Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has received its first overseas medical device registration certificate in Vietnam, marking a significant step in its international expansion [2][3]. - Vietnam's medical device market is rapidly growing, with a projected CAGR of 9.0% from 2024 to 2033, and over 90% of medical devices are imported [2][3]. - The approved product is a D-class medical device, a subcutaneous filler containing recombinant type III human collagen, aimed at correcting dynamic facial wrinkles [3]. - The company is a leader in the recombinant collagen industry in China and has showcased its products at international exhibitions, enhancing its global recognition [3]. Financial Summary - The company forecasts net profits of 749 million, 1.098 billion, and 1.479 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 8.46, 12.41, and 16.71 yuan [3][4]. - Revenue is expected to grow from 1.417 billion yuan in 2024 to 2.747 billion yuan in 2026, with a growth rate of 81.63% in 2024 [4][11]. - The company's P/E ratios are projected to decrease from 27 in 2024 to 14 in 2026, indicating potential for value appreciation [4][11].
锦波生物：获得境外医疗器械注册证事件点评：首个境外医疗器械注册证获批，胶原出海未来可期