Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's Q3 performance exceeded expectations, showing further growth compared to Q2, driven by the strong momentum of its core product, Wei Yi Mei [3] - The report highlights the company's potential to benefit from market expansion and product innovation, maintaining rapid growth [3] Financial Summary - The company adjusted its EPS forecasts for 2024-2026 to 8.15 (+1.01), 10.63 (+0.63), and 13.48 (+0.96) yuan, respectively, and set a target price of 318.90 yuan based on a 30x PE for 2025 [5] - For the first three quarters of 2024, the company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 988 million, 520 million, and 511 million yuan, respectively, representing year-on-year increases of 91%, 170%, and 178% [5] - In Q3 2024, the company achieved revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 386 million, 210 million, and 207 million yuan, respectively, with year-on-year growth of 92%, 154%, and 159% [5] - The gross margin for the first three quarters of 2024 increased by 2.40 percentage points to 92.37%, primarily due to the accelerated growth of high-margin medical device products [5] - The net profit margin increased by 15.58 percentage points to 52.60% for the first three quarters of 2024 [5] Product Performance - The core product, Wei Yi Mei, has shown significant growth, with over 1 million units sold within 1000 days of its launch, setting a sales record in the Chinese medical beauty materials market [5] - The company successfully launched a skincare brand during the 2024 Double Eleven shopping festival, achieving immediate sell-out of its key product [5] Research and Development - The company has established a strong foundation in the field of recombinant collagen, with multiple new products in development across various medical applications [5]
锦波生物2024年三季报点评：Q3业绩超预期，薇旖美势能强劲