Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential upside of over 20% within the next six months [2][9]. Core Views - The company reported strong financial performance for the first half of 2024, achieving revenue of 600 million yuan, a year-on-year increase of 90.59%, and a net profit of 310 million yuan, up 182.88% year-on-year, reaching the upper limit of its earnings forecast [1]. - The company is positioned as a leader in the recombinant collagen market, with significant growth expected in its medical aesthetics segment, particularly through its brand Wei Yi Mei [1][2]. - The company is focusing on expanding its product matrix and increasing R&D investment, which is expected to drive future growth [1]. Financial Performance Summary - For 2024H1, revenue from medical devices was 530 million yuan, a 91.84% increase year-on-year, with a gross margin of 94.43% [1]. - Revenue from functional skincare products reached 50 million yuan, a 53.94% increase year-on-year, with a gross margin of 64.76% [1]. - Revenue from raw materials was 24 million yuan, a significant increase of 180.07% year-on-year, with a gross margin of 83.03% [1]. - The company has completed foundational research on various types of recombinant human collagen and is actively conducting application research in multiple medical fields [1]. Financial Forecast - The company is projected to achieve net profits of 605 million yuan, 850 million yuan, and 1,156 million yuan for the years 2024, 2025, and 2026, respectively [1][5]. - The expected growth rates for net profit are 101.65%, 40.67%, and 35.95% for the years 2024, 2025, and 2026 [5]. - The projected P/E ratios for the years 2024, 2025, and 2026 are 25, 18, and 13, respectively [1][5].
锦波生物：24H1业绩贴近预告上限，研发加速产品及胶原型别矩阵化拓展