Investment Rating - The investment rating for the company is "Accumulate" with a target price of 339.60, up from the previous forecast of 318.90 [2][14]. Core Insights - The company is expected to achieve a net profit growth of 145% year-on-year in 2024, driven by the strong momentum of its flagship product, Wei Yi Mei. The launch of the new ColNet collagen product in Q1 2025 is anticipated to further enhance growth prospects [3][14]. - The report highlights the company's robust revenue growth, with projected revenues increasing from 780 million in 2023 to 1.447 billion in 2024, representing an 85.4% increase [5][15]. - The company has a strong market position in the medical aesthetics sector, with its core product, Wei Yi Mei, expected to generate significant sales, reaching approximately 1 billion in 2025 [14]. Financial Summary - Revenue is projected to grow from 390 million in 2022 to 2.415 billion by 2026, with a compound annual growth rate (CAGR) of 23.9% [5][15]. - Net profit attributable to the parent company is expected to rise from 109 million in 2022 to 1.265 billion in 2026, reflecting a CAGR of 26.3% [5][15]. - The company's earnings per share (EPS) is forecasted to increase from 1.23 in 2022 to 14.29 in 2026 [5][15]. Market Data - The company's current market capitalization is approximately 24.341 billion, with a current share price of 275.00 [6]. - The stock has shown a 52-week price range of 143.39 to 275.00 [6]. - The company has a net asset return rate of 31.4% in 2023, projected to reach 45.9% in 2024 [5][15]. Product Development - The company plans to launch the Wei Yi Mei ColNet collagen product in February 2025, which is expected to complement its existing product line and enhance market competitiveness [14]. - The report indicates a rich pipeline of new products, including various types of collagen products that are anticipated to receive regulatory approval in 2025 [14].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated significant revenue growth, achieving an operating income of 1.447 billion yuan in 2024, a year-on-year increase of 85.40%, and a net profit attributable to shareholders of 733 million yuan, up 144.65% [6][8] - The company continues to expand its product pipeline and market presence, launching innovative products such as the world's first eye area anti-aging regeneration material based on "self-assembly root technology" [6][8] - The company is actively pursuing international market opportunities, having secured patent authorizations in countries like the USA, South Korea, Japan, and Brazil, which enhances its global competitiveness [7][8] Financial Performance Summary - The company's main revenue is projected to grow from 3.90 billion yuan in 2022 to 24.05 billion yuan in 2026, with corresponding net profits increasing from 1.09 billion yuan to 12.04 billion yuan over the same period [4][8] - Earnings per share (EPS) are expected to rise from 1.23 yuan in 2022 to 13.60 yuan in 2026, reflecting strong growth potential [4][8] - The price-to-earnings (P/E) ratio is forecasted to decrease from 184.86 in 2022 to 16.77 in 2026, indicating improving valuation metrics as the company scales [4][8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 85.40% and a net profit increase of 144.65% for the 2024 fiscal year [6] - The core product, Wei Yi Mei® recombinant type III humanized collagen dry fiber, has achieved over 2 million clinical injections since its launch in June 2021, demonstrating strong market validation [6] - The company is expanding its product pipeline and has launched the world's first eye anti-aging regeneration material based on "self-assembly root technology" [6] - The company is actively pursuing overseas market expansion and has secured patents in multiple countries, enhancing its global competitiveness [7] Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 14.44 billion, 19.03 billion, and 24.05 billion yuan, respectively, with year-on-year growth rates of 85.07%, 31.76%, and 26.42% [8] - Net profit projections for the same years are 7.29 billion, 9.44 billion, and 12.04 billion yuan, with growth rates of 143.14%, 29.54%, and 27.49% [8] - Earnings per share (EPS) are projected to be 8.24 yuan, 10.67 yuan, and 13.60 yuan for 2024, 2025, and 2026, respectively [8] Market Position - The company is positioned as a leader in the domestic recombinant collagen market, with a unique product offering and first-mover advantage [8] - The report highlights the company's ongoing efforts to diversify its collagen technology applications across various medical and aesthetic fields [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Insights - The company is expected to achieve a revenue of 1.447 billion yuan in 2024, representing a year-on-year growth of 85% [2] - The net profit attributable to shareholders is projected to reach 733 million yuan in 2024, with a year-on-year increase of 145% [2] - The company has successfully expanded its product matrix, launching new anti-aging brands and products, which are anticipated to drive future growth [5] - The company has obtained overseas certification for its medical devices, marking a significant step in its global expansion strategy [5] Financial Performance Summary - Revenue for 2022 was 390 million yuan, with a growth rate of 67% year-on-year [2] - Revenue for 2023 is expected to be 780 million yuan, with a growth rate of 100% year-on-year [2] - The projected revenue for 2025 is 2.047 billion yuan, with a growth rate of 41% year-on-year [2] - The net profit for 2022 was 109 million yuan, with a growth rate of 90% year-on-year [2] - The projected net profit for 2025 is 1.082 billion yuan, with a growth rate of 48% year-on-year [2] - The earnings per share (EPS) for 2024 is expected to be 10.77 yuan, with a significant increase from 4.40 yuan in 2023 [2] Market Position and Strategy - The company is actively participating in industry forums and exhibitions to enhance its B2B presence and expand its customer base [5] - The company has covered approximately 3,000 medical institutions by the end of the first half of 2024 [5] - The company is increasing its media exposure to boost product awareness among consumers [5]

证券代码：832982 证券简称：锦波生物 公告编号：2025-005 山西锦波生物医药股份有限公司 第四届董事会第七次会议决议公告 3.会议召开方式：现场加通讯 4.发出董事会会议通知的时间和方式：2025 年 2 月 24 日以邮件方式发出 5.会议主持人：董事长杨霞女士 6.会议列席人员：汤莉、何振瑞、于玉凤、薛芳琴、兰小宾 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、审议过程符合《中华人民共和国公司法》等有关 法律、行政法规、部门规章、规范性文件及《公司章程》的规定。 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 2 月 26 日 2.会议召开地点：公司四楼会议室 （二）会议出席情况 二、议案审议情况 4.提交股东大会表决情况： 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事金雪坤、王玲玲、张金鑫、阎丽明、梁桐栋因出差及外地办公以通讯方 式参与表决。 （一）审议通过《关于制定<山西锦波生物 ...

Investment Rating - The report assigns a "Strong Buy" rating for the stock, expecting a price increase of over 20% within the next six months compared to the market benchmark index [23]. Core Insights - The company has demonstrated significant growth momentum in the first three quarters of 2024, with revenue reaching 988 million yuan, a year-on-year increase of 91.16%, and a net profit of 520 million yuan, up 170.42% [3][4]. - The core product, Wei Yi Mei, has filled a gap in the aesthetic medicine market for recombinant collagen, contributing 479 million yuan in revenue in the first half of 2024, a 105% increase, and accounting for 82% of the medical device business revenue [5][4]. - The company has made substantial progress in international expansion, becoming the first to obtain a D-class medical device registration in Vietnam for its recombinant collagen product, marking a significant breakthrough in its international strategy [12][11]. Business Expansion - The company’s revenue and profit have shown a dual high-growth trend, with the third quarter alone generating 386 million yuan, reflecting a 92.07% year-on-year growth [4][3]. - The business structure is heavily focused on high-margin recombinant collagen medical devices, maintaining a gross margin of around 95%, despite a slight decrease in the third quarter [13][12]. - The company has established a strong distribution network, covering over 3,000 aesthetic medical institutions in China, and has partnered with L'Oréal to enhance its brand presence in the high-end market [5][12]. Internationalization Strategy - The company views the Vietnamese market as a key breakthrough point, with the medical device market expected to grow at a compound annual growth rate of 9% from 2024 to 2033, primarily relying on imports [12][11]. - Future plans include expanding into Southeast Asia and other international markets, with potential for more registration applications and localized marketing networks [12][11]. Profitability and Product Mix - The revenue from high-margin recombinant collagen medical devices is significantly high, with a gross margin of 95%, indicating a strategic focus on high-value medical products [13][12]. - Although the growth rate for functional skincare products is lower, partnerships with international brands like L'Oréal are expected to enhance market penetration and long-term growth prospects [13][12]. Industry Trends - The recombinant collagen sector is experiencing rapid penetration, with the company being the only provider of a Class III medical device product in the domestic market, highlighting its scarcity [15][12]. - Competitors are expected to introduce similar products post-2025, but the company is actively developing new products and expanding its international presence to maintain its competitive edge [15][12].

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Insights - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year increase of 85.40%, and a net profit attributable to shareholders of 733 million yuan, up 144.65% year-on-year [1]. - The company continues to expand its product pipeline in the medical aesthetics sector, launching the world's first eye-area anti-aging regeneration material based on "self-assembling root technology" [2]. - The company is actively expanding into international markets, enhancing brand recognition and competitiveness through participation in global exhibitions and securing patents in multiple countries [3]. Financial Performance - The company forecasts revenues of 1.445 billion, 1.918 billion, and 2.381 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 85.2%, 32.7%, and 24.2% [3][5]. - The net profit attributable to shareholders is projected to be 737 million, 1.007 billion, and 1.284 billion yuan for the same years, with growth rates of 145.7%, 36.8%, and 27.5% [3][5]. - The report indicates a PE ratio of 27, 20, and 16 for the years 2024, 2025, and 2026, respectively [3][5].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year increase of 85.40%, and a net profit attributable to shareholders of 733 million yuan, up 144.65% year-on-year [1] - The company continues to expand its product pipeline in the medical beauty sector, launching the world's first eye area anti-aging regeneration material based on "self-assembling root technology" [2] - The company is actively expanding its international market presence, enhancing brand recognition and competitiveness through participation in international exhibitions and strategic partnerships [3] - Revenue projections for 2024-2026 are 1.445 billion, 1.918 billion, and 2.381 billion yuan, with corresponding net profits of 737 million, 1.007 billion, and 1.284 billion yuan, indicating strong growth potential [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 458 million yuan, a year-on-year increase of 74.07%, and a net profit of 214 million yuan, up 98.58% year-on-year [1] - The company forecasts a revenue growth rate of 85.2% for 2024, followed by 32.7% in 2025 and 24.2% in 2026 [5] - The net profit growth rates are projected at 145.7% for 2024, 36.8% for 2025, and 27.5% for 2026 [5] Product Development - The company has enriched its product line with new specifications for its recombinant type III humanized collagen protein freeze-dried fiber products, enhancing its market offerings [2] - The safety and effectiveness of the company's products have been validated by over 2 million clinical injections since the launch of its flagship product in June 2021 [2] Market Expansion - The company has successfully obtained patent authorizations in the US, South Korea, Japan, and Brazil for its recombinant type III humanized collagen protein raw materials, indicating strong international recognition [3] - The company has received a D-class medical device registration certificate in Vietnam, further solidifying its international market position [3]

Financial Performance - The company achieved operating revenue of ¥1,446,581,643.36, an increase of 85.40% compared to the same period last year[4] - The total profit reached ¥859,489,481.62, reflecting a growth of 144.93% year-over-year[4] - Net profit attributable to shareholders was ¥733,461,178.85, up 144.65% from the previous year[4] - The basic earnings per share increased to ¥8.29, representing a growth of 132.21% year-over-year[4] Assets and Equity - Total assets at the end of the reporting period were ¥2,064,166,266.85, a 43.89% increase from the beginning of the period[4] - Shareholders' equity attributable to the company increased to ¥1,537,467,511.57, up 61.22% from the start of the period[4] Business Development - The company actively developed new products and strengthened brand building, contributing to sustainable revenue growth[5] - The increase in revenue was primarily driven by significant growth in sales of medical devices and functional skincare products[6] - The company experienced improved profit margins due to steady revenue growth and scale effects[6] Financial Data Disclaimer - Investors are advised to note that the financial data presented is preliminary and unaudited, which may differ from the final report[8]

证券研究报告 美容护理 报告日期：2025 年 02 月 20 日 专注重组胶原蛋白领域，构建起全方位产业链 ——锦波生物（832982.BJ）公司深度研究报告 华龙证券研究所 投资评级：买入（维持） 最近一年走势 | 当前价格（元） | 229.30 | | --- | --- | | 周价格区间（元） 52 | 142.60-293.62 | | 总市值（百万元） | 20,295.76 | | 流通市值（百万元） | 10,522.82 | | 总股本（万股） | 8,851.18 | | 流通股（万股） | 4,589.11 | | 近一月换手（%） | 16.83 | 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 《盈利能力与研发能力表现优异，推动 公 司 持 续 健 康 发 展 — 锦 波 生 物 2024.08.26 摘要： 医药行业新秀，多年深耕功能蛋白研发。成立十六年来，公司致 力研究重组人源胶原蛋白与抗 HPV 生物蛋白产品研究领域，获 取重组Ⅰ型人源化胶原蛋白冻干纤维、重组 XVII 型人源化胶原 蛋白修复冻干粉等数个相关医疗器械注册证。 ...