Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company has demonstrated rapid growth, with a revenue of RMB 988 million for Q1-Q3 2024, representing a year-on-year increase of 91.16%, and a net profit of RMB 520 million, up 170.42% year-on-year [2][3] - The gross margin continues to improve, reaching 92.37% for Q1-Q3 2024, an increase of 2.40 percentage points year-on-year [2][3] - The company is focused on the recombinant collagen field, with unique advantages in its products, particularly the recombinant type III humanized collagen, which is rare in the market [2][3] Financial Summary - For 2024, 2025, and 2026, the expected net profits are RMB 700 million, RMB 975 million, and RMB 1.324 billion, respectively, with corresponding EPS of RMB 7.91, RMB 11.01, and RMB 14.96 [2][3] - The company’s revenue is projected to grow significantly, with a forecast of RMB 1.445 billion in 2024, RMB 2.015 billion in 2025, and RMB 2.647 billion in 2026, reflecting growth rates of 85.2%, 39.4%, and 31.4% respectively [3][4] - The expected P/E ratios for 2024, 2025, and 2026 are 31.2x, 22.4x, and 16.5x, indicating a strong valuation outlook [3][4] Operational Efficiency - The company has successfully reduced its selling and administrative expense ratios, with selling expenses down 3.98 percentage points year-on-year to 17.38% and management expenses down 3.06 percentage points to 8.42% for Q1-Q3 2024 [2][3] - The EBITDA for 2024 is projected to be RMB 916 million, with a significant growth rate of 131.9% [3][4]
锦波生物：深耕重组胶原蛋白领域，业绩保持高速增长