证券研究报告 公 2024年03月23日 司 报 告 锦波生物（832982） │ 行 业： 美容护理/医疗美容 公 投资评级： 买入（上调） 司 当前价格： 220.70元 产品+研发+产能三重奏，2024 年高成长有望延续 点 目标价格： 286.15元 评 研 究 基本数据 事件： 公司近期发布研发进展：锦波生物科研团队最新研究发现，A型重组Ⅲ型人源 总股本/流通股本（百万股） 68.0860/23.6584 化胶原蛋白的164.88°三螺旋结构，可进一步自交联成更高级的胶原蛋白纤维 流通A股市值（百万元） 15,026.58 网结构，进而重建细胞外基质（ECM），实现细胞重塑、组织重塑。 每股净资产（元） 14.01 ➢ 注射类品项持续拓展 资产负债（%） 33.56 2021年6月国际首个注射用重组III型人源化胶原蛋白冻干纤维“薇旖美”获批 一年内最高/最低（元） 302.33/115.00 上市，2023年年销售额超过57万瓶，拥有销售团队135人，覆盖终端医疗机 构约2000家；2023年6月“薇旖美”由4mg极纯眼周拓展至10mg至真面部多 股价相对走势 层次注射，主打超螺旋、超活性、超持久 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected investment return exceeding 15% over the next 6-12 months [4][6]. Core Insights - The company has achieved significant growth in its medical aesthetics business, leading to improved profitability, with a gross margin of 90.2% and a net margin of 38.3% in 2023, reflecting year-on-year increases of 4.7 percentage points and 10.4 percentage points, respectively [3][19]. - The company has established a strong position in the recombinant collagen market, holding two of the only three class III medical device certifications for recombinant human collagen in China, and has initiated a collaboration with L'Oréal [4][28]. - Revenue for 2023 reached 780 million yuan, a 100% increase year-on-year, with a net profit of 300 million yuan, up 174.5% [27]. Summary by Sections Financial Performance - The company reported a revenue of 780 million yuan in 2023, with a year-on-year growth rate of 99.96%. The net profit for the same period was 300 million yuan, reflecting a growth rate of 174.60% [12][27]. - The gross margin for 2023 was 90.2%, with a net margin of 38.3%, indicating strong profitability [3][19]. Business Segments - The medical device segment generated revenue of 680 million yuan, a 122.7% increase year-on-year, driven by the sales of recombinant collagen products [19]. - The functional skincare segment achieved revenue of 75.93 million yuan, up 12.0%, while the raw materials segment reported revenue of 24.18 million yuan, a 42.9% increase [19]. Future Projections - The company expects to achieve net profits of 482 million yuan and 699 million yuan in 2024 and 2025, respectively, with an estimated EPS of 7.08 yuan and 10.27 yuan for those years [4][12]. - The report projects a continued increase in revenue, forecasting 1.194 billion yuan in 2024 and 1.678 billion yuan in 2025, with growth rates of 53.05% and 40.51%, respectively [12].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [12]. Core Views - The company reported a revenue of 780 million yuan in 2023, representing a year-on-year increase of 99.97%, and a net profit attributable to the parent company of 300 million yuan, up 174.6% year-on-year [17]. - The company is positioned as a leader in collagen products, with expectations for continued high growth driven by breakthroughs in collagen technology and strong partnerships, particularly in the medical aesthetics sector [18]. Financial Performance - Revenue growth by product in 2023: - Medical devices revenue reached 680 million yuan, up 122.7%, with single-material medical devices contributing 570 million yuan, a 254.7% increase [14]. - Functional skincare revenue was 76 million yuan, a 12% increase, driven by the introduction of a new product [14]. - Raw materials and others generated 24 million yuan, up 42.9%, with a strategic partnership with L'Oréal marking a significant milestone [14]. - The company achieved a gross margin of 90.16% in 2023, an increase of 4.7 percentage points year-on-year [28]. Financial Metrics - The company’s net profit margin for 2023 was 38.42%, with a return on equity (ROE) of 31.44% [7]. - The projected net profit for 2024-2026 is estimated at 460 million, 650 million, and 850 million yuan respectively, with corresponding price-to-earnings ratios of 33, 23, and 18 [18]. - The company’s total assets increased from 815.52 million yuan in 2022 to an estimated 1,880.11 million yuan in 2024 [13][22]. Market Position - The company has established a strong sales team of 135 members, covering approximately 2,000 end-user institutions, enhancing its market reach [14]. - The partnership with L'Oréal is expected to enhance the company's position in the international supply chain for raw materials [14].

Investment Rating - The report assigns a rating of "Accumulate" with a target price of 267.98 RMB, down from a previous rating [3][8]. Core Insights - The company has shown significant growth in its main product, "Wei Yimei," with a sales team of 135 people covering approximately 2000 medical institutions by 2023. The collaboration with Shuyike on new products is expected to further enhance revenue [2]. - Revenue for 2023 reached 780 million RMB, a year-on-year increase of 100%, with a net profit of 300 million RMB, reflecting a growth of 174.6% [5][6]. - The company is actively expanding its product line, having obtained multiple medical device registrations and advancing several projects into clinical stages, including a broad-spectrum antiviral drug [2][3]. Financial Forecasts - Revenue projections for 2024-2026 are 1.141 billion RMB, 1.527 billion RMB, and 1.869 billion RMB, with corresponding growth rates of 46.2%, 33.8%, and 22.4% [3][7]. - Net profit forecasts for the same period are 456 million RMB, 639 million RMB, and 809 million RMB, with growth rates of 52.2%, 40.1%, and 26.6% [3][7]. - Earnings per share (EPS) are expected to be 6.70 RMB, 9.39 RMB, and 11.89 RMB for 2024, 2025, and 2026, respectively [3][7]. Product and Market Expansion - The company has successfully launched its flagship product, "Wei Yimei," which has driven a 250% increase in revenue from single-material medical devices to 565 million RMB in 2023 [6]. - The introduction of a new functional skincare product, "ProtYouth," has contributed to a 12% increase in overall revenue from functional skincare products [6]. - The company has entered the supply chain of L'Oréal, marking a significant milestone in its raw material revenue, which grew by 43% to 24.18 million RMB [6].

2023 年年报点评：营收、业绩均高增，薇旖 美持续放量，修丽可合作落地强强联合 | --- | --- | |--------------------------|---------------| | | | | 收盘价 ( 元 ) | 234.08 | | 一年最低 / 最高价 | 112.60/302.33 | | 市净率 ( 倍 ) | 18.84 | | 流通 A 股市值 ( 百万元 ) | 5,561.39 | | 总市值 ( 百万元 ) | 15,937.57 | 增持： 预期未来 6 个月内，行业指数相对强于基准 5%以上； 中性： 预期未来 6 个月内，行业指数相对基准-5%与 5%； 减持： 预期未来 6 个月内，行业指数相对弱于基准 5%以上。 ◼ 盈利能力有所提升，公司控费能力增强：2023Q4 公司毛利率/净利率分 别为 90.54%/40.76%，分别同比+3.17pct/+12.19pct。2023Q4 公司销售/管 理/研发/财务费用率分别同比-5.9pct/+2.0pct/-0.6pct/-2.6pct。随着规模提 升公司控费能力增强，管理费用率同比增加主要系管理人员费用增加 ...

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 282.96 CNY [7][14]. Core Insights - The company achieved significant revenue growth in 2023, with total revenue reaching 780 million CNY, a year-on-year increase of 99.96%, and a net profit of 300 million CNY, up 174.60% year-on-year [5][14]. - The gross profit margin improved to 90.16%, an increase of 4.72 percentage points, primarily due to the higher margin products in the medical device segment [6][14]. - The company has established a strong sales team of 135 people, covering approximately 2000 end customers, which supports its growth strategy [3]. Financial Performance - In 2023, the company's medical device revenue was 680 million CNY, a remarkable increase of 122.66%, with a gross margin of 93.18% [3]. - The single-material medical devices, including the Wei Yi Mei implant, generated 565 million CNY in revenue, reflecting a growth of 254.65% [3]. - The company reported a net profit margin of 38.42% for the year, with a quarterly net profit margin of 40.85% in Q4 2023 [6]. Future Growth Projections - The company is expected to maintain robust growth, with projected revenue growth rates of 55.8%, 36.5%, and 34.3% for 2024 to 2026, respectively [14]. - Net profit growth is anticipated to be 60.7%, 41.2%, and 39.7% for the same period, indicating strong profitability potential [14]. Market Position and Strategy - The company has successfully entered the supply chain of L'Oréal Group and launched a flagship product in collaboration with SkinCeuticals, enhancing its market presence [3]. - The establishment of the high-end brand ProtYouth is aimed at expanding the product matrix in the functional skincare segment [3].

Investment Rating - The report maintains a "Recommended" rating for the company [6][15]. Core Views - The company achieved a significant growth in 2023, with a 174.6% year-on-year increase in net profit attributable to shareholders, reaching 300 million yuan [5][6]. - The revenue for 2023 was 780 million yuan, reflecting a growth rate of 99.96% compared to the previous year [5][6]. - The company is expected to continue its growth trajectory, with projected revenues of 1.31 billion yuan, 1.81 billion yuan, and 2.26 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 67.9%, 37.8%, and 25.4% [6][16]. Financial Performance Summary - The company's gross profit margin for 2023 was 90.16%, an increase of 4.72 percentage points year-on-year [5][6]. - The net profit margin for 2023 was 38.28%, up by 10.37 percentage points from the previous year [5][6]. - The earnings per share (EPS) for 2023 was 4.40 yuan, with projections of 7.08 yuan, 10.10 yuan, and 13.05 yuan for the years 2024, 2025, and 2026 respectively [6][10]. Revenue Breakdown - Medical device products generated 680 million yuan in revenue, accounting for 87.1% of total revenue, with a year-on-year growth of 122.66% [5][6]. - Functional skincare products contributed 76 million yuan, with a growth of 12.00% year-on-year [5][6]. - The company has established a strategic partnership with L'Oréal, enhancing its market presence and driving revenue growth in raw materials [5][6]. Future Outlook - The company is focusing on innovation in product development, particularly in the field of recombinant collagen products, which are expected to drive future revenue growth [5][6]. - The company has a robust pipeline of products in clinical stages, indicating strong future growth potential [5][6]. - The brand's influence is expected to increase through strategic marketing initiatives, including collaborations with international brands [5][6].

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].