.75 million CNY, 1,557.79 million CNY, and 1,979.26 million CNY, respectively [12]. Product and Market Development - The medical device segment accounted for 86.89% of total revenue in 2024, with a gross margin of 95.03% [3]. - The company has launched new specifications for its products and received approvals for new gel products, which are expected to open up additional market opportunities [4]. - The company has expanded its domestic channel coverage to 4,000 medical institutions and has made progress in international markets, including obtaining patents in Brazil and FDA certifications in the U.S. [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 494 CNY, corresponding to a PE ratio of 38 times for 2025 [6][18]. Core Views - The company has demonstrated continuous high-speed growth, with 2024 revenue reaching 1.443 billion CNY, a year-on-year increase of 84.92%, and a net profit of 732 million CNY, up 144.27% year-on-year [1]. - The company is implementing a stock incentive plan aimed at motivating employees and driving future growth, with profit targets set for 2025, 2026, and 2027 [5]. Financial Performance - In 2024, the gross margin was 92.02%, an increase of 1.86 percentage points year-on-year, while the net profit margin was 50.75%, up 12.33 percentage points year-on-year [2]. - The company reported a revenue of 366 million CNY in Q1 2025, reflecting a year-on-year growth of 62.51% [1]. Business Segments - The medical device segment generated 1.254 billion CNY in revenue in 2024, a year-on-year increase of 84.37%, accounting for 86.89% of total revenue [3]. - Functional skincare products saw significant growth, with revenue of 142 million CNY in 2024, up 86.83% year-on-year [3]. Product Development and International Expansion - The company is expanding its product matrix with new specifications and has received approvals for new gel products, enhancing its market presence [4]. - The company has made strides in international markets, with new patents in Brazil and FDA certifications for several products in the U.S. [4]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 2.351 billion CNY, 3.182 billion CNY, and 4.140 billion CNY, respectively, with net profits expected to be 1.151 billion CNY, 1.558 billion CNY, and 1.979 billion CNY [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company continues to show high growth in performance, with 2024 revenue projected at 1.44 billion yuan, representing an 84.92% year-on-year increase, and a net profit of 732 million yuan, reflecting a 144.27% increase [7] - The company holds all three types of approved recombinant collagen products in China, leading globally in technology, and has expanded its product matrix [7] - A stock option incentive plan is set to be implemented in 2025, aimed at motivating core team members and key employees [7] - All three business segments are experiencing high growth, with medical devices achieving a gross margin of 95% [7] - Long-term healthy growth is expected, with net profit forecasts for 2025-2027 at 1.11 billion, 1.56 billion, and 2.00 billion yuan respectively, corresponding to P/E ratios of 31, 22, and 17 [7] Financial Summary - For 2024, total revenue is expected to be 1.44 billion yuan, with a net profit of 732 million yuan [7] - The gross margin for 2024 is projected at 92.02%, with a net profit margin of 50.75% [7] - The company plans to cover approximately 4,000 medical institutions by 2024, enhancing its market presence [7] - The operating cash flow for 2024 is estimated at 767 million yuan, with a projected increase in net profit for subsequent years [8]