Workflow
Shanxi Jinbo Bio-Pharmaceutical (832982)
icon
Search documents
锦波生物:24Q2业绩超预期,坚定看好胶原产业趋势与公司发展潜力
ZHONGTAI SECURITIES· 2024-07-18 01:30
Investment Rating - The report maintains a "Buy" rating for the company [17][30]. Core Insights - The company's Q2 performance exceeded market expectations, primarily due to the strong sales of the Wei Yi Mei product line, which has achieved over 1 million units sold within 1000 days of its launch [5][8]. - The company has a rich pipeline of products under development, with several gel-based products expected to receive regulatory approval soon, which could positively impact future earnings [6][7]. - The report projects significant growth in revenue and net profit for the coming years, with net profit estimates for 2024 and 2025 raised to 600 million and 850 million yuan respectively, and a new estimate of 1.08 billion yuan for 2026 [7][22]. Financial Forecast and Valuation - Revenue is expected to grow from 780 million yuan in 2023 to 2.48 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 26% [2]. - Net profit is projected to increase from 300 million yuan in 2023 to 1.08 billion yuan in 2026, with a CAGR of around 27% [2]. - Earnings per share (EPS) are forecasted to rise from 3.39 yuan in 2023 to 12.17 yuan in 2026 [2]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 77.14 in 2023 to 13.94 in 2026, indicating improving valuation metrics as earnings grow [2]. Market Position and Strategy - The company has expanded its market presence significantly, covering approximately 2,000 medical institutions by the end of 2023, with plans for further expansion [5][23]. - The product matrix continues to grow, with new high-end products being introduced to capture a larger market share, particularly in the anti-aging segment [23]. - The company is enhancing its sales and marketing efforts, focusing on both B2B and B2C channels to strengthen brand recognition and customer loyalty [23].
锦波生物:北交所首次覆盖报告:重组胶原蛋白“小巨人”,薇旖美高增长生物蛋白市场广阔
KAIYUAN SECURITIES· 2024-07-11 09:30
目前公司已自主形成了蛋白结构研究及功能区筛选技术、功能蛋白高效生物合 成及转化技术、功能蛋白标准化注射剂研究平台、功能蛋白多维度评估 BSL-2 实验 室及临床前应用平台五大核心技术平台。公司目前所有产品涉及到核心功能蛋白及 多肽原料均由五大核心技术平台进行研发并实现产业化,因此核心技术在公司主营 业务收入中的占比为 100.00%。 | --- | --- | --- | --- | |------------------|--------------------------------------------------------------------------------------------|------------------------------|--------------------------| | 表 1 | :锦波生物目前以自主形成了五大核心技术平台 | | | | 核心技术 | 对应专利 多肽、其生产方法和用途 ZL201811438582.6 | 对应非专利技术 | 在主营业务及产品中的应用 | | | 多肽、其生产方法和用途 ZL201811254050.7 | 氨基酸序 ...
锦波生物:2024Q2环比加速,薇旖美增长势能持续释放
Guolian Securities· 2024-07-05 08:00
Investment Rating - The report maintains a "Buy" rating for the company [5][18]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.9-3.1 billion yuan in the first half of 2024, representing a year-on-year growth of 165%-183.28% [2]. - The growth momentum of the product "Wei Yimei" continues to be released, with a significant increase in sales and market penetration [9]. - The company has a rich pipeline of R&D projects, with ongoing clinical applications in various medical fields, including gynecology and urology [4]. Financial Performance and Forecast - The company’s revenue is projected to reach 14.05 billion yuan in 2024, with a growth rate of 80.0%, and net profit is expected to be 6.51 billion yuan, reflecting a growth rate of 117.2% [5][10]. - Earnings per share (EPS) are forecasted to be 7.36 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 22x, 16x, and 12x for 2024, 2025, and 2026 respectively [5][10]. - The company reported a net profit of 1 billion yuan in Q1 2024, with expectations of 2 billion yuan in Q2, indicating a year-on-year increase of 201% and a quarter-on-quarter increase of 97% [9]. Product Development and Market Strategy - The company has expanded its injection product line and is actively promoting its brand and products to deepen existing customer relationships while attracting new clients [9]. - The "Wei Yimei" product has seen significant sales growth, with over 570,000 bottles sold in 2023, and the company has a sales team of 135 covering approximately 2,000 medical institutions [9]. - New product launches and collaborations, such as the partnership with Shurike for new medical devices, are expected to further enhance market reach and customer base [9].
锦波生物:2024H1业绩预告亮眼,持续保持高增
Guotou Securities· 2024-07-04 23:00
Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 187.78 CNY for the next six months, indicating a strong growth potential compared to the market index [14][15]. Core Insights - The company is expected to achieve a net profit of 2.9 to 3.1 billion CNY in the first half of 2024, representing a year-on-year growth of 165.00% to 183.28% [3]. - The company maintains a solid market position as the only holder of Class III medical device licenses for recombinant collagen products, benefiting from the growing popularity of this market segment [2]. - The product portfolio is continuously expanding, including new specifications and collaborations, which is anticipated to sustain high growth throughout the year [2][13]. Financial Performance Summary - The company forecasts a significant increase in revenue from 780.3 million CNY in 2023 to 1.2832 billion CNY in 2024, reflecting a growth rate of 64.5% [5]. - Net profit is projected to rise from 299.8 million CNY in 2023 to 511.4 million CNY in 2024, indicating a growth rate of 70.6% [5]. - Earnings per share (EPS) are expected to increase from 3.39 CNY in 2023 to 7.51 CNY in 2024 [5]. Valuation Metrics - The report estimates a price-to-earnings (P/E) ratio of 19.1 for 2024, which is significantly lower than the previous year's ratio of 42.3, suggesting improved valuation attractiveness [5]. - The projected return on invested capital (ROIC) is expected to rise from 49.0% in 2022 to 115.2% in 2024, indicating strong operational efficiency [5][8]. Market Position and Strategy - The company is actively expanding its product line, including new formulations and partnerships, such as the collaboration with L'Oréal's SkinCeuticals to launch injection beauty products [2][14]. - The report highlights the company's strategy to enhance its market presence through innovative product offerings and strategic alliances, which is expected to drive future growth [2][14].
锦波生物:2024H1业绩预告点评:归母净利大超预期,薇旖美持续放量
Soochow Securities· 2024-07-04 14:01
Investment Rating - The investment rating for the company is "Buy" (maintained) [1][13]. Core Views - The company is expected to achieve a net profit of 300 million yuan in 2024H1, representing a year-on-year increase of 165%-183%, with a central estimate of 300 million yuan, indicating sustained high growth driven by increased R&D investment and market expansion efforts [1]. - The company's net profit growth rate for 2024Q2 is projected to be between 184% and 214%, with a central estimate of 200 million yuan, primarily due to the successful ramp-up of its product "Wei Yimei" [1][12]. - The company has initiated a "3+17" anti-aging treatment plan, utilizing fully humanized collagen types III and XVII, which enhances its positioning in the precise anti-aging market [2]. Financial Performance - The company reported a total revenue of 780.26 million yuan in 2023, with a year-on-year growth of 99.96% [11]. - The net profit for 2023 was 299.80 million yuan, reflecting a year-on-year increase of 174.60% [11]. - The earnings per share (EPS) for 2024 is projected to be 6.76 yuan, with a price-to-earnings (P/E) ratio of 21.23 based on the current price [11]. Product Development - The company is the only approved producer of recombinant humanized collagen implant products in the market, with its brand "Wei Yimei" successfully expanding its presence in approximately 2,000 medical beauty institutions by the end of 2023 [12]. - Several products are in the pipeline, including a gynecological recombinant collagen project and facial volumizing gel products, which are progressing rapidly through regulatory approval [2]. Market Position - The company is recognized as a leading functional protein enterprise in China, with a comprehensive layout in recombinant collagen products and the HPV biological protein industry chain [13]. - The company has established a partnership with L'Oréal in both the medical beauty and raw materials sectors, enhancing its market reach and product offerings [12].
锦波生物:24H1归母净利超预期,再度上调全年业绩预测
申万宏源· 2024-07-04 08:31
Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 290 to 310 million yuan for the first half of 2024, representing a year-on-year increase of 165.00% to 183.28% [1] - The significant growth in H1 2024 is attributed to increased R&D investment, enhanced brand promotion, and market expansion efforts [1] - The company is positioned to continue strong performance in the second half of the year, driven by the sales of its flagship product, Wei Yi Mei · Ji Chun, and the upcoming peak season in the medical aesthetics industry [2] - The company is actively advancing the application of recombinant collagen materials across various fields, with a positive outlook for all business segments [2] Summary by Sections Financial Performance - The company forecasts total revenue of 1,485 million yuan for 2024, with a year-on-year growth rate of 90.4% [3] - The net profit attributable to shareholders is projected to be 649 million yuan in 2024, reflecting a year-on-year increase of 116.6% [3] - The earnings per share (EPS) is expected to reach 7.34 yuan in 2024 [3] Business Segments - Medical Aesthetics: New products are in the pipeline, with several nearing approval, providing growth opportunities for the next 2-3 years [2] - Private Care: The company has two existing Class II medical devices and is progressing with Class III certification [2] - Cosmetics: The company aims to leverage the dual beauty trend by establishing a synergistic model between cosmetics and medical devices in 2024 [2] - Product Expansion: The company is expanding its product offerings, including the introduction of new collagen raw materials [2] - International Market: The company is working on exporting its medical aesthetic injectables to Asian and European markets, with Southeast Asia expected to see the fastest certification [2] Valuation - The report raises profit forecasts for 2024-2026, with expected net profits of 649 million, 837 million, and 1,068 million yuan respectively [2] - The current price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 20, 15, and 12 times respectively [2]
锦波生物(832982.BJ)2024年半年度业绩预告点评:24Q2归母净利同比+184%~214%,业绩增速表现亮眼
Minsheng Securities· 2024-07-03 23:00
Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on high growth and certainty in performance [2][4]. Core Insights - The company is expected to achieve a net profit of 2.90 to 3.10 billion yuan for the first half of 2024, representing a year-on-year increase of 165.0% to 183.3%, with Q2 net profit projected to be 1.89 to 2.09 billion yuan, reflecting a growth of 184.0% to 214.1% [1][4]. - The product "Wei Yi Mei Ji Chun" is experiencing price stabilization and increased market recognition, which is expected to drive revenue growth [1][4]. - The company is focusing on expanding into Southeast Asian markets, which is anticipated to enhance its brand and revenue potential [1][4]. - The report highlights the company's innovative research in collagen products and its competitive advantages in sales channels, indicating a strong future outlook [1][4]. Financial Projections - The company is projected to achieve revenues of 15.54 billion, 21.26 billion, and 27.16 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 99.1%, 36.9%, and 27.7% [5][7]. - The net profit is expected to reach 6.03 billion, 8.56 billion, and 11.26 billion yuan for the same years, with growth rates of 101.2%, 41.8%, and 31.6% respectively [5][7]. - The report indicates a PE ratio of 21, 15, and 11 for the years 2024, 2025, and 2026, suggesting a favorable valuation [5][7].
锦波生物:董事、监事换届公告
2024-07-03 10:48
证券代码:832982 证券简称:锦波生物 公告编号:2024-053 山西锦波生物医药股份有限公司 董事、监事换届公告 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、换届基本情况 (一)董事会换届的基本情况 根据《公司法》及公司章程的有关规定,公司第三届董事会第三十次会议于 2024 年 7 月 1 日审议并通过: 提名杨霞女士为公司董事,任职期限三年,本次换届尚需提交股东大会审议, 自 2024 年第二次临时股东大会决议通过之日起生效。上述提名人员持有公司股 份 52,128,440 股,占公司股本的 58.89%,不是失信联合惩戒对象。 提名金雪坤先生为公司董事,任职期限三年,本次换届尚需提交股东大会审 议,自 2024 年第二次临时股东大会决议通过之日起生效。上述提名人员持有公 司股份 1,693,900 股,占公司股本的 1.91%,不是失信联合惩戒对象。 提名陆晨阳先生为公司董事,任职期限三年,本次换届尚需提交股东大会审 议,自 2024 年第二次临时股东大会决议通过之日起生效。上述提 ...
锦波生物:第三届董事会第三十次会议决议公告
2024-07-03 10:48
一、会议召开和出席情况 证券代码:832982 证券简称:锦波生物 公告编号:2024-049 山西锦波生物医药股份有限公司 第三届董事会第三十次会议决议公告 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)会议召开情况 1.会议召开时间:2024 年 7 月 1 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 6 月 28 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:薛芳琴、兰小宾、汤莉、于玉凤、何振瑞 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。 二、议案审议情况 (一)审议通过《关于公司董事会换届选举暨提名第四届董事会非独立董事的 议案》 1.议案内容: 鉴于公司第三届董事会任期于 2024 年 8 月 2 ...
锦波生物:第三届监事会第二十五次会议决议公告
2024-07-03 10:48
证券代码:832982 证券简称:锦波生物 公告编号:2024-050 山西锦波生物医药股份有限公司 第三届监事会第二十五次会议决议公告 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 鉴于公司第三届监事会成员的任期即将届满,根据《公司法》和《公司章程》 的有关规定,现提名汤莉女士、于玉凤女士为公司第四届监事会非职工代表监事 候选人,与 2024 年第一次职工代表大会选举产生的职工代表监事共同组成公司 第四届监事会,任期三年,自股东大会审议通过之日起生效。 上述监事候选人均不属于失信联合惩戒对象,具备《公司法》和《公司章程》 等法律法规规定的任职资格。新一届监事会成员将在公司股东大会审议通过后履 行职责,在股东大会审议通过前仍 ...