Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [18]. Core Insights - The company has demonstrated significant revenue and profit growth, with a compound annual growth rate (CAGR) of 69.21% in revenue and 110.86% in net profit from 2021 to 2023 [6][18]. - The company is positioned as a leader in the recombinant human collagen market, with a strong focus on innovation and technology [18]. - The domestic market for recombinant collagen is expected to experience explosive growth, with projections indicating a market size of 1,083 billion yuan by 2027 [18]. Summary by Sections Revenue and Profit Growth - In 2023, the company achieved a revenue of 780 million yuan, a year-on-year increase of 99.97%, and a net profit of 300 million yuan, up 174.60% year-on-year [6][18]. - For Q1 2024, the company reported a revenue of 226 million yuan, representing a 76.09% increase year-on-year, and a net profit of 101 million yuan, up 135.72% year-on-year [6]. Profitability and Cash Flow - The company's gross profit margin increased from 82.29% in 2021 to 90.16% in 2023, with a net profit margin rising from 24.38% to 38.28% during the same period [9][18]. - Cash flow from operating activities has shown a steady increase, reaching 296 million yuan in 2023, a 138.57% increase from the previous year [61]. Market Position and Product Offering - The company primarily generates revenue from medical device products, which accounted for 87.15% of total revenue in 2023, with sales growing by 122.66% year-on-year [13][18]. - The company has established a full industry chain business model, from core raw materials to end products in medical devices and functional skincare [47]. Innovation and Technology - The company is recognized for its strong focus on innovation, having developed the first recombinant human collagen type III product approved for market in China [17][18]. - The company has entered the supply chain of international brands, including a strategic partnership with L'Oréal, marking a significant milestone in its growth [17][18]. Industry Outlook - The medical device industry in China is experiencing rapid growth, with a projected market size of 1,738 billion yuan by 2027 for collagen products, indicating a CAGR of over 50% [18]. - The government has implemented supportive policies for the biomanufacturing industry, which is expected to benefit the company's growth trajectory [63].

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-07- | | | | | 申万宏源证券有限公 | 华福证券有限责任公 | | 23 | 834599 | 同力股份 | 6.05 | 450000 | 司长沙五一大道证券 | 司漳平和平中路证券 | | | | | | | 营业部 | 营业部 | | 2024-07- | | | | | 国泰君安证券股份有 | 中国银河证券股份有 | | 23 | 873690 | 捷众科技 | 8.45 | 1700000 | 限公司浙江杭州滨江 | 限公司绍兴证券营业 | | | | | | | 科技馆街营业部 | 部 | | 2024-07- 23 | 832982 | 锦波生物 | 166.5 | 120000 | 华龙证券股份有限公 司上海大渡河路证券 | 大同证券有限责任公 司太原分公司 | | | | | | | 营业部 | | | 2024-07- | 832982 | 锦波生物 | 166.5 | 13000 ...

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].

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 ...

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].

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].

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].

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]

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].

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 ...