Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is a leading player in the recombinant collagen market, with significant growth potential as the market is expected to expand from 39.7 billion yuan in 2022 to 173.8 billion yuan by 2027, reflecting a CAGR of 33% [2]. - The company has established a comprehensive industrial chain, from the production of key functional protein raw materials to the development and application of medical devices and functional skincare products [2][10]. - The primary revenue source is recombinant collagen medical device products, which accounted for 87.14% of total revenue in 2023, while functional skincare products contributed 9.73% [2][10]. - The company has successfully completed key foundational research on various types of recombinant human collagen and is actively exploring applications in multiple medical fields [2][14]. Summary by Sections Company Overview - The company was founded in 2008 and has focused on functional proteins for many years, launching its first recombinant type III collagen product in 2014 [8]. - It has built a full industrial chain and received the first Class III medical device approval in China for its recombinant type III human collagen lyophilized fiber product in 2021 [8][10]. Industry Overview - The collagen market in China is projected to grow significantly, with the recombinant collagen segment expected to reach 108.3 billion yuan by 2027, capturing 62.3% of the overall collagen market [2]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 1.35 billion yuan, 2.11 billion yuan, and 2.93 billion yuan, respectively, with corresponding net profits of 564 million yuan, 870 million yuan, and 1.19 billion yuan [2][3]. - The current market valuation corresponds to a PE ratio of 25, 16, and 12 for the years 2024-2026, respectively, compared to an average of 26.3 for comparable companies [2][3]. Management Team - The company is led by founder Yang Xia, who holds 58.89% of the shares, and the management team has extensive medical backgrounds and long tenures, which enhances operational stability [24][26].
锦波生物：重组胶原蛋白领军企业，薇旖美有望持续放量