Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2024 exceeded expectations, with revenue of 603 million (up 90.59%) and net profit of 310 million (up 182.88%), aligning with the upper end of the previously forecasted growth range [2] - The growth momentum of the product "Wei Yi Mei" continues to be strong, with significant expansion in the number of medical institutions covered [2][3] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, with a payout ratio of 28.59% [2] Financial Performance - For the first half of 2024, the revenue from medical devices, functional skincare products, and raw materials was 531 million, 48 million, and 24 million respectively, showing year-on-year growth of 91.84%, 53.94%, and 180.07% [2] - The gross profit margin for medical devices, functional skincare products, and raw materials was 94.43%, 64.76%, and 83.03% respectively, indicating improvements across all product lines [2] - The company has a robust pipeline of products under development, including a comprehensive anti-aging treatment plan and various medical products that are progressing through regulatory approval [2] Profitability and Cost Management - The gross margin for the first half of 2024 was 91.58%, an increase of 2.43 percentage points year-on-year, while the operating expense ratio decreased significantly [3] - The net profit margin for the first half of 2024 was 51.34%, reflecting a year-on-year increase of 16.96 percentage points [3] Earnings Forecast and Valuation - The company is projected to achieve net profits of 600 million, 830 million, and 1,070 million for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 99%, 39%, and 29% [3] - The price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are estimated to be 27, 19, and 15 respectively [3]
锦波生物：2024年半年报点评：业绩落于预告上沿，薇旖美增长势能持续向上