Investment Rating - The report maintains a "Buy" rating for the company with a market price of 173.31 CNY per share [1]. Core Insights - The company reported a Q2 revenue of 380 million CNY, reflecting a year-over-year growth of 100%, and a net profit of 208 million CNY, which is a 213% increase year-over-year, closely aligning with the previously forecasted growth range of 186% to 217% [4]. - For the first half of 2024, the company achieved a revenue of 600 million CNY, up 91% year-over-year, and a net profit of 310 million CNY, representing a 183% increase [4]. - The company continues to demonstrate strong growth despite a weak overall consumer market and high base figures in the medical aesthetics sector, indicating robust product acceptance and consumer repurchase behavior [4]. Financial Performance Summary - Revenue projections for the company are as follows: 2023A at 780 million CNY, 2024E at 1,405 million CNY, 2025E at 1,978 million CNY, and 2026E at 2,483 million CNY, with growth rates of 100% in 2023, 80% in 2024, 41% in 2025, and 26% in 2026 [1][7]. - Net profit forecasts are 300 million CNY for 2024E, 603 million CNY for 2025E, and 849 million CNY for 2026E, with corresponding growth rates of 175% in 2023, 101% in 2024, 41% in 2025, and 27% in 2026 [1][7]. - The company’s gross margin improved to 91.58%, up 2.4 percentage points year-over-year, indicating enhanced profitability [5]. Product Performance - Medical device revenue for the first half of 2024 reached 530 million CNY, a 92% increase year-over-year, while functional skincare products generated 48 million CNY, up 54% [5]. - The company has expanded its market presence, increasing the number of covered medical institutions from 2,000 to 3,000, which is expected to further broaden its consumer base [5]. Investment Recommendations - The company is expected to maintain strong growth momentum, with net profit projections of 600 million CNY for 2024, 850 million CNY for 2025, and 1,080 million CNY for 2026, corresponding to P/E ratios of 25, 18, and 14 respectively [5][7]. - The report emphasizes the potential of the company’s product pipeline, particularly in gel products, which could serve as catalysts for future growth [5].
锦波生物：Q2业绩增长213%贴近预告上限，胶原景气以及公司产品力持续验证