Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [2][3][12]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 780.24 million and net profit at 299.80 million, reflecting year-on-year growth of 100% and 174.61% respectively [1][13]. - The company is focused on the production and research of functional proteins, particularly in the beauty and health sectors, targeting both aesthetic and reproductive health [2]. - Short-term growth is expected from the launch of three medical devices under the brand Wei Yi Mei, which is anticipated to drive major profits [2]. - Long-term prospects are bolstered by capacity expansion, a rich pipeline of products in development, and a strong brand-building strategy aimed at capturing consumer awareness in the collagen regeneration market [2][7]. Financial Performance Summary - For 2023, the company achieved a revenue of 780.24 million, with a projected growth rate of 99.96% for 2024 and 38.00% for 2025 [15]. - The net profit for 2023 is projected at 299.80 million, with expected growth rates of 54.49% in 2024 and 39.66% in 2025 [15]. - The company’s earnings per share (EPS) is forecasted to be 4.40 in 2023, increasing to 6.80 in 2024 and 9.50 in 2025 [15]. - The price-to-earnings (P/E) ratio is expected to decrease from 53.70 in 2023 to 24.89 by 2025, indicating improving valuation metrics as earnings grow [15]. Market Position and Trends - The company has been included in the North Exchange 50 Index, which is expected to enhance its liquidity and validate its operational strength [7]. - The beauty and medical aesthetics industry is experiencing upward trends, with high-margin products expected to improve the company's profitability [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for future stock performance relative to the market benchmark [2][8]. Core Insights - The company is positioned as a leading functional protein enterprise in China, focusing on a comprehensive layout of recombinant collagen products and the HPV biological protein industry chain [2]. - The company has introduced the "3+17" full-course anti-aging treatment plan, utilizing 100% human-derived collagen types III and XVII, which covers multiple skin layers for enhanced efficacy [1]. - The company has seen significant growth in its financial forecasts, with expected net profits for 2023-2025 revised to 300 million, 499 million, and 690 million yuan, respectively, reflecting growth rates of 174.6%, 66.5%, and 38.2% [2][8]. Financial Performance - The company anticipates a revenue of 780 million yuan for 2023, representing a year-on-year increase of 99.96%, with a net profit of 300 million yuan, up 174.61% [8]. - The projected financials for 2024 and 2025 show continued growth, with revenues expected to reach 1.29 billion yuan and 1.78 billion yuan, respectively [8]. - The company's gross margin is projected to improve from 85.44% in 2022 to 90.59% by 2025, indicating strong operational efficiency [5]. Product Development - The company is progressing well with its research and development projects, including the recombinant type III human-derived collagen freeze-dried fiber, which has been submitted for regulatory approval [9]. - A strategic shift in fundraising has been announced, focusing on expanding the R&D of recombinant type III collagen and exploring other types of collagen for various clinical applications [9].

Investment Rating - The investment rating for the company is "Buy" [10][11]. Core Insights - The company reported a revenue of 780 million yuan in 2023, representing a year-on-year growth of 99.96%, and a net profit attributable to the parent company of 300 million yuan, which is a 174.61% increase year-on-year [10][11]. - The high growth in performance is attributed to the rapid expansion of the "Wei Yi Mei" product line and an increase in the revenue share from medical beauty products, which has led to an improvement in overall gross margin [10][11]. - The company is expected to continue its strong growth trajectory in 2024, with ambitious sales targets for the "Wei Yi Mei" series and the introduction of new products aimed at women's intimate care and facial volume enhancement [10][11]. Financial Summary - The company’s financial projections for 2023-2025 indicate net profits of 300 million, 450 million, and 621 million yuan respectively, with a projected PE ratio of 36 times for 2024 [11]. - The gross margin is expected to improve, with estimates of 87.1% in 2023, 88.6% in 2024, and 89.5% in 2025 [21]. - The return on equity (ROE) is projected to be 31.4% in 2023, 32.0% in 2024, and 30.6% in 2025 [21].

Financial Performance - The company achieved operating revenue of ¥780,260,212.25, representing a 99.96% increase compared to the previous year[4] - Net profit attributable to shareholders reached ¥299,804,792.40, a growth of 174.61% year-over-year[4] - Basic earnings per share increased to ¥4.64, reflecting a 165.14% rise from the previous year[4] - The increase in net profit was driven by steady sales growth and improved gross margins[8] Assets and Equity - Total assets at the end of the reporting period amounted to ¥1,432,179,772.46, up 75.62% from the beginning of the period[5] - Shareholders' equity attributable to the company increased by 116.64% to ¥953,681,856.16[5] - The company's weighted average return on equity (ROE) before deductions was 43.96%[6] Research and Development - The company has intensified R&D investments and actively developed new products, contributing to sustainable revenue growth[6] Market Activity - The company completed its listing on the Beijing Stock Exchange, which enhanced its capital base and liquidity[8] Cautionary Note - The company warns that the financial data presented are preliminary and subject to change upon final audit[9]

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-02- | | | | | 招商证券股份有限公 | 招商证券股份有限公 | | 05 | 832225 | 利通科技 | 9.28 | 315000 | 司北京朝外大街证券 | 司北京朝外大街证券 | | | | | | | 营业部 | 营业部 | | 2024-02- | | | | | 招商证券股份有限公 | 招商证券股份有限公 | | 05 | 834033 | 康普化学 | 22.31 | 62000 | 司北京朝外大街证券 | 司北京朝外大街证券 | | | | | | | 营业部 | 营业部 | | 2024-02- | | | | | 国金证券股份有限公 | 中信建投证券股份有 | | 05 | 838402 | 硅烷科技 | 12 | 83890 | 司深圳湾一号证券营 | 限公司重庆合川南屏 | | | | | | | 业部 | 路证券营业部 | | 2024-02- | | | | | 国金证 ...

G E Y U A N 格 远 律 师 事 务 所 w Firm 关于山西锦波生物医药股份有限公司 2024 年第一次临时股东大会的 法律意见书 山西格远律师事务所 关于山西锦波牛物医药股份有限公司 2024 年第一次临时股东大会的 法律意见书 致:山西锦波生物医药股份有限公司 根据《中华人民共和国证券法》(2019年修订(以下简称"《证券法》")《中 华人民共和国公司法(2018年修正)》(以下简称"《公司法》")《北京证券交易 所上市公司持续监管办法》《上市公司信息披露管理办法》等法律、法规和其他 有关规范性文件的要求,山西格远律师事务所(以下简称"本所")接受山西锦 波生物医药股份有限公司(以下简称"锦波生物"或"公司")的委托,指派律 师参加公司 2024年第一次临时股东大会〈以下简称"本次股东大会"或"本次 会议")。 为出具本《法律意见书》,本所声明如下: 1、本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员资格、 召集人资格、表决程序、表决结果及会议决议发表法律意见,并不对本次股东大 会所审议的议案、议案所涉及的数字及内容发表意见。 2、本所及经办律师依据《证券法》《律师事务所从事证券 ...

证券代码：832982 证券简称：锦波生物 公告编号：2024-013 山西锦波生物医药股份有限公司 2024 年第一次临时股东大会决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 1 月 29 日 2.会议召开地点：山西综改示范区太原唐槐园区锦波街 18 号公司九楼会议 室 3.会议召开方式：现场投票加网络投票 4.会议召集人：公司董事会 5.会议主持人：公司董事长杨霞女士 6.召开情况合法、合规、合章程性说明： 2024 年 1 月 10 日，公司第三届董事会第二十七次会议审议通过了《关于 提请召开 2024 年第一次临时股东大会的议案》。 本次股东大会的召集、召开程序符合有关法律、行政法规、部门规章、规 范性文件和本公司章程的相关规定。本次会议召开不需要相关部门的批准或履 行其他必要的程序。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 5 人，持有表决权的股份总数 42,980,167 股，占公司有表决 ...

G E Y U A N 格 远 律 师 事 务 所 w Firm 关于山西锦波生物医药股份有限公司 2024 年第一次临时股东大会的 法律意见书 山西格远律师事务所 根据《中华人民共和国证券法》(2019年修订(以下简称"《证券法》")《中 华人民共和国公司法(2018年修正)》(以下简称"《公司法》")《北京证券交易 所上市公司持续监管办法》《上市公司信息披露管理办法》等法律、法规和其他 有关规范性文件的要求,山西格远律师事务所(以下简称"本所")接受山西锦 波生物医药股份有限公司(以下简称"锦波生物"或"公司")的委托,指派律 师参加公司 2024年第一次临时股东大会〈以下简称"本次股东大会"或"本次 会议")。 为出具本《法律意见书》,本所声明如下: 1、本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员资格、 召集人资格、表决程序、表决结果及会议决议发表法律意见,并不对本次股东大 会所审议的议案、议案所涉及的数字及内容发表意见。 2、本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及本《法律意见书》出 具日以前已经发生或者存 ...

证券代码：832982 证券简称：锦波生物 公告编号：2024-013 山西锦波生物医药股份有限公司 2024 年第一次临时股东大会决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 1 月 29 日 2.会议召开地点：山西综改示范区太原唐槐园区锦波街 18 号公司九楼会议 室 3.会议召开方式：现场投票加网络投票 4.会议召集人：公司董事会 5.会议主持人：公司董事长杨霞女士 6.召开情况合法、合规、合章程性说明： 2024 年 1 月 10 日，公司第三届董事会第二十七次会议审议通过了《关于 提请召开 2024 年第一次临时股东大会的议案》。 本次股东大会的召集、召开程序符合有关法律、行政法规、部门规章、规 范性文件和本公司章程的相关规定。本次会议召开不需要相关部门的批准或履 行其他必要的程序。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 5 人，持有表决权的股份总数 42,980,167 股，占公司有表决 ...

证券代码：832982 证券简称：锦波生物 公告编号：2024-012 山西锦波生物医药股份有限公司 投资者关系活动记录表 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、投资者关系活动类别 ☑ 特定对象调研 □ 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 ...