Investment Rating - The report maintains a "Buy" rating for Jinbo Bio, indicating a strong investment opportunity in the collagen sector with expected revenue growth and profitability improvements [4][10]. Core Insights - Jinbo Bio achieved significant revenue growth in 2023, with total revenue reaching 680 million yuan, a year-on-year increase of 122.7%. The gross margin was reported at 93.18%, up by 4.89 percentage points, primarily driven by the sales of collagen injection products and medical dressings [2][18]. - The company has established a strategic partnership with L'Oréal, enhancing its position in the international supply chain for collagen raw materials, which is expected to further boost its market influence [2][4]. - Future revenue projections for Jinbo Bio are optimistic, with expected revenues of 1.178 billion yuan in 2024, 1.626 billion yuan in 2025, and 2.067 billion yuan in 2026, reflecting growth rates of 61%, 40%, and 29% respectively [4][12]. Financial Performance Summary - In 2023, Jinbo Bio's net profit reached 300 million yuan, a year-on-year increase of 174.6%, with a net profit margin of 38.42% [18]. - The company reported a strong performance in Q4 2023, with revenue of 263 million yuan, up 89.68% year-on-year, and a net profit of 108 million yuan, reflecting a robust growth trajectory [18]. - The gross margin for Q4 2023 was 90.54%, indicating sustained high profitability levels [18]. Research and Development - Jinbo Bio has significantly increased its R&D investment, with R&D expenses rising by 87.12% year-on-year. The company is focusing on systemic innovation in functional proteins and has made progress in clinical trials for various collagen products [11][12]. - The company is actively pursuing multiple R&D projects, including new collagen materials and broad-spectrum antiviral drugs, with some projects already entering clinical stages [11][12].

Investment Rating - The report assigns a "Buy" rating for Jinbo Biological (832982.BJ), maintaining the previous rating of "Buy" [10]. Core Insights - Jinbo Biological achieved a revenue of 780 million yuan in 2023, representing a year-on-year growth of 99.96%. The net profit attributable to the parent company was 300 million yuan, up 174.6% year-on-year [10]. - The company’s gross profit margin improved to 90.16%, an increase of 4.72 percentage points year-on-year, primarily driven by the higher revenue share from high-margin products [10]. - The report highlights the strong performance of the medical device segment, which generated 680 million yuan in revenue, a year-on-year increase of 122.66% [10]. - The report anticipates continued growth in the company's product lines, particularly the Wei Yi Mei series, and expects new products to contribute positively to sales in 2024 [11]. Financial Summary - In 2023, Jinbo Biological's revenue reached 780 million yuan, with a net profit of 300 million yuan, reflecting a growth rate of 99.96% and 174.6% respectively [10]. - The company’s gross profit margin for 2023 was 90.16%, with a net profit margin of 38.42%, an increase of 10.44 percentage points year-on-year [10]. - The report projects net profits for 2024, 2025, and 2026 to be 470 million yuan, 685 million yuan, and 875 million yuan respectively, indicating a strong growth trajectory [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [13]. Core Views - The company is expected to see significant growth in its medical beauty business, supported by a comprehensive industry chain and material platform value [7]. - The company reported a revenue of 780 million yuan for 2023, a 100% year-on-year increase, and a net profit of 300 million yuan, reflecting a 174.6% increase [13]. - The company has a strong product lineup, with the medical device segment contributing 87.1% of total revenue, and the flagship product, Wei Yi Mei, showing rapid sales growth [13]. Summary by Sections Financial Performance - Total revenue for 2023 was 780 million yuan, with a net profit of 300 million yuan, and a significant increase in earnings per share to 4.40 yuan [9][10]. - The gross profit margin for 2023 was 90.2%, an increase of 4.7 percentage points year-on-year, with a net profit margin of 38.4%, up 10.4 percentage points [13]. Revenue Breakdown - Medical devices generated 565 million yuan, a 254.7% increase, with Wei Yi Mei contributing approximately 490 million yuan [13]. - Functional skincare products saw revenue of 17 million yuan, a 65.3% increase, while raw materials and others generated 24 million yuan, a 42.9% increase [13]. Future Outlook - The company is expected to maintain strong growth in the medical beauty sector, with a projected net profit of 506 million yuan for 2024 and 678 million yuan for 2025 [13]. - The company is focusing on expanding its product matrix and enhancing its market presence through strategic partnerships and innovative product development [13].

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 | --- | --- | |----------------------------|--------- ...

Investment Rating - The report assigns a "Buy - A" investment rating to the company, maintaining this rating with a 6-month target price of 297.72 CNY [4][10]. Core Insights - The collaboration with SkinCeuticals, a high-end brand under L'Oréal, aims to launch a flagship injectable beauty product targeting skin issues related to collagen loss after the age of 25 [2]. - The new product, a recombinant type III humanized collagen solution, received regulatory approval in August 2023 and is designed for facial dermal filling to correct dynamic wrinkles [8]. - The partnership is expected to enhance the company's industry position, consumer recognition, and channel penetration, leveraging the brand's international reputation [9]. Financial Summary - The company’s projected revenue growth rates for 2024 and 2025 are 56.1% and 35.7%, respectively, with net profit growth rates of 69.5% and 32.7% [10]. - The financial forecasts indicate a significant increase in revenue from 780.4 million CNY in 2023E to 1,218.6 million CNY in 2024E, and net profit rising from 299.0 million CNY in 2023E to 506.8 million CNY in 2024E [7]. - The earnings per share (EPS) is expected to grow from 4.39 CNY in 2023E to 7.44 CNY in 2024E, reflecting strong profitability [7]. Market Performance - The company's stock price as of March 8, 2024, was 243.27 CNY, with a 12-month price range of 112.6 to 299.98 CNY [4]. - The total market capitalization is reported at 16,563.28 million CNY, with a circulating market cap of 5,779.73 million CNY [4].

证 券 研 究 报 告 2024 年 03 月 09 日 锦波生物 (832982) 上 市 公 司 公 司 研 究 / 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 03 月 08 日 | | 收盘价（元） | 243.27 | | 一年内最高/最低（元） | 302.33/112.6 | | 市净率 | 19.6 | | 息率（分红/股价） | 0.21 | | 流通 A 股市值（百万元） | 5780 | | 上证指数/深证成指 | 3046.02/9369.05 | 一年内股价与大盘对比走势： 03-1004-1005-1006-1007-1008-1009-1010-1011-1012-1001-1002-10 -50% 0% 50% 100% 150% 200% 锦波生物 沪深300指数（收益率） 《锦波生物（832982）深度：重组胶原蛋 白全产业链覆盖，多应用布局，高斜率成长 可期》 2024/01/12 投资要点： 证券分析师 刘靖 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [2][3][12]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 780.24 million and net profit at 299.80 million, reflecting year-on-year growth of 100% and 174.61% respectively [1][13]. - The company is focused on the production and research of functional proteins, particularly in the beauty and health sectors, targeting both aesthetic and reproductive health [2]. - Short-term growth is expected from the launch of three medical devices under the brand Wei Yi Mei, which is anticipated to drive major profits [2]. - Long-term prospects are bolstered by capacity expansion, a rich pipeline of products in development, and a strong brand-building strategy aimed at capturing consumer awareness in the collagen regeneration market [2][7]. Financial Performance Summary - For 2023, the company achieved a revenue of 780.24 million, with a projected growth rate of 99.96% for 2024 and 38.00% for 2025 [15]. - The net profit for 2023 is projected at 299.80 million, with expected growth rates of 54.49% in 2024 and 39.66% in 2025 [15]. - The company’s earnings per share (EPS) is forecasted to be 4.40 in 2023, increasing to 6.80 in 2024 and 9.50 in 2025 [15]. - The price-to-earnings (P/E) ratio is expected to decrease from 53.70 in 2023 to 24.89 by 2025, indicating improving valuation metrics as earnings grow [15]. Market Position and Trends - The company has been included in the North Exchange 50 Index, which is expected to enhance its liquidity and validate its operational strength [7]. - The beauty and medical aesthetics industry is experiencing upward trends, with high-margin products expected to improve the company's profitability [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for future stock performance relative to the market benchmark [2][8]. Core Insights - The company is positioned as a leading functional protein enterprise in China, focusing on a comprehensive layout of recombinant collagen products and the HPV biological protein industry chain [2]. - The company has introduced the "3+17" full-course anti-aging treatment plan, utilizing 100% human-derived collagen types III and XVII, which covers multiple skin layers for enhanced efficacy [1]. - The company has seen significant growth in its financial forecasts, with expected net profits for 2023-2025 revised to 300 million, 499 million, and 690 million yuan, respectively, reflecting growth rates of 174.6%, 66.5%, and 38.2% [2][8]. Financial Performance - The company anticipates a revenue of 780 million yuan for 2023, representing a year-on-year increase of 99.96%, with a net profit of 300 million yuan, up 174.61% [8]. - The projected financials for 2024 and 2025 show continued growth, with revenues expected to reach 1.29 billion yuan and 1.78 billion yuan, respectively [8]. - The company's gross margin is projected to improve from 85.44% in 2022 to 90.59% by 2025, indicating strong operational efficiency [5]. Product Development - The company is progressing well with its research and development projects, including the recombinant type III human-derived collagen freeze-dried fiber, which has been submitted for regulatory approval [9]. - A strategic shift in fundraising has been announced, focusing on expanding the R&D of recombinant type III collagen and exploring other types of collagen for various clinical applications [9].

Investment Rating - The investment rating for the company is "Buy" [10][11]. Core Insights - The company reported a revenue of 780 million yuan in 2023, representing a year-on-year growth of 99.96%, and a net profit attributable to the parent company of 300 million yuan, which is a 174.61% increase year-on-year [10][11]. - The high growth in performance is attributed to the rapid expansion of the "Wei Yi Mei" product line and an increase in the revenue share from medical beauty products, which has led to an improvement in overall gross margin [10][11]. - The company is expected to continue its strong growth trajectory in 2024, with ambitious sales targets for the "Wei Yi Mei" series and the introduction of new products aimed at women's intimate care and facial volume enhancement [10][11]. Financial Summary - The company’s financial projections for 2023-2025 indicate net profits of 300 million, 450 million, and 621 million yuan respectively, with a projected PE ratio of 36 times for 2024 [11]. - The gross margin is expected to improve, with estimates of 87.1% in 2023, 88.6% in 2024, and 89.5% in 2025 [21]. - The return on equity (ROE) is projected to be 31.4% in 2023, 32.0% in 2024, and 30.6% in 2025 [21].