Investment Rating - The investment rating for the company is "Buy" (maintained) [1][13]. Core Views - The company is expected to achieve a net profit of 300 million yuan in 2024H1, representing a year-on-year increase of 165%-183%, with a central estimate of 300 million yuan, indicating sustained high growth driven by increased R&D investment and market expansion efforts [1]. - The company's net profit growth rate for 2024Q2 is projected to be between 184% and 214%, with a central estimate of 200 million yuan, primarily due to the successful ramp-up of its product "Wei Yimei" [1][12]. - The company has initiated a "3+17" anti-aging treatment plan, utilizing fully humanized collagen types III and XVII, which enhances its positioning in the precise anti-aging market [2]. Financial Performance - The company reported a total revenue of 780.26 million yuan in 2023, with a year-on-year growth of 99.96% [11]. - The net profit for 2023 was 299.80 million yuan, reflecting a year-on-year increase of 174.60% [11]. - The earnings per share (EPS) for 2024 is projected to be 6.76 yuan, with a price-to-earnings (P/E) ratio of 21.23 based on the current price [11]. Product Development - The company is the only approved producer of recombinant humanized collagen implant products in the market, with its brand "Wei Yimei" successfully expanding its presence in approximately 2,000 medical beauty institutions by the end of 2023 [12]. - Several products are in the pipeline, including a gynecological recombinant collagen project and facial volumizing gel products, which are progressing rapidly through regulatory approval [2]. Market Position - The company is recognized as a leading functional protein enterprise in China, with a comprehensive layout in recombinant collagen products and the HPV biological protein industry chain [13]. - The company has established a partnership with L'Oréal in both the medical beauty and raw materials sectors, enhancing its market reach and product offerings [12].
锦波生物：2024H1业绩预告点评：归母净利大超预期，薇旖美持续放量