Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company, Jinbo Biological (832982.BJ), has shown strong performance with a significant increase in revenue and net profit for the third quarter of 2024, driven by the continued growth of its flagship product, Wei Yimei [3][4]. - The company reported a revenue of 990 million yuan for the first three quarters of 2024, representing a year-on-year growth of 91.2%, and a net profit of 520 million yuan, up 170.4% year-on-year [3][4]. - The gross margin has improved due to the increasing proportion of high-margin medical beauty products, with a gross margin of 92.4% for the first three quarters of 2024, up 2.4 percentage points year-on-year [4]. Summary by Sections Revenue Performance - The company achieved a revenue of 390 million yuan in 2022, which is projected to grow to 2.747 billion yuan by 2026, with a compound annual growth rate (CAGR) of 67.15% from 2022 to 2024 [6][7]. - The revenue growth rate is expected to be 99.96% in 2023 and 81.63% in 2024 [6]. Profitability - The net profit for 2022 was 109 million yuan, projected to reach 1.479 billion yuan by 2026, with a net profit growth rate of 90.24% in 2023 and 149.69% in 2024 [6][7]. - The earnings per share (EPS) is expected to increase from 1.75 yuan in 2022 to 16.71 yuan in 2026 [6]. Cash Flow - The operating cash flow for the first three quarters of 2024 was 540 million yuan, reflecting a year-on-year increase of 198.1% [3][4]. Market Position - The company is currently the only domestic enterprise with a Class III medical device certification for recombinant collagen, indicating a strong competitive advantage [5]. - The company has a clear product layout and is actively expanding its product matrix, including new launches in the collagen product line [4]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to decrease from 141 in 2022 to 15 by 2026, indicating an improving valuation as earnings grow [6][7]. - The price-to-book (P/B) ratio is expected to decline from 34.9 in 2022 to 6.1 in 2026 [6]. Future Outlook - The company is expected to maintain strong growth momentum, with ongoing research and development in various types of collagen and antiviral proteins, ensuring a robust pipeline for future products [4]. - The marketing efforts, including innovative collaborations and advertising campaigns, are expected to enhance brand visibility and drive sales growth [4].
锦波生物：2024年三季报点评：薇旖美持续放量，业绩表现超预期