Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 187.78 CNY for the next six months, indicating a strong growth potential compared to the market index [14][15]. Core Insights - The company is expected to achieve a net profit of 2.9 to 3.1 billion CNY in the first half of 2024, representing a year-on-year growth of 165.00% to 183.28% [3]. - The company maintains a solid market position as the only holder of Class III medical device licenses for recombinant collagen products, benefiting from the growing popularity of this market segment [2]. - The product portfolio is continuously expanding, including new specifications and collaborations, which is anticipated to sustain high growth throughout the year [2][13]. Financial Performance Summary - The company forecasts a significant increase in revenue from 780.3 million CNY in 2023 to 1.2832 billion CNY in 2024, reflecting a growth rate of 64.5% [5]. - Net profit is projected to rise from 299.8 million CNY in 2023 to 511.4 million CNY in 2024, indicating a growth rate of 70.6% [5]. - Earnings per share (EPS) are expected to increase from 3.39 CNY in 2023 to 7.51 CNY in 2024 [5]. Valuation Metrics - The report estimates a price-to-earnings (P/E) ratio of 19.1 for 2024, which is significantly lower than the previous year's ratio of 42.3, suggesting improved valuation attractiveness [5]. - The projected return on invested capital (ROIC) is expected to rise from 49.0% in 2022 to 115.2% in 2024, indicating strong operational efficiency [5][8]. Market Position and Strategy - The company is actively expanding its product line, including new formulations and partnerships, such as the collaboration with L'Oréal's SkinCeuticals to launch injection beauty products [2][14]. - The report highlights the company's strategy to enhance its market presence through innovative product offerings and strategic alliances, which is expected to drive future growth [2][14].
锦波生物：2024H1业绩预告亮眼，持续保持高增