锦波生物（832982.BJ）2024年半年报点评：24Q2归母净利同比+213%，收入与利润增速表现亮眼

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company achieved significant growth in revenue and net profit in the first half of 2024, with revenue reaching 603 million yuan, up 90.59% year-on-year, and net profit of 310 million yuan, up 182.88% year-on-year [2]. - The growth was driven by the rapid increase in sales of recombinant human collagen implant products and functional skincare products, with a notable expansion in brand recognition [2]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares to all shareholders, totaling approximately 88.51 million yuan [2]. Financial Performance Summary - Revenue and Profit Growth: In Q2 2024, revenue was 377 million yuan, up 100.45% year-on-year, and net profit was 208 million yuan, up 213.41% year-on-year [2]. - Product Performance: Medical device revenue was 531 million yuan in H1 2024, up 91.84% year-on-year, primarily from the sales of recombinant human collagen implant products [2]. - Regional Performance: Revenue growth was observed across various regions, with North China achieving 291 million yuan, up 165.50% year-on-year [2]. Profitability and Cost Management - Gross Margin: The gross margin for H1 2024 was 91.58%, an increase of 2.43 percentage points year-on-year [2]. - Expense Ratios: The sales expense ratio decreased to 17.87%, and the net profit margin improved to 51.34% in H1 2024, reflecting better cost management [2]. - R&D Investment: R&D expenses totaled 60.33 million yuan, accounting for 10.01% of revenue, with a significant increase in development spending [2]. Future Outlook - Product Pipeline: The company has a robust product pipeline, including various recombinant collagen products that are in clinical stages, indicating potential for future revenue growth [2]. - Market Positioning: The brand's influence is expected to grow with collaborations with international brands, enhancing market presence and revenue potential [2]. - Revenue Projections: The company is projected to achieve revenues of 1.55 billion yuan, 2.13 billion yuan, and 2.72 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 603 million yuan, 856 million yuan, and 1.13 billion yuan [3][5].