Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company, Jinbo Biological, has a rich product matrix that injects new momentum into its development, with a 154% year-on-year increase in net profit attributable to the parent company in Q3 2024 [1][3] - The company achieved a revenue of 988 million yuan in the first three quarters of 2024, representing a year-on-year growth of 91.16%, and a net profit of 520 million yuan, up 170.42% year-on-year, with a net profit margin of 52.60% [3] - The company is recognized as a leader in collagen protein, with its product "Wei Yimei" continuing to see significant growth, leading to an upward revision of profit forecasts for 2024-2026 [3] Financial Performance Summary - Revenue for 2024 is projected to be 1,384 million yuan, with net profit expected to reach 680 million yuan, reflecting a year-on-year growth of 127% [3][7] - The gross margin is expected to be 93.6% in 2024, while the net margin is projected at 49.2% [7] - The earnings per share (EPS) for 2024 is estimated at 7.69 yuan, with corresponding price-to-earnings (P/E) ratios of 30.1, 22.2, and 18.2 for 2024, 2025, and 2026 respectively [3][7] Product Development and Market Strategy - Jinbo Biological has expanded its product offerings, launching new collagen-based skincare products, including a triple collagen cream and an eye cream with advanced ingredients [4] - The company has increased its sales expenses by 55.51% year-on-year, reflecting its commitment to expanding its sales team and enhancing brand promotion efforts [4] - A key laboratory for functional proteins has been approved for construction, which will facilitate collaborative research and development efforts [5] Research and Development Initiatives - The company is actively engaged in multiple research projects, including studies on collagen proteins for various medical applications, indicating a strong focus on innovation and product development [5]
锦波生物：北交所信息更新：产品矩阵丰富注入发展新动力，2024Q3归母净利润+154%