Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance relative to the market [3]. Core Views - The company has demonstrated strong revenue growth, with a 91.2% year-on-year increase in revenue for the first three quarters of 2024, reaching 988 million yuan, and a 170.4% increase in net profit, amounting to 520 million yuan [3]. - The medical aesthetics business is expected to continue its growth trajectory, with sales of the flagship product, Wei Yi Mei, projected to exceed 1 billion yuan for the year, driven by strong customer repurchase trends and increased marketing efforts [3]. - The private health sector is being expanded through online initiatives for the Wei Run product line, targeting a growing market with significant potential for penetration [3]. - The company is also developing new applications in scalp care with its Zhi Chun Yuan Su brand, which includes products featuring advanced collagen types [3]. - Profitability remains robust, with a gross margin of 93.6% and a net margin of 54.6% in Q3 2024, despite slight increases in sales and R&D expenses [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 988 million yuan, a 91.2% increase year-on-year, and a net profit of 520 million yuan, reflecting a 170.4% growth [3][4]. - The projected revenue for 2024 is estimated at 1.485 billion yuan, with a year-on-year growth rate of 90.4% [4]. - The company anticipates net profits of 700 million yuan in 2024, with a growth rate of 133.5% [4]. Business Segments - The medical aesthetics segment is expected to be the primary growth driver, with sales of Wei Yi Mei projected to reach approximately 3.15 billion yuan in Q3 2024 [3]. - The private health segment is being enhanced through online marketing strategies, aiming to increase awareness and customer base in the private medical aesthetics market [3]. - The scalp care product line is being developed to include innovative applications, supported by strong R&D capabilities [3]. Profitability Metrics - The company achieved a gross margin of 93.6% and a net margin of 54.6% in Q3 2024, indicating strong profitability despite rising operational costs [3]. - The projected earnings per share for 2024 is 7.91 yuan, with a corresponding PE ratio of 31x [4].
锦波生物：薇旖美放量延续、新应用布局积极，看好公司行业领跑地位