Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has demonstrated outstanding performance with a profit growth of 170.42% year-on-year, driven primarily by the growth of recombinant human collagen medical devices [3]. - The company is a leading player in the domestic recombinant collagen market, with multiple applications in the medical aesthetics and cosmetics sectors [4]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 988 million yuan, representing a year-on-year increase of 91.16%. The net profit attributable to shareholders reached 520 million yuan, up 170.42% year-on-year [3]. - For Q3 alone, the company reported a revenue of 386 million yuan, a 92.07% increase year-on-year, and a net profit of 210 million yuan, reflecting a 153.96% growth year-on-year. The gross margin for Q3 was 93.60%, with net profit margin at 54.57% [3]. Business Development - The company is expanding its medical aesthetics product line, with core products including various types of collagen injectables. The company has also initiated product registration for new collagen products aimed at facial volumization [3]. - In the cosmetics sector, the company has partnered with major brands like L'Oréal and has seen successful marketing campaigns, including collaborations with influencers [3]. Investment Recommendations and Earnings Forecast - Given the strong performance and ongoing expansion in the medical aesthetics market, the earnings per share (EPS) forecasts for 2024-2026 are adjusted to 7.91, 10.87, and 13.97 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 31, 23, and 18 times [4].
锦波生物：2024年三季报点评：业绩表现亮眼，产业应用多点开花