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、 说明会类型 证券代码：832982 证券简称：锦波生物 公告编号：2024-045 山西锦波生物医药股份有限公司 关于参加山西辖区上市公司 2024 年投资者 网上集体接待日暨年报业绩说明会的预告公告 公司董事长：杨霞女士； 公司董事、副总经理、董事会秘书：唐梦华女士； 公司副总经理、财务总监：薛芳琴女士。 四、 投资者参加方式 本次活动采用网络方式召开。 投资者可登录"全景路演"网站（http://rs.p5w.net），或关注微信公众号： 全景财经，或下载全景路演 APP，参与本次互动交流。 为进一步加强与投资者的互动交流，山西锦波生物医药股份有限公司（以下 简称"公司"）将参加由山西证监局、山西省上市公司协会与深圳市全景网络有 限公司联合举办的"山西辖区上市公司 2024 年投资者网上集体接待日暨年报业 绩说明会"。 二、 说明会召开的时间、地点 （一）会议召开时间：2024 年 5 月 20 日（周一）15:00-17:00。 （二）会议召开 ...

证券代码：832982 证券简称：锦波生物 公告编号：2024-046 山西锦波生物医药股份有限公司 关于变更持续督导保荐代表人的公告 特此公告。 山西锦波生物医药股份有限公司 董事会 2024年5月14日 附件：姚曜先生简历 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"）于近日收到中信证 券股份有限公司（以下简称"中信证券"）出具的关于更换持续督导保荐代表 人的书面函告。 中信证券原委派邓俊先生、先卫国先生担任公司向不特定合格投资者公开 发行股票并在北京证券交易所上市项目持续督导保荐代表人，履行持续督导职 责。先卫国先生因工作变动原因，不再负责公司持续督导工作，中信证券为保 证持续督导工作的有序进行，决定委派姚曜先生（简历附后）接替先卫国先生 继续履行持续督导工作。本次变更后，公司持续督导保荐代表人为邓俊先生、 姚曜先生。 本次变更不影响中信证券对公司的持续督导工作，公司董事会对先卫国先 生在担任公司保荐代表人期间所做的工作表示衷心的感谢！ 姚曜先生， ...

| 2024-05- 13 | 832982 | 锦波生物 | 121.8 | 25000 | 司北京金融大街证券 | 中信证券股份有限公 | | --- | --- | --- | --- | --- | --- | --- | | 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 招商证券股份有限公 营业部 | 卖出营业部 司山西分公司 | ...

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-05- 09 | 835368 | 连城数控 | 20.68 | 143000 | 中信证券股份有限公 司大连分公司 | 长江证券股份有限公 司枝江公园路证券营 | | | | | | | | 业部 | | 2024-05- | 832982 | 锦波生物 | 126 | 33000 | 中信证券股份有限公 | 中信证券股份有限公 | | 09 | | | | | 司山西分公司 | 司山西分公司 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by over 20% within the next six months [25]. Core Views - The company is projected to achieve revenues of 1.231 billion, 1.635 billion, and 2.073 billion yuan for the years 2023, 2024, and 2025, respectively, representing year-on-year growth rates of +57.71%, +32.87%, and +26.77% [7][8]. - The net profit attributable to the parent company is expected to be 493 million, 668 million, and 855 million yuan for the same years, with year-on-year growth rates of +64.42%, +35.46%, and +28.06% [7][8]. - The earnings per share (EPS) are forecasted to be 7.24, 9.81, and 12.56 yuan, with corresponding price-to-earnings (PE) ratios of 31, 23, and 18 times [7][8]. Financial Performance - In Q1 2024, the company reported a revenue of 226 million yuan, a year-on-year increase of +76.09%, and a net profit of 101 million yuan, up +135.72% year-on-year [15]. - The gross margin for Q1 2024 reached 91.90%, an increase of 1.96 percentage points year-on-year, while the net margin was 44.95%, up 11.47 percentage points year-on-year [16]. - The company's medical device segment achieved revenue of 680 million yuan in 2023, reflecting a year-on-year growth of +122.66% [16]. Strategic Developments - The company is actively expanding its collagen protein raw materials internationally and has established a strategic partnership with L'Oréal, marking a significant milestone in entering the supply chain of an internationally recognized brand [17]. - The company's core business focuses on various terminal medical device products and functional skincare products based on type A recombinant human collagen, with applications across multiple medical fields [17].

Investment Rating - The report maintains a "Buy" rating for the company [14] Core Views - The company achieved a revenue of 780 million yuan in 2023, representing a year-on-year growth of 99.97%, and a net profit attributable to shareholders of 300 million yuan, up 174.60% year-on-year [7][4] - The company is leading in the collagen market, with significant growth in its medical device segment and strong performance in its collagen products [7] - The company has a robust pipeline of research and development projects, focusing on recombinant collagen products, and aims to strengthen its brand "Wei Yi Mei" [7] Financial Summary - Revenue projections for 2024-2026 are adjusted to 1.25 billion yuan, 1.66 billion yuan, and 2.10 billion yuan respectively, with net profit forecasts of 496 million yuan, 667 million yuan, and 884 million yuan [7] - The gross margin is expected to improve from 90.2% in 2023 to 93.8% by 2026, while the return on equity (ROE) is projected to remain strong at around 33.1% by 2026 [4][7] - Earnings per share (EPS) are forecasted to be 5.61 yuan, 7.54 yuan, and 9.99 yuan for the years 2024, 2025, and 2026 respectively [7][4]

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 | | | | | | | ...