Investment Rating - The report maintains a "Recommended" investment rating for the company [3]. Core Insights - The company reported a revenue of 988 million yuan for the first three quarters of 2024, representing a year-on-year growth of 91.16%. The net profit attributable to shareholders reached 520 million yuan, up 170.42% year-on-year, with a non-recurring net profit of 511 million yuan, reflecting a 198.12% increase. The earnings per share (EPS) stood at 5.87 yuan, a 156.33% increase year-on-year, with an overall gross margin of 92.37% [1]. - In Q3 2024 alone, the company achieved a revenue of 386 million yuan, a year-on-year increase of 92.07%, and a net profit of 210 million yuan, up 153.96% year-on-year, with a gross margin of 93.60%. The performance in Q3 continued to show growth compared to Q2, with an improvement in gross margin [1]. - The medical device segment showed strong performance, with significant revenue growth driven by the sales of Class III medical device implants featuring recombinant human collagen as a core component. The company's self-branded product "Wei Yi Mei" is now available in approximately 3,000 medical institutions, focusing on correcting cosmetic issues around the eyes and forehead. As sales scale up, the company's sales, management, and R&D expense ratios are gradually decreasing [1]. - The company has a clear long-term strategy and is well-prepared for future growth, with a rich pipeline of new products. The "Recombinant Type III Human Collagen Injection" has passed innovative medical device approval, marking it as the second Class III medical device implant in this field. The company is also researching other types of collagen for various applications, including hair, oral, and skin treatments. Additionally, the company plans to invest up to 220 million yuan in a workshop project aimed at producing recombinant Type III human collagen freeze-dried fibers and injectable gels, which will drive future growth [1]. - The collagen industry has significant growth potential, with the market for recombinant collagen products in China expected to reach 58.57 billion yuan by 2025, with a compound annual growth rate (CAGR) exceeding 40%. As a leading player in this field, the company is expected to continue increasing its market share through ongoing technological advancements and new product developments [1]. Financial Forecast - The company is expected to generate revenues of 1.385 billion yuan, 1.920 billion yuan, and 2.351 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 77.45%, 38.69%, and 22.44%. The net profit attributable to shareholders is projected to be 696 million yuan, 989 million yuan, and 1.230 billion yuan for the same years, with growth rates of 132.00%, 42.18%, and 24.35%, respectively. The EPS is forecasted to be 7.86 yuan, 11.17 yuan, and 13.89 yuan, with corresponding price-to-earnings (PE) ratios of 29.46, 20.72, and 16.66 [2][5].
锦波生物点评报告：核心产品表现优异，业绩持续高速增长