Investment Rating - The report maintains a "Buy" rating for the company [17][30]. Core Insights - The company's Q2 performance exceeded market expectations, primarily due to the strong sales of the Wei Yi Mei product line, which has achieved over 1 million units sold within 1000 days of its launch [5][8]. - The company has a rich pipeline of products under development, with several gel-based products expected to receive regulatory approval soon, which could positively impact future earnings [6][7]. - The report projects significant growth in revenue and net profit for the coming years, with net profit estimates for 2024 and 2025 raised to 600 million and 850 million yuan respectively, and a new estimate of 1.08 billion yuan for 2026 [7][22]. Financial Forecast and Valuation - Revenue is expected to grow from 780 million yuan in 2023 to 2.48 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 26% [2]. - Net profit is projected to increase from 300 million yuan in 2023 to 1.08 billion yuan in 2026, with a CAGR of around 27% [2]. - Earnings per share (EPS) are forecasted to rise from 3.39 yuan in 2023 to 12.17 yuan in 2026 [2]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 77.14 in 2023 to 13.94 in 2026, indicating improving valuation metrics as earnings grow [2]. Market Position and Strategy - The company has expanded its market presence significantly, covering approximately 2,000 medical institutions by the end of 2023, with plans for further expansion [5][23]. - The product matrix continues to grow, with new high-end products being introduced to capture a larger market share, particularly in the anti-aging segment [23]. - The company is enhancing its sales and marketing efforts, focusing on both B2B and B2C channels to strengthen brand recognition and customer loyalty [23].
锦波生物：24Q2业绩超预期，坚定看好胶原产业趋势与公司发展潜力