Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook on its stock performance relative to the benchmark index [4][13] Core Views - The company plans to invest up to 220 million yuan in constructing a production facility for recombinant humanized collagen protein, aiming to expand its production capacity and enhance market competitiveness [2] - The recombinant collagen protein market in China is projected to grow at a CAGR of 44.93%, reaching 58.57 billion yuan by 2025, driven by its wide applications in biomedical materials, cosmetics, and food supplements [2] - The company is a leader in the recombinant collagen protein sector, with its core product being the only medical device approved by the NMPA in China, contributing to rapid revenue and profit growth [2] - Revenue and net profit have shown strong growth, with 2021-2023 revenue CAGR at 69.21% and net profit CAGR at 110.86%, supported by robust product demand and market position [2] - The company's 2024 Q1 revenue and net profit grew by 76.09% and 135.72% YoY, respectively, with H1 2024 net profit expected to increase by 165.00%-183.28% YoY [2] Financial Projections - Revenue is forecasted to grow to 1.34 billion yuan in 2024, 1.80 billion yuan in 2025, and 2.20 billion yuan in 2026, with YoY growth rates of 71.80%, 34.17%, and 22.27%, respectively [7] - Net profit is expected to reach 553.07 million yuan in 2024, 689.71 million yuan in 2025, and 845.08 million yuan in 2026, with YoY growth rates of 84.48%, 24.71%, and 22.53%, respectively [7] - EPS is projected to be 6.25 yuan in 2024, 7.79 yuan in 2025, and 9.55 yuan in 2026, with corresponding P/E ratios of 26.96x, 21.62x, and 17.65x [7] Market Position and Growth Potential - The company's market position is expected to strengthen further with the planned production expansion, which aligns with its long-term strategic development goals [2] - The company's strong growth trajectory is supported by favorable industry trends and its leading position in the recombinant collagen protein market [2][7]
锦波生物对外投资点评报告：未雨绸缪谋扩产，市场地位将进一步提升