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锦波生物(832982.BJ)2024年半年度业绩预告点评:24Q2归母净利同比+184%~214%,业绩增速表现亮眼

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on high growth and certainty in performance [2][4]. Core Insights - The company is expected to achieve a net profit of 2.90 to 3.10 billion yuan for the first half of 2024, representing a year-on-year increase of 165.0% to 183.3%, with Q2 net profit projected to be 1.89 to 2.09 billion yuan, reflecting a growth of 184.0% to 214.1% [1][4]. - The product "Wei Yi Mei Ji Chun" is experiencing price stabilization and increased market recognition, which is expected to drive revenue growth [1][4]. - The company is focusing on expanding into Southeast Asian markets, which is anticipated to enhance its brand and revenue potential [1][4]. - The report highlights the company's innovative research in collagen products and its competitive advantages in sales channels, indicating a strong future outlook [1][4]. Financial Projections - The company is projected to achieve revenues of 15.54 billion, 21.26 billion, and 27.16 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 99.1%, 36.9%, and 27.7% [5][7]. - The net profit is expected to reach 6.03 billion, 8.56 billion, and 11.26 billion yuan for the same years, with growth rates of 101.2%, 41.8%, and 31.6% respectively [5][7]. - The report indicates a PE ratio of 21, 15, and 11 for the years 2024, 2025, and 2026, suggesting a favorable valuation [5][7].