Investment Rating - The investment rating for the company is "Buy" with a target price reflecting an expected return of over 20% within the next six months [4][11]. Core Views - The company, Jinbo Biological, is a leading enterprise in the field of recombinant collagen, and 2024 is expected to be a pivotal year for its commercialization efforts. The company is focusing on enhancing its C-end marketing for the Weiyimei® brand and deepening its B-end relationships with major clients [2][4]. - The company has achieved significant revenue growth, with a year-on-year increase of 91.16% in the first three quarters of 2024, reaching a total revenue of 988 million yuan [1][2]. - The company has made substantial investments in R&D, obtaining 13 invention patents in the first half of 2024, including two international patents, and has completed key research in various medical fields [1][2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 712.76 million yuan, with a year-on-year growth rate of 137.75%. The expected earnings per share (EPS) for 2024 is 8.05 yuan [3][7]. - The company's revenue is forecasted to grow to 1.49 billion yuan in 2024, reflecting a growth rate of 91% compared to the previous year [3][7]. - The company's EBITDA is expected to reach 876.76 million yuan in 2024, with a significant increase in profitability metrics such as gross margin and net margin [3][7]. Market Position and Strategy - The company is expanding its product specifications and types, which has been a key driver for its growth in the medical aesthetics sector. The Weiyimei® product line has seen innovative developments aimed at high-end channels [2][4]. - The company is also focusing on building a strong consumer brand presence and enhancing customer retention through targeted marketing strategies [2][4].
锦波生物：24Q3归母净利2.1亿元，继续环比提升