Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has demonstrated outstanding performance with a profit growth of 170.42% year-on-year, driven primarily by the growth of recombinant human collagen medical devices [3]. - The company is a leading player in the domestic recombinant collagen market, with multiple applications in the medical aesthetics and cosmetics sectors [4]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 988 million yuan, representing a year-on-year increase of 91.16%. The net profit attributable to shareholders reached 520 million yuan, up 170.42% year-on-year [3]. - For Q3 alone, the company reported a revenue of 386 million yuan, a 92.07% increase year-on-year, and a net profit of 210 million yuan, reflecting a 153.96% growth year-on-year. The gross margin for Q3 was 93.60%, with net profit margin at 54.57% [3]. Business Development - The company is expanding its medical aesthetics product line, with core products including various types of collagen injectables. The company has also initiated product registration for new collagen products aimed at facial volumization [3]. - In the cosmetics sector, the company has partnered with major brands like L'Oréal and has seen successful marketing campaigns, including collaborations with influencers [3]. Investment Recommendations and Earnings Forecast - Given the strong performance and ongoing expansion in the medical aesthetics market, the earnings per share (EPS) forecasts for 2024-2026 are adjusted to 7.91, 10.87, and 13.97 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 31, 23, and 18 times [4].

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].

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company, Jinbo Biological (832982.BJ), has shown strong performance with a significant increase in revenue and net profit for the third quarter of 2024, driven by the continued growth of its flagship product, Wei Yimei [3][4]. - The company reported a revenue of 990 million yuan for the first three quarters of 2024, representing a year-on-year growth of 91.2%, and a net profit of 520 million yuan, up 170.4% year-on-year [3][4]. - The gross margin has improved due to the increasing proportion of high-margin medical beauty products, with a gross margin of 92.4% for the first three quarters of 2024, up 2.4 percentage points year-on-year [4]. Summary by Sections Revenue Performance - The company achieved a revenue of 390 million yuan in 2022, which is projected to grow to 2.747 billion yuan by 2026, with a compound annual growth rate (CAGR) of 67.15% from 2022 to 2024 [6][7]. - The revenue growth rate is expected to be 99.96% in 2023 and 81.63% in 2024 [6]. Profitability - The net profit for 2022 was 109 million yuan, projected to reach 1.479 billion yuan by 2026, with a net profit growth rate of 90.24% in 2023 and 149.69% in 2024 [6][7]. - The earnings per share (EPS) is expected to increase from 1.75 yuan in 2022 to 16.71 yuan in 2026 [6]. Cash Flow - The operating cash flow for the first three quarters of 2024 was 540 million yuan, reflecting a year-on-year increase of 198.1% [3][4]. Market Position - The company is currently the only domestic enterprise with a Class III medical device certification for recombinant collagen, indicating a strong competitive advantage [5]. - The company has a clear product layout and is actively expanding its product matrix, including new launches in the collagen product line [4]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to decrease from 141 in 2022 to 15 by 2026, indicating an improving valuation as earnings grow [6][7]. - The price-to-book (P/B) ratio is expected to decline from 34.9 in 2022 to 6.1 in 2026 [6]. Future Outlook - The company is expected to maintain strong growth momentum, with ongoing research and development in various types of collagen and antiviral proteins, ensuring a robust pipeline for future products [4]. - The marketing efforts, including innovative collaborations and advertising campaigns, are expected to enhance brand visibility and drive sales growth [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company achieved a record high in Q3 2024 with a revenue of 990 million yuan, representing a year-on-year growth of 91.2%, and a net profit attributable to shareholders of 520 million yuan, up 170.4% [2] - The ongoing development of the "3+17" anti-aging treatment plan and the successful launch of the product Wei Yi Mei are expected to provide substantial long-term growth potential [2] - The company has a strong profitability with a gross margin of 92.37% for the first three quarters of 2024, which is an increase of 2.21 percentage points year-on-year [2] Summary by Sections Financial Performance - For the first three quarters of 2024, total revenue reached 990 million yuan, with a net profit of 520 million yuan, and a non-recurring net profit of 510 million yuan [2] - In Q3 2024, revenue was 390 million yuan, with a net profit of 210 million yuan and a non-recurring net profit of 207 million yuan [2] Growth Projections - The company expects to increase its net profit attributable to shareholders from 600 million yuan in 2024 to 730 million yuan in 2026, reflecting a year-on-year growth of 145% in 2024 [3] - The projected earnings per share (EPS) for 2024 is 8.29 yuan, with a price-to-earnings (P/E) ratio of 29.78 [1][3] Product Development - The company is advancing its pipeline with a focus on the "3+17" anti-aging treatment, utilizing fully humanized collagen types III and XVII [2] - The company has established strategic partnerships to enhance the brand influence of Wei Yi Mei and is actively promoting its products across over 20 key cities [2]

财联社10月21日讯（记者 何凡）从今日发布的2024三季报来看，在核心产品"薇旖美"的加持下，锦波 生物（832982.BJ）业绩依旧保持高速增长，但营收和归母净利的增速同比均有所放缓。 值得关注的是，销售团队扩张等原因导致公司销售费用快速增长。此外，薇旖美还面临着终端价格战以 及竞争对手增加的风险，为此锦波生物不得不频频发声，"隔空对峙"互联网销售平台。 今日晚间，锦波生物发布2024三季报，前三季度，公司实现营业收入9.88亿元，同比增长91.16%，归母 净利润5.20亿元，同比增长170.42%。而去年同期，公司总营收和归母净利润同比增速分别达到了 105.64%、173.75%。 分季度来看，经财联社记者计算，Q3公司实现总营收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%。 对于营业收入的增长，锦波生物方面表示，主要系医疗器械收入增长所致。医疗器械产品重点是以A型 重组人源化胶原蛋白为核心成分的三类医疗器械植入剂产品。同时，由于公司扩充销售团队，销售人员 薪酬和费用增加以及品牌推广力度加大，宣传推广费用增加，导致今年前三季度公司销售费用攀升至 1.72亿元， ...

证券代码：832982 证券简称：锦波生物 公告编号：2024-092 山西锦波生物医药股份有限公司 第四届董事会第四次会议决议公告 （一）会议召开情况 1.会议召开时间：2024 年 10 月 19 日 2.会议召开地点：公司四楼会议室 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：2024 年 10 月 17 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 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 董事金雪坤、张金鑫、阎丽明、梁桐栋因外地办公以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 1.议案内容： 根据《北京证券交易所股票上市规则（试行）》《公司章程》等的规定，公司 已编制完成《山西锦波生物医药股份有限公司 2024 年第三季度报告》。 详细内容见公司 2024 年 10 月 21 日于北京证券交易所信息披露平台 （https://ww ...

Financial Performance - Net profit attributable to shareholders rose by 170.42% to CNY 519,948,617.60 for the first nine months of 2024, up from CNY 192,274,739.14 in the same period of 2023[5] - Operating income for the third quarter of 2024 reached CNY 385,512,418.60, a 92.07% increase from CNY 200,713,772.75 in the third quarter of 2023[6] - The company reported a basic earnings per share of CNY 5.87 for the first nine months of 2024, reflecting a 156.33% increase from CNY 2.29 in the same period of 2023[5] - Total operating revenue for the first nine months of 2024 reached ¥974,106,023.82, a significant increase from ¥505,441,166.01 in the same period of 2023, representing an increase of approximately 92.5%[28] - Net profit for the first nine months of 2024 was ¥519,925,252.89, compared to ¥191,426,828.65 in the same period of 2023, reflecting an increase of about 171.5%[28] - Operating profit for the first nine months of 2024 was ¥615,420,483.50, compared to ¥249,147,060.78 in the same period of 2023, marking an increase of around 147.5%[29] - The total profit for the first nine months of 2024 was ¥613,309,935.94, compared to ¥250,102,797.98 in the same period of 2023, reflecting an increase of approximately 144.5%[29] Cash Flow - Cash flow from operating activities increased by 198.12% to CNY 543,021,784.16 for the first nine months of 2024, compared to CNY 182,148,017.93 in the previous year[5] - Operating cash inflow for the first nine months of 2024 reached ¥1,033,433,069.84, a significant increase from ¥504,311,286.45 in the same period of 2023, representing a growth of approximately 104.5%[30] - Net cash flow from operating activities for the first nine months of 2024 was ¥543,021,784.16, compared to ¥182,148,017.93 in the same period of 2023, indicating a year-over-year increase of about 198.5%[30] - Cash inflow from investment activities totaled ¥440,976,164.40 in the first nine months of 2024, up from ¥350,651,972.61 in the same period of 2023, reflecting a growth of approximately 25.7%[31] - Cash inflow from financing activities was ¥70,000,000.00 in the first nine months of 2024, down from ¥332,833,921.17 in the same period of 2023, indicating a decrease of approximately 78.9%[31] - The ending cash and cash equivalents balance as of the end of September 2024 was ¥812,408,426.94, up from ¥461,982,053.16 at the end of September 2023, representing an increase of approximately 75.7%[31] Assets and Liabilities - Total assets increased by 28.96% to CNY 1,849,909,700.30 as of September 30, 2024, compared to CNY 1,434,538,371.98 at the end of 2023[4] - The company's total liabilities decreased, with a consolidated debt-to-asset ratio of 28.84%, down from 33.56% in the previous year[4] - The company's total liabilities stood at ¥533,451,044.56 as of September 30, 2024, up from ¥481,407,169.13, representing an increase of about 10.5%[21] - The equity attributable to shareholders increased significantly to ¥1,317,024,173.75 from ¥953,673,356.15, showing a growth of approximately 38%[21] - Current liabilities totaled ¥285,922,930.46, compared to ¥243,427,152.35 in the previous year, which is an increase of approximately 17%[25] Research and Development - The company plans to expand its product line, focusing on the development of new medical devices and antiviral drugs, which are currently in the capitalization phase[8] - Research and development expenses for 2024 were ¥43,370,119.62, a decrease from ¥61,327,683.97 in 2023, reflecting a reduction of approximately 29%[26] - Research and development expenses for the first nine months of 2024 totaled ¥42,632,127.28, compared to ¥36,166,767.08 in the same period of 2023, showing an increase of approximately 18%[28] Other Financial Metrics - The company's gross profit margin improved, with a weighted average return on net assets of 44.22% based on net profit attributable to shareholders for the first nine months of 2024, up from 32.72% in the same period of 2023[5] - Investment income increased to ¥976,164.40, a rise of 452.44% due to higher financial management returns[9] - Credit impairment losses decreased by 32.93% to -¥2,078,305.89, attributed to improved accounts receivable management and collection efficiency[9] - Income tax expenses surged by 163.41% to ¥88,281,772.38, resulting from expanded sales scale and significant profit growth compared to the same period last year[9] - Non-operating income decreased by 96.12% to ¥46,175.86, primarily due to a reduction in government subsidies unrelated to regular business activities[9] - Non-operating expenses increased by 894.60% to ¥2,168,546.66, mainly due to higher donation expenditures during the period[9] Shareholder Information - The total number of ordinary shares increased from 68,086,000 to 88,511,800, with a significant rise in the number of shares held by major shareholders[12] - The company has implemented an employee stock ownership plan, which was approved by the shareholders' meeting[16] - The company has implemented an employee stock ownership plan, which is currently in progress as of the reporting period[17]

证券代码：832982 证券简称：锦波生物 公告编号：2024-093 山西锦波生物医药股份有限公司 第四届监事会第三次会议决议公告 二、议案审议情况 本公司及监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 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。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 监事汤莉因外地办公以通讯方式参与表决。 根据《北京证券交易所股票上市规则（试行）》《公司章程》等的规定，公司 （一）会议召开情况 1.会议召开时间：2024 年 10 月 19 日 2.会议召开地点：公司四楼会议室 3.会议召开方式：现场加通讯 4.发出监事会会议通知的时间和方式：2024 年 10 月 14 日以电话方式通知 5.会议主持人：监事会主席汤莉女士 6.召开情况合法、合规、合章程性说明： （一）审议通过《关于公司 2024 年第三季度报告的议案》 1.议案内容： 已编制完成 ...