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锦波生物:2024年半年报点评:业绩增长接近预告上限,薇旖美持续快速放量

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported impressive revenue growth of 90.59% year-on-year, reaching 603 million yuan in H1 2024, with a net profit of 310 million yuan, up 182.88% year-on-year, closely aligning with the upper limit of its previous earnings forecast [2]. - The gross margin improved to 91.58%, an increase of 2.43 percentage points, while the net profit margin rose to 51.34%, up 16.96 percentage points [2]. - The company is a leading player in the domestic recombinant collagen protein market, with a strong focus on functional protein research and diversified industrial applications [2]. Financial Performance - For H1 2024, the company achieved a revenue of 603 million yuan, a year-on-year increase of 90.59%, and a net profit of 310 million yuan, reflecting a growth of 182.88% [2]. - The company’s revenue for Q2 2024 was 377 million yuan, marking a 100.45% increase year-on-year, with a net profit of 208 million yuan, up 213.41% [2]. - The company’s revenue projections for 2024-2026 are 1.39873 billion yuan, 1.92465 billion yuan, and 2.4695 billion yuan, respectively, with expected EPS of 6.89 yuan, 9.42 yuan, and 12.18 yuan [3][5]. Product and Market Development - The company’s flagship product, Wei Yi Mei, has seen rapid sales growth, surpassing one million units sold by H1 2024 [2]. - The company has expanded its product matrix with new specifications and treatment options, while also increasing its distribution network to approximately 3,000 medical institutions by H1 2024 [2]. - The company plans to invest up to 220 million yuan to build a collagen production facility to further enhance its production capacity [2].