Investment Rating - The report maintains a "Buy" rating for Jinbo Biotech with a target price of 214.20 CNY, up from the previous target of 204.32 CNY [2] Core Views - Q2 2024 performance showed explosive growth, with revenue and net profit reaching the upper limit of previous forecasts [6] - Core product Weiyimei is accelerating its market penetration, driving rapid growth in both revenue and profitability [7] - The company's gross margin increased by 2.43 percentage points to 91.58% in H1 2024, driven by the rapid expansion of high-margin single-material medical devices [7] - Jinbo Biotech's net profit margin surged by 16.96 percentage points to 51.34% in H1 2024, with Q2 net margin reaching 55.16% [7] Financial Performance - H1 2024 revenue reached 603 million CNY, up 91% YoY, with Q2 revenue at 377 million CNY, up 100% YoY [7] - Net profit attributable to shareholders in H1 2024 was 310 million CNY, up 183% YoY, with Q2 net profit at 208 million CNY, up 213% YoY [7] - The medical device segment contributed 531 million CNY in H1 2024, accounting for 88% of total revenue, with a gross margin of 94.43% [7] - Functional skincare segment revenue grew 54% YoY to 48 million CNY, with a gross margin of 64.76% [7] Business Segments - Single-material medical devices revenue grew 105% YoY to 479 million CNY in H1 2024, with a gross margin of 96.21% [7] - Composite material medical devices revenue increased 20% YoY to 52 million CNY, with a gross margin of 78.00% [7] - Raw materials and other segments saw a 180% YoY revenue growth to 24 million CNY, with gross margin improving by 18.32 percentage points to 83.03% [7] Growth Drivers - Weiyimei's rapid market expansion, now covering approximately 3,000 terminal medical institutions [7] - Successful expansion of raw material business to downstream customers including L'Oréal and Pechoin [7] - Rich pipeline of Class III medical devices under development, spanning gynecology, surgery, and urology applications [7] Financial Forecasts - 2024E revenue is projected at 1,379 million CNY, up 76.7% YoY, with net profit expected to reach 632 million CNY, up 110.7% YoY [8] - 2025E revenue is forecasted at 1,880 million CNY, up 36.4% YoY, with net profit projected at 885 million CNY, up 40.2% YoY [8] - 2026E revenue is estimated at 2,278 million CNY, up 21.1% YoY, with net profit expected to reach 1,108 million CNY, up 25.1% YoY [8] Valuation Metrics - Current P/E ratio stands at 25.23x for 2024E, expected to decrease to 17.99x in 2025E and 14.38x in 2026E [8] - P/B ratio is projected at 10.50x for 2024E, decreasing to 6.91x in 2025E and 4.83x in 2026E [8] - ROE is forecasted to reach 41.6% in 2024E, maintaining above 30% through 2026E [8]
锦波生物2024年半年报点评：Q2业绩爆发式高增，薇旖美加速放量