中信证券：胶原蛋白产业仍处红利期，推荐关注三类企业

Core Insights - The technology and processes for natural collagen and recombinant collagen are continuously improving, leading to an expansion of application scenarios [1] - The increasing number of approved collagen products will enrich the indications and enhance the pricing tiers, thereby expanding the customer base and penetration rates [1] - The current registration certificates for natural and recombinant collagen products are increasing but are far from saturation, providing opportunities for companies to share in the industry's growth [1] Industry Trends - The approval of recombinant collagen freeze-dried fibers is expected to lead to market entry in the first half of 2026, with recombinant collagen solutions and gels anticipated to gain approval in 2026, potentially becoming a second growth curve for companies [1] - Companies entering the natural collagen sector through acquisitions are steadily advancing the research and clinical trials of related medical beauty Class III devices, which may lead to future approvals and strengthen their position in the existing medical beauty biomaterials matrix [1] - Companies with strong drug development and review experience are strategically positioning themselves in both natural and recombinant collagen markets through agency and self-research efforts [1]