| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-11- 13 | 832522 | 纳科诺尔 | 71.01 | 50000 | 国泰君安证券股份有 限公司广东广州东风 | 粤开证券股份有限公 司广东分公司 | | | | | | | 中路营业部 | | | 2024-11- 13 | 832982 | 锦波生物 | 173 | 19000 | 中信证券股份有限公 司山西分公司 | 山西证券股份有限公 司太原府西街证券营 | | | | | | | | 业部 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [6]. Core Insights - The company reported a revenue of 386 million in Q3 2024, representing a year-over-year increase of 92% and a quarter-over-quarter growth of 2%. The net profit attributable to shareholders reached 210 million, up 154% year-over-year, exceeding market expectations [1]. - For the first three quarters of 2024, the company achieved a total revenue of 990 million, a 91% increase year-over-year, with a net profit of 520 million, reflecting a 170% increase compared to the same period last year [1]. - The company’s product, Wei Yi Mei, has surpassed one million units sold since its launch, and it has established a presence in over 3,000 medical beauty terminals as of the first half of 2024 [1]. - The collagen sector remains highly prosperous, with stable pricing and a declaration from the company to not authorize online platforms or social media for sales, suggesting expected price stability [1]. - The company has received its first overseas medical device registration certificate for its subcutaneous filler in Vietnam, marking a significant step in its international expansion [4]. - The company has formed a strategic partnership with L'Oréal to incorporate recombinant human collagen into its products, further enhancing its international market presence [4]. Financial Performance Summary - The company’s revenue is projected to grow significantly, with estimates of 1.412 billion for 2024, 1.977 billion for 2025, and 2.570 billion for 2026, reflecting growth rates of 81%, 40%, and 30% respectively [3]. - The net profit attributable to shareholders is expected to reach 701 million in 2024, 1.013 billion in 2025, and 1.304 billion in 2026, with year-over-year growth rates of 134%, 44%, and 29% respectively [3]. - The gross margin for Q3 was reported at 93.6%, with a year-over-year increase of 2.3 percentage points, indicating improved profitability [3]. - The company’s overall net profit margin reached 54.6%, remaining stable compared to Q2 while improving by 13% year-over-year [3]. Market Position and Future Outlook - The company is well-positioned in the high-demand collagen market, with a strong product pipeline and ongoing research and development efforts [4]. - The report highlights the importance of monitoring the progress of new product registrations and market expansions as potential catalysts for future growth [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has received its first overseas medical device registration certificate in Vietnam, marking a significant step in its international expansion [2][3]. - Vietnam's medical device market is rapidly growing, with a projected CAGR of 9.0% from 2024 to 2033, and over 90% of medical devices are imported [2][3]. - The approved product is a D-class medical device, a subcutaneous filler containing recombinant type III human collagen, aimed at correcting dynamic facial wrinkles [3]. - The company is a leader in the recombinant collagen industry in China and has showcased its products at international exhibitions, enhancing its global recognition [3]. Financial Summary - The company forecasts net profits of 749 million, 1.098 billion, and 1.479 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 8.46, 12.41, and 16.71 yuan [3][4]. - Revenue is expected to grow from 1.417 billion yuan in 2024 to 2.747 billion yuan in 2026, with a growth rate of 81.63% in 2024 [4][11]. - The company's P/E ratios are projected to decrease from 27 in 2024 to 14 in 2026, indicating potential for value appreciation [4][11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The approval of a Class D medical device registration in Vietnam marks a significant step for the company in its international expansion, particularly in the aesthetic medicine sector [2] - The company is positioned as a leader in recombinant collagen injection products, with strong clinical results and sales feedback in China, indicating substantial growth potential in overseas markets [2] - The ongoing development of a comprehensive anti-aging treatment plan and strategic partnerships to enhance brand influence are expected to support long-term growth [3] - The company has a robust pipeline of products under development, including recombinant collagen products for gynecological use and facial volumizing gels, which are progressing well through regulatory approval [3] Financial Forecast and Valuation - The company is projected to achieve total revenue of 1,434.02 million in 2024, with a year-on-year growth of 83.79% [1] - The net profit attributable to the parent company is expected to reach 733.50 million in 2024, reflecting a year-on-year increase of 144.67% [1] - The report anticipates a continued strong performance for the company, with net profits projected at 7.3 billion, 10.1 billion, and 13.0 billion for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 28, 20, and 16 [4]

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]