[Table_TargetPrice] [Table_Main] 公司研究|医疗保健|制药、生物科技与生命科学 证券研究报告 锦波生物(832982)公司点评报告 2024 年 08 月 26 日 [Table_Title] 业绩增长接近预告上限，薇旖美持续快速放量 ——锦波生物(832982)2024 年半年报点评 [Table_Summary] 事件： 公司发布 2024 年半年度报告。 点评： 24H1 业绩增速亮眼，盈利能力大幅提升 24H1 公司实现营收 6.03 亿元，同增 90.59%，实现归母净利润 3.1 亿元， 同比增长 182.88%，贴近此前业绩预告区间（165%-183%）上限。实现扣 非归母净利润 3.04 亿元，同增 193.34%。24H1 公司毛利率为 91.58%，同 比提升 2.43pct，净利率为 51.34%，同比提升 16.96pct。24H1 公司期间费 用率明显优化，收入摊薄效应明显。销售费用率同比下降 3.09pct，管理费 用率同比下降 2.95pct，研发费用率同比下降 8.92pct，主要系研发支出中 资本化项目增多所致。单 Q2 公司实现营收 3.77 ...

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]

锦波生物（832982.BJ）2024 年半年报点评 24Q2 归母净利同比+213%，收入与利润增速表现亮眼 2024 年 08 月 23 日 ➢ 事件概述。24H1，实现收入 6.03 亿元，同比+90.59%，归母净利润为 3.10 亿元，同比+182.88%，扣非归母净利润为 3.04 亿元，同比+193.34%。24Q2， 实现收入 3.77 亿元，同比+100.45%，归母净利润为 2.08 亿元，同比+213.41%， 扣非归母净利润为 2.06 亿元，同比+225.90%。24H1，拟向全体股东每 10 股 派发现金红利 10 元（含税），预计共派发现金红利 8851.18 万元。 ➢ 重组人源化胶原蛋白植入剂收入快速增长，功能性护肤品与原料业务随知名 度提升增速较快。1）分产品看，24H1，医疗器械收入 5.31 亿元，同比+91.84%， 增长主要自单一材料医疗器械产品销售增长，其中，重点医疗器械产品为重组人 源化胶原蛋白植入剂产品（三类医疗器械），其聚焦纠正眼周鱼尾纹、眉间纹、 额头纹，坚持以直销为主，推广自主品牌薇旖美，截至 24H1 末，已覆盖终端医 美机构约 3000 家。24H1 ...

美容护理 证 券 研 究 报 告 2024 年 08 月 23 日 锦波生物 (832982) —— 收入利润高增尽显α本色，坚定看好公司成长 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 22 日 | | 收盘价（元） | 180.00 | | 一年内最高/最低（元） | 302.33/121.41 | | 市净率 | 13.3 | | 息率（分红/股价） | 0.83 | | 流通 A 股市值（百万元） | 5,536 | | 上证指数/深证成指 | 2,848.77/8,162.18 | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 13.50 | | 资产负债率 % | 28.27 | | 总股本 /流通 A 股（百万） | 89/31 | | ...

证券研究报告·公司点评报告·医疗美容 锦波生物（832982） 2024 年半年报点评：业绩落于预告上沿，薇 旖美增长势能持续向上 2024 年 08 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 390.20 | 780.26 | 1,425.25 | 1,965.59 | 2,508.47 | | 同比（ % ） | 67.15 | 99.96 | 82.66 | 37.91 | 27.62 | | 归母净利润（百万元） | 109.18 | 299.80 | 597.94 | 832.83 | 1,074.11 | | 同比（ % ） | 90.24 | 174.60 | 99.45 | 39.28 | 28.97 | | E ...

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].

证券代码：832982 证券简称：锦波生物 公告编号：2024-077 山西锦波生物医药股份有限公司 第四届监事会第二次会议决议公告 本公司及监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 本次会议的召集、召开、审议过程符合《中华人民共和国公司法》等有关法 律、行政法规、部门规章、规范性文件及《公司章程》的规定。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 监事汤莉因外地办公以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于公司 2024 年半年度报告及摘要的议案》 1.议案内容： 根据《公司法》《公司章程》等的规定，公司已编制完成《2024 年半年度报 （一）会议召开情况 1.会议召开时间：2024 年 8 月 21 日 2.会议召开地点：公司四楼会议室 3.会议召开方式：现场加通讯 4.发出监事会会议通知的时间和方式：2024 年 8 月 11 日以电话方式通知 5.会议主持人：监事会主席汤莉女士 6.召开情况合法、合规、合章程性说明： 告》《 ...

ji11 02 瑞玻 股票代码: 832982 2024年半年度报告 山西锦波生物医药股份有限公司 SHANXI JINBO BIO-PHARMACEUTICAL CO.,LTD. 中国原创 ·锦波智造 公司半年度大事记 | --- | |----------------------------------------------------------------------------| | | | 1、2024 年 3 月，公司荣获" 2023 年福布斯中国美业品牌 TOP100 | | 2、2024 年 3 月，公司被中国质量检验协会授予"全国产品和服务质量诚 | | 信示范企业"和"全国重组人源化胶原蛋白行业质量领先企业"荣誉称 | | 号。 | | 3、2024 年 3 月，公司研发的小分子重组ⅩⅦ型人源化胶原蛋白荣获 | | PCHi2024 年芳典奖。 | | 4、 2024 年 3 月，公司成功入选"北证 50 成份指数"。 | | 5、2024 年上半年，公司共获得发明专利授权 13 项，其中取得国际发明 | | 专利授权 2 项，完成人体胶原蛋白原子结构解析 2 项（8YUK 、 8YV ...

证券代码：832982 证券简称：锦波生物 公告编号：2024-076 山西锦波生物医药股份有限公司 第四届董事会第二次会议决议公告 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 8 月 21 日 2.会议召开地点：公司四楼会议室 3.会议召开方式：现场加通讯 4.发出董事会会议通知的时间和方式：2024 年 8 月 11 日以邮件方式发出 5.会议主持人：董事长杨霞女士 6.会议列席人员：汤莉、于玉凤、何振瑞、薛芳琴 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、审议过程符合《中华人民共和国公司法》等有关法 律、行政法规、部门规章、规范性文件及《公司章程》的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事金雪坤、张金鑫、阎丽明、梁桐栋因外地办公以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于公司 2024 年半年度报告及摘要的议案》 1.议案内容： 根据《公司 ...