Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - In the first half of 2024, the company achieved operating revenue of 600 million yuan, representing a year-on-year increase of 91%, and a net profit attributable to the parent company of 310 million yuan, up 183% year-on-year [2][3]. - The core product, Wei Yimei, is experiencing rapid growth, with significant contributions from high-value single-material medical devices and raw materials, leading to an increase in gross margin [2][3]. - The company has accelerated its channel penetration, with the number of institutions covered by Wei Yimei increasing by 1,000 compared to the end of 2023, contributing to a substantial revenue boost [3]. Financial Performance - The company reported a gross margin increase of 2.4 percentage points in H1 2024, with single-material medical devices and raw materials showing significant growth in gross margin [2][3]. - In Q2 2024, the company achieved operating revenue of 380 million yuan, a 100% increase year-on-year, and a net profit of 208 million yuan, up 213% year-on-year [2][3]. - The net profit margin reached 55% in Q2 2024, reflecting a year-on-year increase of 19.9 percentage points and a quarter-on-quarter increase of 10.2 percentage points [3]. Product Development - The company obtained four Class II medical device registration certificates in H1 2024, expanding its product matrix [3]. - The company has also received 13 invention patent authorizations, including two international patents, and completed the atomic structure analysis of human collagen [3]. Future Outlook - The company is expected to continue benefiting from the rapid growth of its core products and the optimization of its profit structure, with projected EPS of 6.8, 9.1, and 11.7 yuan per share for 2024, 2025, and 2026 respectively [3].
锦波生物2024年中报点评：渠道渗透提速，驱动收入盈利提速