Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - In the first half of 2024, the company achieved operating revenue of 600 million yuan, representing a year-on-year increase of 91%, and a net profit attributable to the parent company of 310 million yuan, up 183% year-on-year [2][3]. - The core product, Wei Yimei, is experiencing rapid growth, with significant contributions from high-value single-material medical devices and raw materials, leading to an increase in gross margin [2][3]. - The company has accelerated its channel penetration, with the number of institutions covered by Wei Yimei increasing by 1,000 compared to the end of 2023, contributing to a substantial revenue boost [3]. Financial Performance - The company reported a gross margin increase of 2.4 percentage points in H1 2024, with single-material medical devices and raw materials showing significant growth in gross margin [2][3]. - In Q2 2024, the company achieved operating revenue of 380 million yuan, a 100% increase year-on-year, and a net profit of 208 million yuan, up 213% year-on-year [2][3]. - The net profit margin reached 55% in Q2 2024, reflecting a year-on-year increase of 19.9 percentage points and a quarter-on-quarter increase of 10.2 percentage points [3]. Product Development - The company obtained four Class II medical device registration certificates in H1 2024, expanding its product matrix [3]. - The company has also received 13 invention patent authorizations, including two international patents, and completed the atomic structure analysis of human collagen [3]. Future Outlook - The company is expected to continue benefiting from the rapid growth of its core products and the optimization of its profit structure, with projected EPS of 6.8, 9.1, and 11.7 yuan per share for 2024, 2025, and 2026 respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 173.31 CNY per share [1]. Core Insights - The company reported a Q2 revenue of 380 million CNY, reflecting a year-over-year growth of 100%, and a net profit of 208 million CNY, which is a 213% increase year-over-year, closely aligning with the previously forecasted growth range of 186% to 217% [4]. - For the first half of 2024, the company achieved a revenue of 600 million CNY, up 91% year-over-year, and a net profit of 310 million CNY, representing a 183% increase [4]. - The company continues to demonstrate strong growth despite a weak overall consumer market and high base figures in the medical aesthetics sector, indicating robust product acceptance and consumer repurchase behavior [4]. Financial Performance Summary - Revenue projections for the company are as follows: 2023A at 780 million CNY, 2024E at 1,405 million CNY, 2025E at 1,978 million CNY, and 2026E at 2,483 million CNY, with growth rates of 100% in 2023, 80% in 2024, 41% in 2025, and 26% in 2026 [1][7]. - Net profit forecasts are 300 million CNY for 2024E, 603 million CNY for 2025E, and 849 million CNY for 2026E, with corresponding growth rates of 175% in 2023, 101% in 2024, 41% in 2025, and 27% in 2026 [1][7]. - The company’s gross margin improved to 91.58%, up 2.4 percentage points year-over-year, indicating enhanced profitability [5]. Product Performance - Medical device revenue for the first half of 2024 reached 530 million CNY, a 92% increase year-over-year, while functional skincare products generated 48 million CNY, up 54% [5]. - The company has expanded its market presence, increasing the number of covered medical institutions from 2,000 to 3,000, which is expected to further broaden its consumer base [5]. Investment Recommendations - The company is expected to maintain strong growth momentum, with net profit projections of 600 million CNY for 2024, 850 million CNY for 2025, and 1,080 million CNY for 2026, corresponding to P/E ratios of 25, 18, and 14 respectively [5][7]. - The report emphasizes the potential of the company’s product pipeline, particularly in gel products, which could serve as catalysts for future growth [5].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential upside of over 20% within the next six months [2][9]. Core Views - The company reported strong financial performance for the first half of 2024, achieving revenue of 600 million yuan, a year-on-year increase of 90.59%, and a net profit of 310 million yuan, up 182.88% year-on-year, reaching the upper limit of its earnings forecast [1]. - The company is positioned as a leader in the recombinant collagen market, with significant growth expected in its medical aesthetics segment, particularly through its brand Wei Yi Mei [1][2]. - The company is focusing on expanding its product matrix and increasing R&D investment, which is expected to drive future growth [1]. Financial Performance Summary - For 2024H1, revenue from medical devices was 530 million yuan, a 91.84% increase year-on-year, with a gross margin of 94.43% [1]. - Revenue from functional skincare products reached 50 million yuan, a 53.94% increase year-on-year, with a gross margin of 64.76% [1]. - Revenue from raw materials was 24 million yuan, a significant increase of 180.07% year-on-year, with a gross margin of 83.03% [1]. - The company has completed foundational research on various types of recombinant human collagen and is actively conducting application research in multiple medical fields [1]. Financial Forecast - The company is projected to achieve net profits of 605 million yuan, 850 million yuan, and 1,156 million yuan for the years 2024, 2025, and 2026, respectively [1][5]. - The expected growth rates for net profit are 101.65%, 40.67%, and 35.95% for the years 2024, 2025, and 2026 [5]. - The projected P/E ratios for the years 2024, 2025, and 2026 are 25, 18, and 13, respectively [1][5].

证券代码：832982 证券简称：锦波生物 公告编号：2024-083 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：2024 年 8 月 26 日 活动地点：电话会议 参会单位：中信证券、国金证券、国元证券、鹏扬基金、微明恒远投资、鑫 元基金、丹羿投资、汇安基金、国信证券、西部证券、泰康资产、摩根大通、德 邦证券、金木资本、华创证券、中邮证券、浙商证券、金鹰基金、大成基金、中 泰证券、海通证券、平安人寿、双安资产、上海证券、中银证券、国寿安保基金、 前海联合基金、第一上海证券、汇华理财、东莞证券 ...

证券代码：832982 证券简称：锦波生物 公告编号：2024-083 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：2024 年 8 月 26 日 活动地点：电话会议 参会单位：中信证券、国金证券、国元证券、鹏扬基金、微明恒远投资、鑫 元基金、丹羿投资、汇安基金、国信证券、西部证券、泰康资产、摩根大通、德 邦证券、金木资本、华创证券、中邮证券、浙商证券、金鹰基金、大成基金、中 泰证券、海通证券、平安人寿、双安资产、上海证券、中银证券、国寿安保基金、 前海联合基金、第一上海证券、汇华理财、 ...

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Investment Rating - The report assigns a "Buy" rating to Jinbo Biotech (832982 BJ) for the first time [1] Core Views - Jinbo Biotech demonstrates strong profitability and R&D capabilities, driving sustainable and healthy development [1] - The company's profitability continues to strengthen, with medical device business boosting growth [1] - The company has a robust R&D foundation, enhancing its core competitiveness [1] - With diverse end-product application scenarios, the company has established a comprehensive industry chain from raw materials to products and sales [1] Financial Performance - In H1 2024, Jinbo Biotech achieved revenue of 603 million yuan, a year-on-year increase of 90 59% [1] - Net profit attributable to shareholders reached 309 million yuan, up 182 88% year-on-year [1] - Basic earnings per share stood at 3 5 yuan, a 182 26% increase from the previous year [1] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 89 million yuan [1] Business Segments - Medical devices: Revenue of 531 million yuan in H1 2024, up 91 84% year-on-year, with a gross margin of 94 43% [1] - Functional skincare: Revenue growth driven by proprietary brand development, with a gross margin of 64 76% [1] - Raw materials and others: Revenue growth supported by advanced functional protein materials, with a gross margin of 83 03% [1] R&D and Innovation - In H1 2024, the company obtained 13 patent authorizations, including 2 international patents [1] - Completed atomic structure analysis of 2 human collagen proteins (8YUK, 8YV3) [1] - Obtained 4 Class II medical device registration certificates [1] Industry Position - Jinbo Biotech is recognized as a national "Specialized and Sophisticated" Little Giant enterprise [1] - Designated as the "Chain Leader" enterprise of Shanxi Province's synthetic biology industry chain in 2023 [1] Financial Projections - Revenue forecast for 2024-2026: 1 475 billion yuan, 2 065 billion yuan, and 2 581 billion yuan, respectively [3] - Net profit forecast for 2024-2026: 652 million yuan, 972 million yuan, and 1 217 billion yuan, respectively [3] - PE ratios for 2024-2026: 23 3x, 15 7x, and 12 5x, respectively [3] Valuation Comparison - Compared with peers like Bloomage Biotech, Novozymes, and Protheragen, Jinbo Biotech shows strong growth potential and innovation capabilities [5] - The company's PE ratios are lower than the industry average, indicating potential undervaluation [5]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported impressive revenue growth of 90.59% year-on-year, reaching 603 million yuan in H1 2024, with a net profit of 310 million yuan, up 182.88% year-on-year, closely aligning with the upper limit of its previous earnings forecast [2]. - The gross margin improved to 91.58%, an increase of 2.43 percentage points, while the net profit margin rose to 51.34%, up 16.96 percentage points [2]. - The company is a leading player in the domestic recombinant collagen protein market, with a strong focus on functional protein research and diversified industrial applications [2]. Financial Performance - For H1 2024, the company achieved a revenue of 603 million yuan, a year-on-year increase of 90.59%, and a net profit of 310 million yuan, reflecting a growth of 182.88% [2]. - The company’s revenue for Q2 2024 was 377 million yuan, marking a 100.45% increase year-on-year, with a net profit of 208 million yuan, up 213.41% [2]. - The company’s revenue projections for 2024-2026 are 1.39873 billion yuan, 1.92465 billion yuan, and 2.4695 billion yuan, respectively, with expected EPS of 6.89 yuan, 9.42 yuan, and 12.18 yuan [3][5]. Product and Market Development - The company’s flagship product, Wei Yi Mei, has seen rapid sales growth, surpassing one million units sold by H1 2024 [2]. - The company has expanded its product matrix with new specifications and treatment options, while also increasing its distribution network to approximately 3,000 medical institutions by H1 2024 [2]. - The company plans to invest up to 220 million yuan to build a collagen production facility to further enhance its production capacity [2].

Investment Rating - The report maintains a "Buy" rating for Jinbo Biotech with a target price of 214.20 CNY, up from the previous target of 204.32 CNY [2] Core Views - Q2 2024 performance showed explosive growth, with revenue and net profit reaching the upper limit of previous forecasts [6] - Core product Weiyimei is accelerating its market penetration, driving rapid growth in both revenue and profitability [7] - The company's gross margin increased by 2.43 percentage points to 91.58% in H1 2024, driven by the rapid expansion of high-margin single-material medical devices [7] - Jinbo Biotech's net profit margin surged by 16.96 percentage points to 51.34% in H1 2024, with Q2 net margin reaching 55.16% [7] Financial Performance - H1 2024 revenue reached 603 million CNY, up 91% YoY, with Q2 revenue at 377 million CNY, up 100% YoY [7] - Net profit attributable to shareholders in H1 2024 was 310 million CNY, up 183% YoY, with Q2 net profit at 208 million CNY, up 213% YoY [7] - The medical device segment contributed 531 million CNY in H1 2024, accounting for 88% of total revenue, with a gross margin of 94.43% [7] - Functional skincare segment revenue grew 54% YoY to 48 million CNY, with a gross margin of 64.76% [7] Business Segments - Single-material medical devices revenue grew 105% YoY to 479 million CNY in H1 2024, with a gross margin of 96.21% [7] - Composite material medical devices revenue increased 20% YoY to 52 million CNY, with a gross margin of 78.00% [7] - Raw materials and other segments saw a 180% YoY revenue growth to 24 million CNY, with gross margin improving by 18.32 percentage points to 83.03% [7] Growth Drivers - Weiyimei's rapid market expansion, now covering approximately 3,000 terminal medical institutions [7] - Successful expansion of raw material business to downstream customers including L'Oréal and Pechoin [7] - Rich pipeline of Class III medical devices under development, spanning gynecology, surgery, and urology applications [7] Financial Forecasts - 2024E revenue is projected at 1,379 million CNY, up 76.7% YoY, with net profit expected to reach 632 million CNY, up 110.7% YoY [8] - 2025E revenue is forecasted at 1,880 million CNY, up 36.4% YoY, with net profit projected at 885 million CNY, up 40.2% YoY [8] - 2026E revenue is estimated at 2,278 million CNY, up 21.1% YoY, with net profit expected to reach 1,108 million CNY, up 25.1% YoY [8] Valuation Metrics - Current P/E ratio stands at 25.23x for 2024E, expected to decrease to 17.99x in 2025E and 14.38x in 2026E [8] - P/B ratio is projected at 10.50x for 2024E, decreasing to 6.91x in 2025E and 4.83x in 2026E [8] - ROE is forecasted to reach 41.6% in 2024E, maintaining above 30% through 2026E [8]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company achieved significant growth in revenue and net profit in the first half of 2024, with revenue reaching 603 million yuan, up 90.59% year-on-year, and net profit of 310 million yuan, up 182.88% year-on-year [2]. - The growth was driven by the rapid increase in sales of recombinant human collagen implant products and functional skincare products, with a notable expansion in brand recognition [2]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares to all shareholders, totaling approximately 88.51 million yuan [2]. Financial Performance Summary - **Revenue and Profit Growth**: In Q2 2024, revenue was 377 million yuan, up 100.45% year-on-year, and net profit was 208 million yuan, up 213.41% year-on-year [2]. - **Product Performance**: Medical device revenue was 531 million yuan in H1 2024, up 91.84% year-on-year, primarily from the sales of recombinant human collagen implant products [2]. - **Regional Performance**: Revenue growth was observed across various regions, with North China achieving 291 million yuan, up 165.50% year-on-year [2]. Profitability and Cost Management - **Gross Margin**: The gross margin for H1 2024 was 91.58%, an increase of 2.43 percentage points year-on-year [2]. - **Expense Ratios**: The sales expense ratio decreased to 17.87%, and the net profit margin improved to 51.34% in H1 2024, reflecting better cost management [2]. - **R&D Investment**: R&D expenses totaled 60.33 million yuan, accounting for 10.01% of revenue, with a significant increase in development spending [2]. Future Outlook - **Product Pipeline**: The company has a robust product pipeline, including various recombinant collagen products that are in clinical stages, indicating potential for future revenue growth [2]. - **Market Positioning**: The brand's influence is expected to grow with collaborations with international brands, enhancing market presence and revenue potential [2]. - **Revenue Projections**: The company is projected to achieve revenues of 1.55 billion yuan, 2.13 billion yuan, and 2.72 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 603 million yuan, 856 million yuan, and 1.13 billion yuan [3][5].