Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported a significant increase in revenue and profit, with a 91.2% year-on-year growth in revenue to 988 million yuan and a 170.4% increase in net profit to 520 million yuan for the first three quarters of 2024 [2]. - The growth in revenue is primarily driven by the increase in medical device sales, particularly the product series based on A-type recombinant humanized collagen [2]. - The company has shown improvement in expense ratios, leading to enhanced profitability, with a gross margin of 92.37% for the first three quarters of 2024, up 2.40 percentage points year-on-year [2]. - Future growth prospects are supported by product innovation, competitive advantages, and deepened sales channels, with expectations for continued revenue growth from the company's collagen products [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 52.60%, an increase of 15.58 percentage points year-on-year [2]. - The projected revenues for 2024, 2025, and 2026 are 1.483 billion yuan, 1.970 billion yuan, and 2.447 billion yuan, respectively, with year-on-year growth rates of 90.1%, 32.8%, and 24.2% [3][5]. - The projected net profits for the same years are 760 million yuan, 1.040 billion yuan, and 1.327 billion yuan, with growth rates of 153.5%, 36.9%, and 27.5% [3][5]. - The company’s PE ratios are projected to decrease from 68 in 2023 to 15 by 2026, indicating an improving valuation as earnings grow [3][5].
锦波生物：2024年三季报点评：24Q3归母净利同比+154%，收入与利润增速表现亮眼