山西锦波生物医药股份有限公司 证券代码：832982 证券简称：锦波生物 公告编号：2024-083 投资者关系活动记录表 一、 投资者关系活动类别 □特定对象调研 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。 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 (电话会议) 二、 投资者关系活动情况 活动时间：2024 年 8 月 26 日 活动地点：电话会议 参会单位：中信证券、国金证券、国元证券、鹏扬基金、微明恒远投资、鑫 元基金、丹羿投资、汇安基金、国信证券、西部证券、泰康资产、摩根大通、德 邦证券、金木资本、华创证券、中邮证券、浙商证券、金鹰基金、大成基金、中 泰证券、海通证券、平安人寿、双安资产、上海证券、中银证券、国寿安保基金、 前海联合基金、第一上海证券、汇华理财、东莞证券、国投瑞银基金、观合资产、 沣杨资产、中金公司、国泰君安证券、观富资产、中骏资本、华福证券、财通基 金、平安证券、崇山投资、开源证券、东方马拉松投资、民晟资产、信璞投资、 国新投资、 ...

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Investment Rating - The report assigns a "Buy" rating to Jinbo Biotech (832982 BJ) for the first time [1] Core Views - Jinbo Biotech demonstrates strong profitability and R&D capabilities, driving sustainable and healthy development [1] - The company's profitability continues to strengthen, with medical device business boosting growth [1] - The company has a robust R&D foundation, enhancing its core competitiveness [1] - With diverse end-product application scenarios, the company has established a comprehensive industry chain from raw materials to products and sales [1] Financial Performance - In H1 2024, Jinbo Biotech achieved revenue of 603 million yuan, a year-on-year increase of 90 59% [1] - Net profit attributable to shareholders reached 309 million yuan, up 182 88% year-on-year [1] - Basic earnings per share stood at 3 5 yuan, a 182 26% increase from the previous year [1] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 89 million yuan [1] Business Segments - Medical devices: Revenue of 531 million yuan in H1 2024, up 91 84% year-on-year, with a gross margin of 94 43% [1] - Functional skincare: Revenue growth driven by proprietary brand development, with a gross margin of 64 76% [1] - Raw materials and others: Revenue growth supported by advanced functional protein materials, with a gross margin of 83 03% [1] R&D and Innovation - In H1 2024, the company obtained 13 patent authorizations, including 2 international patents [1] - Completed atomic structure analysis of 2 human collagen proteins (8YUK, 8YV3) [1] - Obtained 4 Class II medical device registration certificates [1] Industry Position - Jinbo Biotech is recognized as a national "Specialized and Sophisticated" Little Giant enterprise [1] - Designated as the "Chain Leader" enterprise of Shanxi Province's synthetic biology industry chain in 2023 [1] Financial Projections - Revenue forecast for 2024-2026: 1 475 billion yuan, 2 065 billion yuan, and 2 581 billion yuan, respectively [3] - Net profit forecast for 2024-2026: 652 million yuan, 972 million yuan, and 1 217 billion yuan, respectively [3] - PE ratios for 2024-2026: 23 3x, 15 7x, and 12 5x, respectively [3] Valuation Comparison - Compared with peers like Bloomage Biotech, Novozymes, and Protheragen, Jinbo Biotech shows strong growth potential and innovation capabilities [5] - The company's PE ratios are lower than the industry average, indicating potential undervaluation [5]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported impressive revenue growth of 90.59% year-on-year, reaching 603 million yuan in H1 2024, with a net profit of 310 million yuan, up 182.88% year-on-year, closely aligning with the upper limit of its previous earnings forecast [2]. - The gross margin improved to 91.58%, an increase of 2.43 percentage points, while the net profit margin rose to 51.34%, up 16.96 percentage points [2]. - The company is a leading player in the domestic recombinant collagen protein market, with a strong focus on functional protein research and diversified industrial applications [2]. Financial Performance - For H1 2024, the company achieved a revenue of 603 million yuan, a year-on-year increase of 90.59%, and a net profit of 310 million yuan, reflecting a growth of 182.88% [2]. - The company’s revenue for Q2 2024 was 377 million yuan, marking a 100.45% increase year-on-year, with a net profit of 208 million yuan, up 213.41% [2]. - The company’s revenue projections for 2024-2026 are 1.39873 billion yuan, 1.92465 billion yuan, and 2.4695 billion yuan, respectively, with expected EPS of 6.89 yuan, 9.42 yuan, and 12.18 yuan [3][5]. Product and Market Development - The company’s flagship product, Wei Yi Mei, has seen rapid sales growth, surpassing one million units sold by H1 2024 [2]. - The company has expanded its product matrix with new specifications and treatment options, while also increasing its distribution network to approximately 3,000 medical institutions by H1 2024 [2]. - The company plans to invest up to 220 million yuan to build a collagen production facility to further enhance its production capacity [2].

Investment Rating - The report maintains a "Buy" rating for Jinbo Biotech with a target price of 214.20 CNY, up from the previous target of 204.32 CNY [2] Core Views - Q2 2024 performance showed explosive growth, with revenue and net profit reaching the upper limit of previous forecasts [6] - Core product Weiyimei is accelerating its market penetration, driving rapid growth in both revenue and profitability [7] - The company's gross margin increased by 2.43 percentage points to 91.58% in H1 2024, driven by the rapid expansion of high-margin single-material medical devices [7] - Jinbo Biotech's net profit margin surged by 16.96 percentage points to 51.34% in H1 2024, with Q2 net margin reaching 55.16% [7] Financial Performance - H1 2024 revenue reached 603 million CNY, up 91% YoY, with Q2 revenue at 377 million CNY, up 100% YoY [7] - Net profit attributable to shareholders in H1 2024 was 310 million CNY, up 183% YoY, with Q2 net profit at 208 million CNY, up 213% YoY [7] - The medical device segment contributed 531 million CNY in H1 2024, accounting for 88% of total revenue, with a gross margin of 94.43% [7] - Functional skincare segment revenue grew 54% YoY to 48 million CNY, with a gross margin of 64.76% [7] Business Segments - Single-material medical devices revenue grew 105% YoY to 479 million CNY in H1 2024, with a gross margin of 96.21% [7] - Composite material medical devices revenue increased 20% YoY to 52 million CNY, with a gross margin of 78.00% [7] - Raw materials and other segments saw a 180% YoY revenue growth to 24 million CNY, with gross margin improving by 18.32 percentage points to 83.03% [7] Growth Drivers - Weiyimei's rapid market expansion, now covering approximately 3,000 terminal medical institutions [7] - Successful expansion of raw material business to downstream customers including L'Oréal and Pechoin [7] - Rich pipeline of Class III medical devices under development, spanning gynecology, surgery, and urology applications [7] Financial Forecasts - 2024E revenue is projected at 1,379 million CNY, up 76.7% YoY, with net profit expected to reach 632 million CNY, up 110.7% YoY [8] - 2025E revenue is forecasted at 1,880 million CNY, up 36.4% YoY, with net profit projected at 885 million CNY, up 40.2% YoY [8] - 2026E revenue is estimated at 2,278 million CNY, up 21.1% YoY, with net profit expected to reach 1,108 million CNY, up 25.1% YoY [8] Valuation Metrics - Current P/E ratio stands at 25.23x for 2024E, expected to decrease to 17.99x in 2025E and 14.38x in 2026E [8] - P/B ratio is projected at 10.50x for 2024E, decreasing to 6.91x in 2025E and 4.83x in 2026E [8] - ROE is forecasted to reach 41.6% in 2024E, maintaining above 30% through 2026E [8]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company achieved significant growth in revenue and net profit in the first half of 2024, with revenue reaching 603 million yuan, up 90.59% year-on-year, and net profit of 310 million yuan, up 182.88% year-on-year [2]. - The growth was driven by the rapid increase in sales of recombinant human collagen implant products and functional skincare products, with a notable expansion in brand recognition [2]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares to all shareholders, totaling approximately 88.51 million yuan [2]. Financial Performance Summary - **Revenue and Profit Growth**: In Q2 2024, revenue was 377 million yuan, up 100.45% year-on-year, and net profit was 208 million yuan, up 213.41% year-on-year [2]. - **Product Performance**: Medical device revenue was 531 million yuan in H1 2024, up 91.84% year-on-year, primarily from the sales of recombinant human collagen implant products [2]. - **Regional Performance**: Revenue growth was observed across various regions, with North China achieving 291 million yuan, up 165.50% year-on-year [2]. Profitability and Cost Management - **Gross Margin**: The gross margin for H1 2024 was 91.58%, an increase of 2.43 percentage points year-on-year [2]. - **Expense Ratios**: The sales expense ratio decreased to 17.87%, and the net profit margin improved to 51.34% in H1 2024, reflecting better cost management [2]. - **R&D Investment**: R&D expenses totaled 60.33 million yuan, accounting for 10.01% of revenue, with a significant increase in development spending [2]. Future Outlook - **Product Pipeline**: The company has a robust product pipeline, including various recombinant collagen products that are in clinical stages, indicating potential for future revenue growth [2]. - **Market Positioning**: The brand's influence is expected to grow with collaborations with international brands, enhancing market presence and revenue potential [2]. - **Revenue Projections**: The company is projected to achieve revenues of 1.55 billion yuan, 2.13 billion yuan, and 2.72 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 603 million yuan, 856 million yuan, and 1.13 billion yuan [3][5].

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].