Investment Rating - The report maintains a "Buy" rating for Jinbo Biotech (832982 BJ) with a current price of 180 0 yuan [2] Core Views - Jinbo Biotech's H1 2024 performance exceeded expectations with revenue of 6 0 billion yuan, up 90 6% YoY, and net profit attributable to the parent company of 3 1 billion yuan, up 182 9% YoY [2] - The company's medical device business, particularly the single-material medical device segment, saw significant growth with revenue of 5 31 billion yuan, up 91 8% YoY [3] - The company's gross margin improved to 91 6% in H1 2024, driven by the high-margin single-material medical device business [3] - Jinbo Biotech is expanding its product matrix with new collagen-based products and is expected to continue its growth trajectory in the next 2-3 years [5] Performance Summary Revenue and Profit Growth - H1 2024 revenue: 6 0 billion yuan, +90 6% YoY [2] - H1 2024 net profit attributable to the parent company: 3 1 billion yuan, +182 9% YoY [2] - Q2 2024 revenue: 3 8 billion yuan, +100 4% YoY [2] - Q2 2024 net profit attributable to the parent company: 2 1 billion yuan, +213 4% YoY [2] Business Segments - Medical devices: 5 31 billion yuan, +91 8% YoY [3] - Single-material medical devices: 4 79 billion yuan, +105 0% YoY [3] - Composite material medical devices: 0 52 billion yuan, +20 4% YoY [3] - Functional skincare: 0 48 billion yuan, +53 9% YoY [3] - Single-ingredient functional skincare: 0 12 billion yuan, +149 5% YoY [3] - Composite-ingredient functional skincare: 0 36 billion yuan, +36 7% YoY [3] - Raw materials: 0 24 billion yuan, +180 1% YoY [3] Regional Performance - North China: 2 91 billion yuan, +165 5% YoY [3] - East China: 1 66 billion yuan, +44 4% YoY [3] - South China: 0 67 billion yuan, +75 7% YoY [3] - West China: 0 47 billion yuan, +30 7% YoY [3] - Central China: 0 30 billion yuan, +85 7% YoY [3] - Overseas: 0 02 billion yuan, +31 2% YoY [3] Financial Metrics - Gross margin: 91 6% in H1 2024, +2 4 ppts YoY [3] - Net profit margin: 51 3% in H1 2024, +16 8 ppts YoY [3] - Operating cash flow: 3 6 billion yuan in H1 2024, +323 66% YoY [2] Future Outlook - The company plans to invest up to 220 million yuan to expand collagen production capacity [5] - Jinbo Biotech is expected to continue its growth in the collagen protein sector, with revenue forecasts of 14 17 billion yuan in 2024, 20 40 billion yuan in 2025, and 27 47 billion yuan in 2026 [5] - The company is also expected to expand its product offerings in the medical and private care sectors, further diversifying its revenue streams [5] Valuation - Current PE ratio: 25x for 2024, 18x for 2025, and 13x for 2026 [5] - EPS forecasts: 7 22 yuan for 2024, 10 18 yuan for 2025, and 13 58 yuan for 2026 [5]
锦波生物：2024年半年报点评：上半年业绩表现亮眼，薇旖美持续放量