Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [6]. Core Insights - The company reported a revenue of 386 million in Q3 2024, representing a year-over-year increase of 92% and a quarter-over-quarter growth of 2%. The net profit attributable to shareholders reached 210 million, up 154% year-over-year, exceeding market expectations [1]. - For the first three quarters of 2024, the company achieved a total revenue of 990 million, a 91% increase year-over-year, with a net profit of 520 million, reflecting a 170% increase compared to the same period last year [1]. - The company’s product, Wei Yi Mei, has surpassed one million units sold since its launch, and it has established a presence in over 3,000 medical beauty terminals as of the first half of 2024 [1]. - The collagen sector remains highly prosperous, with stable pricing and a declaration from the company to not authorize online platforms or social media for sales, suggesting expected price stability [1]. - The company has received its first overseas medical device registration certificate for its subcutaneous filler in Vietnam, marking a significant step in its international expansion [4]. - The company has formed a strategic partnership with L'Oréal to incorporate recombinant human collagen into its products, further enhancing its international market presence [4]. Financial Performance Summary - The company’s revenue is projected to grow significantly, with estimates of 1.412 billion for 2024, 1.977 billion for 2025, and 2.570 billion for 2026, reflecting growth rates of 81%, 40%, and 30% respectively [3]. - The net profit attributable to shareholders is expected to reach 701 million in 2024, 1.013 billion in 2025, and 1.304 billion in 2026, with year-over-year growth rates of 134%, 44%, and 29% respectively [3]. - The gross margin for Q3 was reported at 93.6%, with a year-over-year increase of 2.3 percentage points, indicating improved profitability [3]. - The company’s overall net profit margin reached 54.6%, remaining stable compared to Q2 while improving by 13% year-over-year [3]. Market Position and Future Outlook - The company is well-positioned in the high-demand collagen market, with a strong product pipeline and ongoing research and development efforts [4]. - The report highlights the importance of monitoring the progress of new product registrations and market expansions as potential catalysts for future growth [4].
锦波生物：Q3业绩再超预期，产品获海外首证看好未来发展空间