Investment Rating - The report gives a "Buy" rating with a target price of RMB 284.67 per share, based on a 26x PE multiple for 2025 [2] Core Views - The company's flagship product, Weiyimei, is expected to see strong growth in 2024, with projected factory revenue of RMB 800-1000 million [1] - The company has entered L'Oréal's supply chain and plans to expand into Southeast Asia, with a D-class medical device registration certificate obtained in Vietnam [1] - The company's product pipeline includes multiple formulations, types, and indications, with a focus on mid-face augmentation and female intimate health [1][15] Product Performance and Market Potential - Weiyimei's sales are expected to grow significantly in 2024, driven by channel expansion and brand promotion, with coverage of 3,000 medical aesthetic institutions by mid-2024 [1][11] - The company's mid-face augmentation product, expected to be submitted for registration in August 2024, could potentially replace high-end hyaluronic acid and animal-derived collagen products [2][18] - The female intimate health market is in its early stages in China, with the company's Lanmi brand well-positioned to capture growth in this niche [1][17] Financial Projections - The company's net profit is expected to grow by 135% in 2024, reaching RMB 705 million, with continued growth of 37% and 28% in 2025 and 2026, respectively [2] - Revenue is projected to increase by 80% in 2024, reaching RMB 1.403 billion, with further growth of 35% and 27% in 2025 and 2026 [4] - The company's ROE is expected to remain strong, with projections of 51.21%, 49.49%, and 45.85% for 2024, 2025, and 2026, respectively [4] Industry and Competitive Landscape - The company is a leader in recombinant collagen protein, with a first-mover advantage in the medical aesthetic implant market [7][9] - The company's gross margin is slightly lower than that of industry leader Allergan but higher than other competitors like Bloomage Biotech and Haohai Biological [30][72] - The company's revenue growth has outpaced its peers, with a CAGR of 33% expected from 2024 to 2026, compared to an industry average of 20-26% [122] Strategic Initiatives - The company is focusing on expanding its product matrix, including multiple formulations and types of collagen, as well as exploring new indications in dermatology, gynecology, and other fields [16][18] - The company is leveraging its entry into L'Oréal's supply chain to strengthen its position in the global market, with plans to expand into Southeast Asia [14][97] - The company is investing in R&D to develop new products, including a mid-face augmentation product and a recombinant XVII-type collagen protein, which are expected to drive long-term growth [16][100]

关于EK1雾化剂用于治疗新型冠状病毒感染的临床试验阶段性完成 并取得总结报告的公告 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。 山西锦波生物医药股份有限公司（以下简称"公司"）子公司北京锦波鼎 正生物医药研究有限公司开发的国家Ⅰ类化学新药EK1雾化剂用于治疗新型冠状 病毒感染的多中心临床试验已完成并取得总结报告。现将有关内容公告如下： 一、在研项目情况 证券代码：832982 证券简称：锦波生物 公告编号：2024-096 山西锦波生物医药股份有限公司 2、次要疗效指标：试验组病毒载量呈现显著下降趋势，试验组核酸转阴时 间较安慰剂组中位数时间显著缩短；用药后第4天，试验组病毒载量对比安慰剂 组显著下降；试验组至发热和呼吸道症状持续恢复时间对比安慰剂组显著缩短； 3、同时，试验组7天内症状恢复效果显著优于安慰剂组；用药后第4天试验 组病毒载量对比安慰剂组最大下降超96%； 4、安全性：本试验中，试验组和安慰剂对照组的不良事件发生率和不良反 应发生率相当，且试验组无严重不良事件发生。 EK1雾化剂是国家 ...

Investment Rating - The report initiates coverage on Jinbo Biotech with a "Buy" rating, citing its strong position in the recombinant collagen protein market and significant growth potential [3][7] Core Views - Jinbo Biotech specializes in the research, development, and industrialization of functional proteins, particularly recombinant collagen, with a leading advantage in this sector [2] - The company's flagship product, Weiyimei, is the only injectable recombinant collagen medical device (Class III) in China, providing a high barrier to entry and competitive advantage [7][9] - Revenue and net profit are expected to grow significantly, with projected revenue of 1.392 billion, 2.051 billion, and 2.645 billion yuan for 2024-2026, and net profit of 718 million, 1.067 billion, and 1.381 billion yuan, respectively [7][9] Business Overview - Jinbo Biotech focuses on the development and commercialization of medical devices and functional skincare products using recombinant humanized collagen as the core ingredient [2][21] - The company has a robust R&D pipeline, with ongoing projects in gynecology, urology, orthopedics, and cardiovascular fields, leveraging its expertise in recombinant collagen [21][28] Financial Performance - From 2016 to 2023, the company achieved a CAGR of 47.5% in revenue and 47.9% in net profit, with gross margins consistently exceeding 80% [2][32] - The company's profitability has improved significantly, with net margins rising from 20.0% in 2020 to 38.3% in 2023, driven by the rapid market penetration of Weiyimei [32] Market Position and Competitive Advantage - Jinbo Biotech is the first company listed on the Beijing Stock Exchange specializing in recombinant collagen, with Weiyimei being the only injectable recombinant collagen product in China [9][21] - The company has established a strong competitive edge through its "R&D + Product + Channel" strategy, with a diversified product portfolio and extensive sales network [2][9] Growth Drivers - The medical device segment, particularly Weiyimei, is expected to drive revenue growth, with projected revenue increases of 85%, 50%, and 30% for 2024-2026 [8][9] - Functional skincare products are also expected to grow, with revenue increases of 30%, 20%, and 15% for the same period, supported by the company's brand-building efforts [8][9] Valuation and Peer Comparison - The company's current valuation is attractive, with a forward PE of 28x, 19x, and 14x for 2024-2026, compared to an average PE of 34x for comparable companies in 2023 [7][9] - Comparable companies include A-share listed firms like Imeik and Bloomage BioTechnology, as well as Hong Kong-listed Giant Biogene, all of which operate in the medical aesthetics and recombinant collagen sectors [9][93]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - In Q3 2024, the company achieved revenue of 386 million yuan, a year-on-year increase of 92%, and a net profit attributable to the parent company of 210 million yuan, a year-on-year increase of 154% [5][6] - The collagen protein industry remains in a high prosperity cycle, with the company's core products continuing to see volume growth [5][7] - The company has obtained four Class II medical device registration certificates in H1 2024, expanding its product matrix [6] Revenue Analysis - In Q3 2024, the company's revenue remained stable compared to Q2, with a strong year-on-year growth momentum. The revenue growth rates for Q1 to Q3 2024 were 76%, 100%, and 92% respectively [5] - The gross profit margin for Q3 2024 reached 93.6%, an increase of 2.3 percentage points year-on-year, benefiting from the rising proportion of core products [5] Expense Analysis - The company experienced a decrease in the sales expense ratio by 5.4 percentage points year-on-year in Q3 2024, while the management, R&D, and financial expense ratios decreased by 3.2, 5.2, and 0.8 percentage points respectively [5][6] Profitability Analysis - The net profit margin attributable to the parent company in Q3 2024 reached 54.6%, an increase of 13.3 percentage points year-on-year [6] - The company is expected to continue focusing on the medical-grade applications of recombinant collagen, with a clear growth trajectory anticipated [7] Financial Forecast - The projected net profits for the company from 2024 to 2026 are 700 million yuan, 930 million yuan, and 1.18 billion yuan respectively [7][17]

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-11- 13 | 832522 | 纳科诺尔 | 71.01 | 50000 | 国泰君安证券股份有 限公司广东广州东风 | 粤开证券股份有限公 司广东分公司 | | | | | | | 中路营业部 | | | 2024-11- 13 | 832982 | 锦波生物 | 173 | 19000 | 中信证券股份有限公 司山西分公司 | 山西证券股份有限公 司太原府西街证券营 | | | | | | | | 业部 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [6]. Core Insights - The company reported a revenue of 386 million in Q3 2024, representing a year-over-year increase of 92% and a quarter-over-quarter growth of 2%. The net profit attributable to shareholders reached 210 million, up 154% year-over-year, exceeding market expectations [1]. - For the first three quarters of 2024, the company achieved a total revenue of 990 million, a 91% increase year-over-year, with a net profit of 520 million, reflecting a 170% increase compared to the same period last year [1]. - The company’s product, Wei Yi Mei, has surpassed one million units sold since its launch, and it has established a presence in over 3,000 medical beauty terminals as of the first half of 2024 [1]. - The collagen sector remains highly prosperous, with stable pricing and a declaration from the company to not authorize online platforms or social media for sales, suggesting expected price stability [1]. - The company has received its first overseas medical device registration certificate for its subcutaneous filler in Vietnam, marking a significant step in its international expansion [4]. - The company has formed a strategic partnership with L'Oréal to incorporate recombinant human collagen into its products, further enhancing its international market presence [4]. Financial Performance Summary - The company’s revenue is projected to grow significantly, with estimates of 1.412 billion for 2024, 1.977 billion for 2025, and 2.570 billion for 2026, reflecting growth rates of 81%, 40%, and 30% respectively [3]. - The net profit attributable to shareholders is expected to reach 701 million in 2024, 1.013 billion in 2025, and 1.304 billion in 2026, with year-over-year growth rates of 134%, 44%, and 29% respectively [3]. - The gross margin for Q3 was reported at 93.6%, with a year-over-year increase of 2.3 percentage points, indicating improved profitability [3]. - The company’s overall net profit margin reached 54.6%, remaining stable compared to Q2 while improving by 13% year-over-year [3]. Market Position and Future Outlook - The company is well-positioned in the high-demand collagen market, with a strong product pipeline and ongoing research and development efforts [4]. - The report highlights the importance of monitoring the progress of new product registrations and market expansions as potential catalysts for future growth [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has received its first overseas medical device registration certificate in Vietnam, marking a significant step in its international expansion [2][3]. - Vietnam's medical device market is rapidly growing, with a projected CAGR of 9.0% from 2024 to 2033, and over 90% of medical devices are imported [2][3]. - The approved product is a D-class medical device, a subcutaneous filler containing recombinant type III human collagen, aimed at correcting dynamic facial wrinkles [3]. - The company is a leader in the recombinant collagen industry in China and has showcased its products at international exhibitions, enhancing its global recognition [3]. Financial Summary - The company forecasts net profits of 749 million, 1.098 billion, and 1.479 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 8.46, 12.41, and 16.71 yuan [3][4]. - Revenue is expected to grow from 1.417 billion yuan in 2024 to 2.747 billion yuan in 2026, with a growth rate of 81.63% in 2024 [4][11]. - The company's P/E ratios are projected to decrease from 27 in 2024 to 14 in 2026, indicating potential for value appreciation [4][11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The approval of a Class D medical device registration in Vietnam marks a significant step for the company in its international expansion, particularly in the aesthetic medicine sector [2] - The company is positioned as a leader in recombinant collagen injection products, with strong clinical results and sales feedback in China, indicating substantial growth potential in overseas markets [2] - The ongoing development of a comprehensive anti-aging treatment plan and strategic partnerships to enhance brand influence are expected to support long-term growth [3] - The company has a robust pipeline of products under development, including recombinant collagen products for gynecological use and facial volumizing gels, which are progressing well through regulatory approval [3] Financial Forecast and Valuation - The company is projected to achieve total revenue of 1,434.02 million in 2024, with a year-on-year growth of 83.79% [1] - The net profit attributable to the parent company is expected to reach 733.50 million in 2024, reflecting a year-on-year increase of 144.67% [1] - The report anticipates a continued strong performance for the company, with net profits projected at 7.3 billion, 10.1 billion, and 13.0 billion for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 28, 20, and 16 [4]

公司报告 | 季报点评 24Q3 归母净利 2.1 亿元，继续环比提升 事件：公司发布 24 年三季报。24 年 Q1-3 营收 9.88 亿，yoy+91.16%；归母 净利 5.20 亿元，yoy+170.42%。24 年 Q3 公司实现营收 3.86 亿，yoy+92.07%， 归母净利 2.10 亿，yoy+153.96%。 产品规格型别矩阵化拓展，研发持续投入：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，公司已经完成包括Ⅲ型、Ⅴ型、Ⅶ型、ⅩⅦ型等重组人源 化胶原蛋白主要的基础研究，已在妇科、泌尿科、皮肤科、骨科、外科、 口腔科、心血管科等领域持续开展应用研究。V 型原料已经在自有品牌"同 频"率先使用，登录李佳琦直播间。 投资建议：锦波生物为重组胶原蛋白领军企业，在行业红利延续的背景下， 2024 年为公司商业化进阶重要的一年——C 端加码营销打薇旖美®品牌强 化消费者心智，B 端继续深耕集团大客户，打造标杆，提升复购，公司医 美业务进入正循环阶段；去年下半年以来薇旖美®产品规格型别矩阵化拓 展，薇旖美®至真提颜针创 ...