公司报告 | 年报点评报告 ■ 费用端，2023 销售费用 1.65 亿，同增 57.17%，主要系公司加大销售投 入&人员费用增加；管理费用 0.92 亿元，同增 107.01%，主要系销售规模 提升、管理人员增加、产业园配套设施折旧及 ipo 上市费用。研发费用 0.85 亿元，同增 87.12%，主要系公司高度重视功能蛋白系统性创新研发。 作者 风险提示：宏观经济波动风险、经营不及预期风险、市场竞争加剧风险、 行业政策风险 | --- | --- | |-------------------------------------------|------------------------------------| | | | | 相关报告 | | | 1 《锦波生物 - 公司点评 : | 三型溶液强强 | | | 合作修丽可，强高端心智，有望做高胶 | | 原赛道天花板》 2024-03-14 | | | 2 《锦波生物 - 公司点评 :2023 | 年归母净 | | 利润同增 175% 市场预期！》 2024-02-29 | ，贴近业绩预告上限，超 | | 3 《锦波生物 - 公司点评 :2023 | ...

2024 年 03 月 21 日 证券研究报告 ➢ 器械产品拓展+在研项目丰富，有望持续贡献业绩增量 三类械产品：第 1 款植入剂产品"薇旖美"坚持直营为主，至 2023 年已 拥有销售团队 135 人，覆盖终端医疗机构约 2000 家；2024 年 3 月与修丽可合 作三类械新品"修丽可铂研"，渠道拓展、客群升级下有望拓展业绩增量。二 类械产品：至 2023 年共取得重组胶原蛋白敷料贴、医用重组ⅩⅦ型人源化胶 原蛋白敷料等 8 个二类医疗器械注册证。在研项目：重组Ⅲ型/重组ⅩⅦ型/重 组Ⅰ型人源化胶原蛋白项目已进入临床阶段；广谱抗冠状病毒新药研发项目处 于三期临床阶段。 ➢ 盈利预测、估值与评级 我们预计公司 2024-2026 年收入分别为 11.41/15.27/18.69 亿元，对应增速 分别为 46.2%/33.8%/22.4%；归母净利润分别为 4.56/6.39/8.09 亿元，对应增速 分别为 52.2%/40.1%/26.6%；EPS 分别为 6.70/9.39/11.89 元/股。依据可比公司 估值，给予公司 2024 年 40 倍 PE，对应目标价 267.98 元人民币，下调至"增 持 ...

2023 年年报点评：营收、业绩均高增，薇旖 美持续放量，修丽可合作落地强强联合 | --- | --- | |--------------------------|---------------| | | | | 收盘价 ( 元 ) | 234.08 | | 一年最低 / 最高价 | 112.60/302.33 | | 市净率 ( 倍 ) | 18.84 | | 流通 A 股市值 ( 百万元 ) | 5,561.39 | | 总市值 ( 百万元 ) | 15,937.57 | 增持： 预期未来 6 个月内，行业指数相对强于基准 5%以上； 中性： 预期未来 6 个月内，行业指数相对基准-5%与 5%； 减持： 预期未来 6 个月内，行业指数相对弱于基准 5%以上。 ◼ 盈利能力有所提升，公司控费能力增强：2023Q4 公司毛利率/净利率分 别为 90.54%/40.76%，分别同比+3.17pct/+12.19pct。2023Q4 公司销售/管 理/研发/财务费用率分别同比-5.9pct/+2.0pct/-0.6pct/-2.6pct。随着规模提 升公司控费能力增强，管理费用率同比增加主要系管理人员费用增加 ...

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 282.96 CNY [7][14]. Core Insights - The company achieved significant revenue growth in 2023, with total revenue reaching 780 million CNY, a year-on-year increase of 99.96%, and a net profit of 300 million CNY, up 174.60% year-on-year [5][14]. - The gross profit margin improved to 90.16%, an increase of 4.72 percentage points, primarily due to the higher margin products in the medical device segment [6][14]. - The company has established a strong sales team of 135 people, covering approximately 2000 end customers, which supports its growth strategy [3]. Financial Performance - In 2023, the company's medical device revenue was 680 million CNY, a remarkable increase of 122.66%, with a gross margin of 93.18% [3]. - The single-material medical devices, including the Wei Yi Mei implant, generated 565 million CNY in revenue, reflecting a growth of 254.65% [3]. - The company reported a net profit margin of 38.42% for the year, with a quarterly net profit margin of 40.85% in Q4 2023 [6]. Future Growth Projections - The company is expected to maintain robust growth, with projected revenue growth rates of 55.8%, 36.5%, and 34.3% for 2024 to 2026, respectively [14]. - Net profit growth is anticipated to be 60.7%, 41.2%, and 39.7% for the same period, indicating strong profitability potential [14]. Market Position and Strategy - The company has successfully entered the supply chain of L'Oréal Group and launched a flagship product in collaboration with SkinCeuticals, enhancing its market presence [3]. - The establishment of the high-end brand ProtYouth is aimed at expanding the product matrix in the functional skincare segment [3].

Investment Rating - The report maintains a "Recommended" rating for the company [6][15]. Core Views - The company achieved a significant growth in 2023, with a 174.6% year-on-year increase in net profit attributable to shareholders, reaching 300 million yuan [5][6]. - The revenue for 2023 was 780 million yuan, reflecting a growth rate of 99.96% compared to the previous year [5][6]. - The company is expected to continue its growth trajectory, with projected revenues of 1.31 billion yuan, 1.81 billion yuan, and 2.26 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 67.9%, 37.8%, and 25.4% [6][16]. Financial Performance Summary - The company's gross profit margin for 2023 was 90.16%, an increase of 4.72 percentage points year-on-year [5][6]. - The net profit margin for 2023 was 38.28%, up by 10.37 percentage points from the previous year [5][6]. - The earnings per share (EPS) for 2023 was 4.40 yuan, with projections of 7.08 yuan, 10.10 yuan, and 13.05 yuan for the years 2024, 2025, and 2026 respectively [6][10]. Revenue Breakdown - Medical device products generated 680 million yuan in revenue, accounting for 87.1% of total revenue, with a year-on-year growth of 122.66% [5][6]. - Functional skincare products contributed 76 million yuan, with a growth of 12.00% year-on-year [5][6]. - The company has established a strategic partnership with L'Oréal, enhancing its market presence and driving revenue growth in raw materials [5][6]. Future Outlook - The company is focusing on innovation in product development, particularly in the field of recombinant collagen products, which are expected to drive future revenue growth [5][6]. - The company has a robust pipeline of products in clinical stages, indicating strong future growth potential [5][6]. - The brand's influence is expected to increase through strategic marketing initiatives, including collaborations with international brands [5][6].

[Table_Main] 证券研究报告 | 公司点评 锦波生物(832982.BJ) 2024 年 3 月 21 日 所属行业：美容护理 当前价格(元)：234.08 赵雅楠 市场表现 0% 31% 63% 94% 126% 157% 188% 锦波生物 沪深300 -31% 1M 2M 3M 12.66 183.53 183.53 18.29 184.93 184.81 医美注射产品拉动销售增长，原料合作欧莱雅迎来新发展契机。（1）医疗器械： 23 年实现营收 6.8 亿/+122.7%，毛利率为 93.18%/+4.89pcts，主要受益于单一材 料医疗器械产品的销售增长，其中重点是薇旖美注射产品和医用敷料产品，重组 III 型胶原蛋白冻干纤维销售 57.6 万瓶，截至 23 年底，公司已经组建销售团队 135 人、环比 23 半年报增加 48 人，覆盖终端医疗机构约 2000 家、环比增加 500 家； （2）功能性护肤品：实现营收 0.76 亿/+12%，通过围绕大客户需求定制护肤品和 围绕公司创新材料优势建设自有品牌两大方式，公司实现功能性护肤品的销售增 长；（3）原料：实现营收 0.24 亿/+4 ...

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 风险因素：研发不及预期风险、新品不及预期风险、行业竞争加剧风险。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 周子莘，美护分析师。南京大学经济学硕士，华中科技大学经济学学士，曾任兴业证券社会服务行业美护 分析师，2022 年 11 月加入信达新消费团队。主要覆盖化妆品、医美。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 4 信达证券股份有限公司(以下简称"信达证券")具有中国证监会批复的证券投资咨询业务资格。本报告由信达证券制作并发布。 在法律允许的情况下，信达证券或其关联机构可能会持有报告中涉及的公司所发行的证券并进行交易，并可能会为这些公司正在 提供或争取提供投资银行业务服务。 评级说明 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 5 | --- | --- | |------------------------------------------------------------------------- ...

上 市 公 司 证 券 研 究 报 告 美容护理 | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : | 年 12 月 31 日 | | 每股净资产（元） | 14.01 | | | | | 资产负债率 % | 33.56 | | 总股本 /流通 A 股（百万） | 68/24 | | 流通 B 股/H 股（百万） | -/- | 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王雨晴 (8621)23297818× wangyq@swsresearch.com 资料来源：公司公告，申万宏源研究 【投资收益及其他】包括投资收益、其他收益、净敞口套期收益、公允价值变动收益、资产处置收益等 【营业外净收入】营业外收入减营业外支出 公司点评 ——医美业务高增可期，看好公司全产业链+材料平台价值 | --- | --- | |---------------- ...

Innovation and Patents - In 2023, the company was awarded the 24th China Patent Excellence Award for its invention patent related to a biological preparation method for preventing and controlling human papillomavirus infection[4]. - The company obtained a total of 18 invention patents in 2023, including 3 international invention patents[5]. - The company launched 18 new invention patents during the reporting period, including 3 international patents[43]. - The company is focusing on the development of recombinant human collagen products, which are expected to enhance its competitive edge in the market[99]. - The company has developed a new type of recombinant type III humanized collagen product, which is the first injectable material of its kind in the market[42]. Financial Performance - The company's operating revenue for 2023 reached ¥780,260,212.25, representing a 99.96% increase compared to ¥390,198,402.96 in 2022[28]. - The net profit attributable to shareholders for 2023 was ¥299,796,292.39, a significant increase of 174.60% from ¥109,175,008.63 in 2022[28]. - The gross profit margin improved to 90.16% in 2023, up from 85.44% in 2022[28]. - The company's net profit surged by 174.26% year-on-year to ¥298,704,880.27, showcasing significant operational efficiency improvements[63]. - The cash flow from operating activities for 2023 was ¥295,566,382.43, a 138.57% increase from ¥123,891,082.75 in 2022[31]. Market and Industry Trends - The medical device industry in China is experiencing rapid growth, with the main business income of medical device manufacturing enterprises reaching approximately CNY 1,240 billion in 2023, a year-on-year increase of about 20%[53]. - The collagen market in China has shown a significant growth trend, with the overall market size increasing from CNY 9.7 billion in 2017 to CNY 39.7 billion in 2022, representing a CAGR of 33%[54]. - By 2027, the market size of recombinant collagen products in China is expected to reach CNY 108.3 billion, accounting for 62.30% of the collagen market[54]. - The global biomaterials market is projected to grow from $35.5 billion in 2020 to $47.5 billion by 2025, with a CAGR of 6.0%[112]. Corporate Developments - The company went public on the Beijing Stock Exchange on July 20, 2023[5]. - The company established a new subsidiary, Jinbo Medical Biomaterials (Beijing) Co., Ltd., to enhance its operational capabilities and future performance[90]. - The company received a high-tech enterprise certificate, allowing it to pay a reduced corporate income tax rate of 15% for the 2023 fiscal year[91]. - The company successfully completed a public offering of 5,000,000 shares on July 20, 2023, followed by an additional 750,000 shares through an over-allotment option on August 18, 2023[23]. Research and Development - The company’s R&D efforts are centered on functional proteins and advanced structural biological materials, enhancing its core competitiveness[46]. - Research and development expenses rose by 87.12% year-on-year to ¥84,976,986.47, reflecting the company's focus on innovative product development and clinical research for new drugs[64]. - The company has increased its R&D personnel from 147 to 173, maintaining a stable proportion of R&D staff at 23.82% of total employees[97]. - The company is conducting clinical research on a broad-spectrum antiviral drug, which is currently in phase III trials, potentially providing a new treatment for coronavirus infections[100]. Shareholder and Profit Distribution - The company approved a stock incentive plan for senior management and core employees, with a maximum allocation of 25,000,000 CNY, representing up to 10% of the public offering[130]. - The profit distribution policy allows for mid-term cash dividends under certain conditions, ensuring that shareholder returns do not affect the company's ongoing operations[157]. - The company plans to distribute a cash dividend of 5 yuan (including tax) for every 10 shares, totaling an expected cash distribution of 34,043,000 yuan[161]. - The board of directors consists of 9 members, while the supervisory board has 3 members and there are 6 senior management personnel[167]. Social Responsibility and Environmental Measures - The company donated CNY 1 million to the China Charity Federation for earthquake relief efforts in Gansu and Qinghai, demonstrating its commitment to social responsibility[109]. - The company has implemented environmental protection measures, including the purchase of eco-friendly facilities and proper solid waste management, resulting in low carbon emissions during production[110]. Regulatory Environment - The company is subject to multiple regulations, including the Medical Device Production Supervision and Administration Measures, which require registration and compliance for production activities[187]. - The National Development and Reform Commission released the "14th Five-Year Plan for Bioeconomic Development," emphasizing the importance of biomanufacturing and biomedicine in national economic development[190]. - The YY/T 1888-2023 standard for recombinant humanized collagen was announced in January 2023, detailing quality control and technical requirements for medical device materials[192].

公司报告 | 公司点评 针对此次强强联合，我们认为修丽可作为高端院线品牌入组胶原蛋白医美 线，有望做高价格天花板，有利行业整体发展及布局： ①有望多价格带布局，补充胶原超高端市场：薇旖美极纯指导价 6800 元 /4mg，布局高端，而修丽可为院线高奢抗衰品牌，定位超高端用户群体， 我们预计此次合作不会分流薇旖美客群，同时也有望助力公司锚定高价格 带及以上市场，加强渗透。 ②稳价盘：此前市场或觉得薇旖美做为水光产品定价较高，渗透率提升背 景下担心终端售价下降，我们预计修丽可铂研有望重新定义天花板，修丽 可背书下叠加锦波生物技术端高品质、铂研品牌专业胶原心智再加强，有 助于稳住胶原蛋白产品整体市场价盘。 ③大牌背书，技术成分持续验证。此前公司与巴黎欧莱雅达成三型原料合 作，其明星单品小蜜罐拥有较大客户基数，小蜜罐 2.0 添加重组胶原重磅 升级，海外大盘参与赋能胶原景气向上。此次合作三型溶液再获大厂验证 背书，强化锦波生物胶原龙头地位。 财务数据和估值 2021 2022 2023E 2024E 2025E | --- | --- | |----------------------------|--------- ...