Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company achieved a record high in Q3 2024 with a revenue of 990 million yuan, representing a year-on-year growth of 91.2%, and a net profit attributable to shareholders of 520 million yuan, up 170.4% [2] - The ongoing development of the "3+17" anti-aging treatment plan and the successful launch of the product Wei Yi Mei are expected to provide substantial long-term growth potential [2] - The company has a strong profitability with a gross margin of 92.37% for the first three quarters of 2024, which is an increase of 2.21 percentage points year-on-year [2] Summary by Sections Financial Performance - For the first three quarters of 2024, total revenue reached 990 million yuan, with a net profit of 520 million yuan, and a non-recurring net profit of 510 million yuan [2] - In Q3 2024, revenue was 390 million yuan, with a net profit of 210 million yuan and a non-recurring net profit of 207 million yuan [2] Growth Projections - The company expects to increase its net profit attributable to shareholders from 600 million yuan in 2024 to 730 million yuan in 2026, reflecting a year-on-year growth of 145% in 2024 [3] - The projected earnings per share (EPS) for 2024 is 8.29 yuan, with a price-to-earnings (P/E) ratio of 29.78 [1][3] Product Development - The company is advancing its pipeline with a focus on the "3+17" anti-aging treatment, utilizing fully humanized collagen types III and XVII [2] - The company has established strategic partnerships to enhance the brand influence of Wei Yi Mei and is actively promoting its products across over 20 key cities [2]
锦波生物：2024年三季报点评：Q3延续高增，薇旖美增长势能强劲