中信证券：胶原蛋白产业仍处红利期 推荐关注三类企业

Core Viewpoint - The technology and processes for natural collagen and recombinant collagen are continuously improving, leading to an expansion of application scenarios and an increase in the number of approved collagen products, which will enrich indications and enhance market penetration [1] Industry Summary - The number of registered certificates for natural collagen and recombinant collagen products is increasing but is still far from saturation, providing opportunities for various companies to share in the industry's growth [1] - The medical beauty market is expected to see an increase in both the number of consumers and market penetration as more collagen products are approved [1] Company Recommendations - The recombinant collagen freeze-dried fiber registration certificate is expected to be approved and launched in the first half of 2026, with recombinant collagen solutions and gels also anticipated to receive approval in 2026, potentially becoming a second growth curve for companies [1] - Companies entering the natural collagen field through acquisitions, with steady progress in the research and clinical development of related medical beauty Class III devices, are expected to gain approval in the future and become new forces in the existing medical beauty biomaterials matrix [1] - Companies with strong drug development and review experience that are simultaneously laying out natural and recombinant collagen through agency and self-research are well-positioned for growth [1]