Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 290 to 310 million yuan for the first half of 2024, representing a year-on-year increase of 165.00% to 183.28% [1] - The significant growth in H1 2024 is attributed to increased R&D investment, enhanced brand promotion, and market expansion efforts [1] - The company is positioned to continue strong performance in the second half of the year, driven by the sales of its flagship product, Wei Yi Mei · Ji Chun, and the upcoming peak season in the medical aesthetics industry [2] - The company is actively advancing the application of recombinant collagen materials across various fields, with a positive outlook for all business segments [2] Summary by Sections Financial Performance - The company forecasts total revenue of 1,485 million yuan for 2024, with a year-on-year growth rate of 90.4% [3] - The net profit attributable to shareholders is projected to be 649 million yuan in 2024, reflecting a year-on-year increase of 116.6% [3] - The earnings per share (EPS) is expected to reach 7.34 yuan in 2024 [3] Business Segments - Medical Aesthetics: New products are in the pipeline, with several nearing approval, providing growth opportunities for the next 2-3 years [2] - Private Care: The company has two existing Class II medical devices and is progressing with Class III certification [2] - Cosmetics: The company aims to leverage the dual beauty trend by establishing a synergistic model between cosmetics and medical devices in 2024 [2] - Product Expansion: The company is expanding its product offerings, including the introduction of new collagen raw materials [2] - International Market: The company is working on exporting its medical aesthetic injectables to Asian and European markets, with Southeast Asia expected to see the fastest certification [2] Valuation - The report raises profit forecasts for 2024-2026, with expected net profits of 649 million, 837 million, and 1,068 million yuan respectively [2] - The current price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 20, 15, and 12 times respectively [2]
锦波生物：24H1归母净利超预期，再度上调全年业绩预测