Investment Rating - The report maintains a "Buy" investment rating for the company, suggesting a positive outlook for the stock over the next six months [2][17]. Core Insights - The company achieved a revenue of 780 million yuan in 2023, marking a 100% year-on-year growth, and a net profit of 300 million yuan, which is a 174.6% increase year-on-year [1][3]. - The company is focusing on building its own brand "Wei Yi Mei" and enhancing its product offerings, which has led to significant sales growth [1]. - The company has restructured its collagen product channels primarily targeting private medical institutions, resulting in a sales team of 135 people covering approximately 2,000 end-user institutions by the end of 2023 [1]. Financial Performance - In Q4 2023, the company reported a revenue of 260 million yuan, up 89.7% year-on-year, and a net profit of 110 million yuan, reflecting a 176.1% increase year-on-year [1]. - For Q1 2024, the company achieved a revenue of 230 million yuan, a 76.1% increase year-on-year, and a net profit of 100 million yuan, which is a 135.7% increase year-on-year [1]. - The company plans to continue expanding its market share and product range, with projected net profits for 2024-2026 estimated at 460 million, 640 million, and 870 million yuan respectively, corresponding to PE ratios of 31, 22, and 16 times [2][3]. Revenue Breakdown - In 2023, the company's revenue from medical devices, functional skincare products, and raw materials was 680 million, 80 million, and 20 million yuan respectively, with year-on-year growth rates of 122.7%, 12.0%, and 42.9% [17]. - Revenue from different regions showed significant growth, with North China and East China achieving revenue of 280 million yuan each, reflecting year-on-year increases of 69.3% and 161.2% respectively [17]. Profitability Metrics - The gross margin for Q1 2024 reached 91.9%, an increase of 2.0 percentage points year-on-year, marking a historical high for the company [18]. - The net profit margin for Q1 2024 was 45.0%, up 11.5 percentage points year-on-year, benefiting from improved gross margins and reduced expense ratios [18].

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-04- | | | | | 国泰君安证券股份有 | 中国银河证券股份有 | | 26 | 832982 | 锦波生物 | 147 | 187000 | 限公司北京光华路营 | 限公司太原迎泽桥西 | | | | | | | 业部 | 证券营业部 | | 2024-04- 26 | 833284 | 灵鸽科技 | 6.31 | 300000 | 国信证券股份有限公 | 申万宏源证券有限公 司上海浦东新区张杨 | | | | | | | 司上海分公司 | | | | | | | | | 路证券营业部 | | 2024-04- | 871642 | | 7.6 | 550000 | 申万宏源证券有限公 | 申万宏源证券有限公 | | 26 | | 通易航天 | | | 司上海云鹃北路证券 | 司上海浦东新区东方 | | | | | | | 营业部 | 路证券营业部 | ...

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-04- 25 | 835368 | 连城数控 | 19 | 55000 | 申万宏源证券有限公 | 长江证券股份有限公 司枝江公园路证券营 | | | | | | | 司大连分公司 | | | | | | | | | 业部 | | 2024-04- | | | | | 国泰君安证券股份有 | 国泰君安证券股份有 | | 25 | 832982 | 锦波生物 | 151.5 | 31800 | 限公司湖南益阳益阳 | 限公司湖南益阳益阳 | | | | | | | 大道营业部 | 大道营业部 | | 2024-04- 25 | 831152 | 昆工科技 | 10.03 | 200000 | 国信证券股份有限公 | 中泰证券股份有限公 司长沙五一大道证券 | | | | | | | 司上海分公司 | | | | | | | | | 营业部 | | 2024-04- | 833284 | 灵鸽科技 | 6.22 | ...

营业利润 126.30 348.20 569.15 781.96 1,034.32 营业利润 每股经营现金流 本报告署名分析师在此声明：我们具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，本报告所表述的 所有观点均准确地反映了我们对标的证券和发行人的个人看法。我们所得报酬的任何部分不曾与，不与，也将不会与本报告中 的具体投资建议或观点有直接或间接联系。 事件：公司发布 2024 年一季报，2024Q1 营收 2.26 亿元，yoy+76.09%；归 母净利 1.01 亿元，yoy+135.72%，此前业绩预告 0.85-1.05 亿，处于中枢上 沿；扣非归母净利 0.98 亿元，yoy+142.38%。 相关报告 利润表(百万元) 2022 2023 2024E 2025E 2026E 速动比率 | --- | --- | --- | --- | --- | --- | |-------|--------|---------|---------|---------|---------| | | 2022 | 2023 | 2024E | 2025E | 2026E | | | | | | | ...

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Investment Rating - The report maintains a "Buy" rating for the company [10][14]. Core Views - The company has shown strong revenue growth, with Q1 2024 revenue reaching 226 million yuan, a year-on-year increase of 76.1%, and a net profit of 101 million yuan, up 135.7% year-on-year [8][20]. - The growth is driven by enhanced brand promotion, market education, and product upgrades, leading to a historical high profit margin of 91.9% in Q1 2024 [11][20]. - The company is expanding its product offerings, including the launch of new collagen products and collaborations with other brands, which are expected to further drive growth [9][10]. Financial Forecasts - Revenue projections for 2024-2026 are 1.212 billion yuan, 1.646 billion yuan, and 2.115 billion yuan, with growth rates of 55.4%, 35.8%, and 28.5% respectively [10][13]. - Net profit forecasts for the same period are 487 million yuan, 677 million yuan, and 894 million yuan, with corresponding growth rates of 62.5%, 39.1%, and 32.0% [10][13]. - The report estimates earnings per share (EPS) of 7.15 yuan, 9.95 yuan, and 13.13 yuan for 2024, 2025, and 2026 respectively [10][13]. Product Development and Market Expansion - The company has successfully launched its first injectable recombinant collagen product, "Wei Yimei," which has seen sales exceed 570,000 bottles in 2023 [9]. - The product line is being expanded to include new formulations and treatment options, enhancing its market presence [9][12]. - Ongoing clinical research in various medical fields indicates a commitment to innovation and product development [12].

Investment Rating - The report maintains a "Buy" rating for the company [2][16] Core Views - The company has shown strong growth in its medical aesthetics business, particularly with its product "Wei Yi Mei," which has driven significant revenue increases [4][16] - The company has increased its revenue and net profit forecasts for 2024-2026, reflecting confidence in its growth trajectory and market position [16] Financial Performance - In Q1 2024, the company achieved revenue of 226 million yuan and a net profit of 101 million yuan, representing year-on-year increases of 76.1% and 135.7% respectively [3][4] - The company's gross margin for Q1 2024 was 91.9%, up 2.0 percentage points year-on-year, while the net margin was 45.0%, an increase of 11.4 percentage points year-on-year [5] - The company’s cash flow from operating activities reached 105 million yuan, a significant increase of 765.6% year-on-year [3] Product Development and Market Strategy - The company has focused on R&D, obtaining a new patent for "recombinant human-derived fibronectin and preparation methods" in January 2024, and has initiated key technology projects in collaboration with major institutions [4] - The partnership with L'Oréal's high-end anti-aging brand, SkinCeuticals, is expected to enhance the company's market presence and contribute positively to its revenue starting from Q2 2024 [4][16] Future Projections - Revenue projections for 2024-2026 have been revised upwards to 1.269 billion yuan, 1.864 billion yuan, and 2.578 billion yuan respectively, with corresponding net profit forecasts of 513 million yuan, 786 million yuan, and 1.121 billion yuan [16] - The company's earnings per share (EPS) are projected to be 5.80 yuan, 8.88 yuan, and 12.67 yuan for the years 2024, 2025, and 2026 respectively [16]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [3][11]. Core Insights - The company is a leading functional protein enterprise in China, focusing on recombinant collagen products and the anti-HPV biological protein industry chain. The rapid growth of its recombinant collagen injection products and the significant potential in dressings and functional skincare products are highlighted. The company has a rich pipeline of products under development, which supports future growth [3][11]. - In Q1 2024, the company reported revenue of 230 million yuan, a year-on-year increase of 76.1%, and a net profit of 100 million yuan, up 135.7% year-on-year, exceeding performance forecasts. This growth is attributed to continuous customer expansion, active product development, and upgrades [1][3]. Financial Performance - The company's total revenue is projected to grow from 780.26 million yuan in 2023 to 1,323.51 million yuan in 2024, reflecting a year-on-year growth rate of 69.62% [1]. - The net profit attributable to the parent company is expected to increase from 299.80 million yuan in 2023 to 550.56 million yuan in 2024, representing an 83.64% year-on-year growth [1]. - The report indicates an improvement in profitability, with a gross margin of 91.9% and a net profit margin of 45.0% in Q1 2024, both showing year-on-year increases [12]. Product Development and Market Position - The company is the only approved manufacturer of recombinant collagen implant products in the market, with its brand "Wei Yimei" experiencing rapid growth. The company has established a comprehensive anti-aging treatment plan and has partnered with L'Oréal to enhance market penetration [11][12]. - As of the end of 2023, the company has submitted product applications for various projects, including a recombinant collagen product for gynecological use, indicating a robust pipeline for future growth [2].

Investment Rating - The report maintains a "Recommended" rating for the company [12][19]. Core Views - The company achieved a significant year-on-year increase in net profit of 136% in Q1 2024, nearing the upper limit of its previous forecast [12]. - Revenue growth is driven by product optimization, channel deepening, and brand promotion, with a focus on high-repurchase-rate existing customers and expanding new clients [12]. - The company is expected to achieve revenues of 13.10 billion, 18.05 billion, and 22.63 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.82 billion, 6.88 billion, and 8.89 billion yuan [12]. Financial Forecast Summary - **Revenue (Million Yuan)**: - 2023A: 780 - 2024E: 1,310 (Growth Rate: 67.9%) - 2025E: 1,805 (Growth Rate: 37.8%) - 2026E: 2,263 (Growth Rate: 25.4%) [2][20] - **Net Profit (Million Yuan)**: - 2023A: 300 - 2024E: 482 (Growth Rate: 60.7%) - 2025E: 688 (Growth Rate: 42.8%) - 2026E: 889 (Growth Rate: 29.3%) [2][20] - **Earnings Per Share (Yuan)**: - 2023A: 4.40 - 2024E: 7.08 - 2025E: 10.10 - 2026E: 13.06 [2][20] - **Price-to-Earnings Ratio (PE)**: - 2024E: 27 - 2025E: 19 - 2026E: 15 [2][20] - **Price-to-Book Ratio (PB)**: - 2024E: 9.7 - 2025E: 6.8 - 2026E: 4.9 [2][20] Profitability and Efficiency - The gross profit margin for Q1 2024 was 91.90%, reflecting an increase of 1.96 percentage points year-on-year [12]. - The net profit margin for Q1 2024 was 44.95%, up by 11.47 percentage points year-on-year [12]. - The company has a total asset turnover ratio of 0.69 for 2023A and is projected to improve to 0.79 by 2024E [9].

Financial Performance - The company's revenue for Q1 2024 reached ¥223,087,720.62, a significant increase from ¥124,496,642.13 in Q1 2023, representing an increase of approximately 78.9%[10] - Gross profit for the same period was ¥204,787,581.71, resulting in a gross margin of approximately 91.8%[10] - Net profit for Q1 2024 was ¥104,328,856.62, compared to ¥48,556,745.85 in Q1 2023, indicating a year-over-year growth of approximately 115.5%[10] - Basic and diluted earnings per share for Q1 2024 were both ¥1.49, up from ¥0.69 in the previous year[8] - Operating profit for Q1 2024 was ¥118,076,923.42, compared to ¥50,605,054.49 in Q1 2023, indicating an increase of about 132.9%[16] - Net profit for Q1 2024 was ¥101,368,431.82, up from ¥42,868,918.46 in Q1 2023, reflecting a growth of approximately 136.2%[16] - The company achieved a total comprehensive income of ¥104,328,856.62 for Q1 2024, compared to ¥48,556,745.85 in Q1 2023[11] - Total operating revenue for Q1 2024 reached ¥225,500,687.12, a significant increase from ¥128,061,724.54 in Q1 2023, representing a growth of approximately 76.2%[15] Assets and Liabilities - Total assets increased to ¥1,525,478,803.30 from ¥1,434,538,371.98, representing a growth of approximately 6.8% year-over-year[2] - Non-current assets totaled ¥704,137,214.90, up from ¥681,951,175.01, indicating a rise of about 3.6%[1] - Current liabilities decreased to ¥248,640,050.73 from ¥262,313,751.86, reflecting a reduction of approximately 5.2%[1] - The total liabilities decreased to ¥441,820,925.44 from ¥455,079,524.12, showing a decline of about 2.9%[6] - The total liabilities to assets ratio decreased to 30.87% from 33.56%, reflecting improved financial stability[30] - The company reported a significant increase in contract liabilities, which rose by 58.70% to ¥39,325,062.94, indicating higher prepayments from customers[31] Cash Flow and Liquidity - Cash and cash equivalents rose to ¥543,097,678.30 from ¥488,941,431.34, marking an increase of about 11.1%[3] - Cash and cash equivalents at the end of Q1 2024 were ¥572,006,323.20, compared to ¥89,114,295.37 at the end of Q1 2023, reflecting a strong liquidity position[13] - Cash flow from operating activities for Q1 2024 was ¥105,560,954.38, a substantial increase from ¥17,315,089.32 in Q1 2023[18] - Net cash flow from operating activities increased by 765.57% to ¥104,883,073.28, reflecting significant growth in sales and net profit[32] - The company reported a net cash outflow from investment activities of ¥33,216,029.09 in Q1 2024, an improvement from a net outflow of ¥89,425,358.45 in Q1 2023[18] Research and Development - Development expenditures increased to ¥50,301,794.09 from ¥25,960,499.73, representing a growth of approximately 93.8%[1] - The company’s R&D expenditures increased, with development costs rising by 93.76% to ¥50,301,794.09, driven by ongoing projects in medical devices and antiviral drug development[30] - Research and development expenses for Q1 2024 were ¥10,273,125.12, slightly down from ¥11,602,997.27 in Q1 2023[15] Shareholder Information - The number of ordinary shareholders increased to 2,703, indicating a broader shareholder base[34] - There were no significant changes in the top ten shareholders' holdings, with the largest shareholder holding 58.89%[37] - The employee stock ownership plan is currently in implementation, involving senior management and core employees participating in a public offering[41] Other Notable Information - The company has no major litigation or arbitration matters reported during the period[40] - The company has not engaged in any share buyback activities during the reporting period[40] - The company provided a guarantee for a loan to the Bank of Communications, with a guarantee balance of CNY 24,986,300 as of March 31, 2024[41]