Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for its performance relative to the market [6][15]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, with revenue reaching 603 million yuan, a year-on-year growth of 90.6%, and net profit of 310 million yuan, up 182.9% [3][4]. - The company is focusing on high-quality growth through its flagship product line, particularly in the medical device sector, which saw a revenue increase of 105.0% [3][6]. - New product launches, particularly in the regenerative medicine sector, are expected to drive future growth, with a projected market size of 11.5 billion yuan by 2027 [3][6]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a gross margin of 91.6%, with a net profit margin of 51.3%, reflecting operational efficiency [6][12]. - The company forecasts total revenue of 1.485 billion yuan for 2024, with a net profit of 700 million yuan, indicating continued strong growth [4][12]. Product Development - The company is advancing its product pipeline, with new offerings in the regenerative injection market expected to launch in 2025, which are anticipated to capture significant market share [3][6]. - The functional skincare segment also showed robust growth, with a revenue increase of 53.9% in the first half of 2024 [3][6]. Market Position - The company is well-positioned in the domestic market for recombinant collagen products, with a strong emphasis on R&D and a growing patent portfolio [3][10]. - The report highlights the company's strategic focus on large client relationships and expanding its product offerings to enhance market penetration [3][6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2024 exceeded expectations, with revenue of 603 million (up 90.59%) and net profit of 310 million (up 182.88%), aligning with the upper end of the previously forecasted growth range [2] - The growth momentum of the product "Wei Yi Mei" continues to be strong, with significant expansion in the number of medical institutions covered [2][3] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, with a payout ratio of 28.59% [2] Financial Performance - For the first half of 2024, the revenue from medical devices, functional skincare products, and raw materials was 531 million, 48 million, and 24 million respectively, showing year-on-year growth of 91.84%, 53.94%, and 180.07% [2] - The gross profit margin for medical devices, functional skincare products, and raw materials was 94.43%, 64.76%, and 83.03% respectively, indicating improvements across all product lines [2] - The company has a robust pipeline of products under development, including a comprehensive anti-aging treatment plan and various medical products that are progressing through regulatory approval [2] Profitability and Cost Management - The gross margin for the first half of 2024 was 91.58%, an increase of 2.43 percentage points year-on-year, while the operating expense ratio decreased significantly [3] - The net profit margin for the first half of 2024 was 51.34%, reflecting a year-on-year increase of 16.96 percentage points [3] Earnings Forecast and Valuation - The company is projected to achieve net profits of 600 million, 830 million, and 1,070 million for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 99%, 39%, and 29% [3] - The price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are estimated to be 27, 19, and 15 respectively [3]

Investment Rating - The report maintains a "Buy" rating for Jinbo Biotech (832982 BJ) with a current price of 180 0 yuan [2] Core Views - Jinbo Biotech's H1 2024 performance exceeded expectations with revenue of 6 0 billion yuan, up 90 6% YoY, and net profit attributable to the parent company of 3 1 billion yuan, up 182 9% YoY [2] - The company's medical device business, particularly the single-material medical device segment, saw significant growth with revenue of 5 31 billion yuan, up 91 8% YoY [3] - The company's gross margin improved to 91 6% in H1 2024, driven by the high-margin single-material medical device business [3] - Jinbo Biotech is expanding its product matrix with new collagen-based products and is expected to continue its growth trajectory in the next 2-3 years [5] Performance Summary Revenue and Profit Growth - H1 2024 revenue: 6 0 billion yuan, +90 6% YoY [2] - H1 2024 net profit attributable to the parent company: 3 1 billion yuan, +182 9% YoY [2] - Q2 2024 revenue: 3 8 billion yuan, +100 4% YoY [2] - Q2 2024 net profit attributable to the parent company: 2 1 billion yuan, +213 4% YoY [2] Business Segments - Medical devices: 5 31 billion yuan, +91 8% YoY [3] - Single-material medical devices: 4 79 billion yuan, +105 0% YoY [3] - Composite material medical devices: 0 52 billion yuan, +20 4% YoY [3] - Functional skincare: 0 48 billion yuan, +53 9% YoY [3] - Single-ingredient functional skincare: 0 12 billion yuan, +149 5% YoY [3] - Composite-ingredient functional skincare: 0 36 billion yuan, +36 7% YoY [3] - Raw materials: 0 24 billion yuan, +180 1% YoY [3] Regional Performance - North China: 2 91 billion yuan, +165 5% YoY [3] - East China: 1 66 billion yuan, +44 4% YoY [3] - South China: 0 67 billion yuan, +75 7% YoY [3] - West China: 0 47 billion yuan, +30 7% YoY [3] - Central China: 0 30 billion yuan, +85 7% YoY [3] - Overseas: 0 02 billion yuan, +31 2% YoY [3] Financial Metrics - Gross margin: 91 6% in H1 2024, +2 4 ppts YoY [3] - Net profit margin: 51 3% in H1 2024, +16 8 ppts YoY [3] - Operating cash flow: 3 6 billion yuan in H1 2024, +323 66% YoY [2] Future Outlook - The company plans to invest up to 220 million yuan to expand collagen production capacity [5] - Jinbo Biotech is expected to continue its growth in the collagen protein sector, with revenue forecasts of 14 17 billion yuan in 2024, 20 40 billion yuan in 2025, and 27 47 billion yuan in 2026 [5] - The company is also expected to expand its product offerings in the medical and private care sectors, further diversifying its revenue streams [5] Valuation - Current PE ratio: 25x for 2024, 18x for 2025, and 13x for 2026 [5] - EPS forecasts: 7 22 yuan for 2024, 10 18 yuan for 2025, and 13 58 yuan for 2026 [5]

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 231.12 CNY [4][7]. Core Views - The company has shown significant growth in revenue and net profit for the first half of 2024, with revenue reaching 603 million CNY, a 90.59% increase year-on-year, and net profit at 310 million CNY, up 182.88% [1]. - The company is expected to maintain strong growth rates in the coming years, with projected revenue growth rates of 64.5%, 36.9%, and 34.6% for 2024, 2025, and 2026 respectively, and net profit growth rates of 70.6%, 41.3%, and 39.8% [7]. Financial Performance - In H1 2024, the company achieved a net profit margin of 51.35%, an increase of 16.75 percentage points, and a gross margin of 91.58%, up 2.43 percentage points [2]. - The operating cash flow for H1 2024 was 356 million CNY, reflecting a substantial increase of 323.66% [1]. Business Segments - The medical device segment generated revenue of 531 million CNY, a 91.84% increase, with a gross margin of 94.43% [3]. - The functional skincare products segment reported revenue of 48 million CNY, up 53.94%, with a gross margin of 64.76% [3]. - Revenue from raw materials reached 24 million CNY, a significant increase of 180.07%, with a gross margin of 83.03% [3]. Market Position - The company has expanded its terminal channel coverage, reaching approximately 3,000 end institutions, which has contributed to its rapid growth in the medical device sector [3]. - The company has successfully built a product matrix and focused on direct sales for channel expansion, enhancing its market presence [3].

证券代码：832982 证券简称：锦波生物 公告编号：2024-077 山西锦波生物医药股份有限公司 第四届监事会第二次会议决议公告 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。 二、议案审议情况 （一）审议通过《关于公司 2024 年半年度报告及摘要的议案》 1.议案内容： 根据《公司法》《公司章程》等的规定，公司已编制完成《2024 年半年度报 （一）会议召开情况 1.会议召开时间：2024 年 8 月 21 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 8 月 11 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： 告》《 ...

证券代码：832982 证券简称：锦波生物 公告编号：2024-081 山西锦波生物医药股份有限公司 2024 年半年度权益分派预案公告 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。 山西锦波生物医药股份有限公司（以下简称"公司"）综合考虑公司发展及 全体股东的利益，结合公司实际情况，根据法律法规及《公司章程》的相关规 定，拟定了 2024 年半年度权益分派预案，现将相关事项公告如下： 一、权益分派预案情况 根据公司 2024 年 8 月 22 日披露的 2024 年半年度报告（财务报告未经审 计），截至 2024 年 6 月 30 日，上市公司合并报表归属于母公司的未分配利润为 751,977,600.51 元，母公司未分配利润为 818,254,409.39 元。 公司本次权益分派预案如下：公司目前总股本为 88,511,800 股，以未分配 利润向全体股东每 10 股派发现金红利 10 元（含税）。本次权益分派共预计派发 现金红利 88,511,800 元。 公司将以权益分派实施时股权登记日应分 ...

ji11 02 瑞玻 股票代码: 832982 2024年半年度报告 山西锦波生物医药股份有限公司 SHANXI JINBO BIO-PHARMACEUTICAL CO.,LTD. 中国原创 ·锦波智造 公司半年度大事记 | --- | |----------------------------------------------------------------------------| | | | 1、2024 年 3 月，公司荣获" 2023 年福布斯中国美业品牌 TOP100 | | 2、2024 年 3 月，公司被中国质量检验协会授予"全国产品和服务质量诚 | | 信示范企业"和"全国重组人源化胶原蛋白行业质量领先企业"荣誉称 | | 号。 | | 3、2024 年 3 月，公司研发的小分子重组ⅩⅦ型人源化胶原蛋白荣获 | | PCHi2024 年芳典奖。 | | 4、 2024 年 3 月，公司成功入选"北证 50 成份指数"。 | | 5、2024 年上半年，公司共获得发明专利授权 13 项，其中取得国际发明 | | 专利授权 2 项，完成人体胶原蛋白原子结构解析 2 项（8YUK 、 8YV ...

证券代码：832982 证券简称：锦波生物 公告编号：2024-076 山西锦波生物医药股份有限公司 第四届董事会第二次会议决议公告 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：2024 年 8 月 21 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 8 月 11 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、于玉凤、何振瑞、薛芳琴 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。 （二）会议出席情况 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、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 年半年度报告及摘要的议案》 1.议案内容： 根据《公司 ...

证券代码：832982 证券简称：锦波生物 公告编号：2024-080 山西锦波生物医药股份有限公司 募集资金存放与实际使用情况的专项报告 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。 公司经中国证券监督管理委员会《关于同意山西锦波生物医药股份股份有限 公司向不特定合格投资者公开发行股票注册的批复》（证监许可[2023]1381 号） 同意注册，向不特定合格投资者公开发行人民币普通股不超过 575.00 万股，发 行价为每股人民币为 49.00 元，共计募集资金总额为人民币 28,175.00 万元，扣 除券商承销佣金及保荐费 2,326.57 万元后，主承销商中信证券于 2023 年 7 月 13 日汇入公司募集资金监管账户交通银行股份有限公司太原并州路支行账户 （账号为：141141220013002581870）人民币 20,000.00 万元、中信银行股份有 限公司太原分行账户（账号为：8115501011400583885）人民币 2,504.55 万元， 2023 年 8 月 21 日汇入 ...

证券代码：832982 证券简称：锦波生物 公告编号：2024-075 山西锦波生物医药股份有限公司 本次《公司章程》修订内容也已经在山西转型综合改革示范区管理委员会 完成备案。 三、备查文件 关于完成工商变更登记及公司章程备案并取得营业执照的公告 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、基本情况 山西锦波生物医药股份有限公司（以下简称"公司"）于 2024 年 7 月 1 日 召开第三届董事会第三十次会议、2024 年 8 月 1 日召开 2024 年第二次临时股东 大会，审议通过了《关于拟变更注册资本修订公司章程并办理工商变更登记的 议案》，具体内容详见于 2024 年 7 月 3 日在北京证券交易所指定信息披露平台 （https://www.bse.cn）披露的《山西锦波生物医药股份有限公司关于拟修订 〈公司章程〉公告》（公告编号：2024-051）及 2024 年 8 月 2 日披露的《山西 锦波生物医药股份有限公司章程》（公告编号：2024-064）。 二、工商变更登记及公司章程备 ...