Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - In Q3 2024, the company achieved revenue of 386 million yuan, a year-on-year increase of 92%, and a net profit attributable to the parent company of 210 million yuan, a year-on-year increase of 154% [5][6] - The collagen protein industry remains in a high prosperity cycle, with the company's core products continuing to see volume growth [5][7] - The company has obtained four Class II medical device registration certificates in H1 2024, expanding its product matrix [6] Revenue Analysis - In Q3 2024, the company's revenue remained stable compared to Q2, with a strong year-on-year growth momentum. The revenue growth rates for Q1 to Q3 2024 were 76%, 100%, and 92% respectively [5] - The gross profit margin for Q3 2024 reached 93.6%, an increase of 2.3 percentage points year-on-year, benefiting from the rising proportion of core products [5] Expense Analysis - The company experienced a decrease in the sales expense ratio by 5.4 percentage points year-on-year in Q3 2024, while the management, R&D, and financial expense ratios decreased by 3.2, 5.2, and 0.8 percentage points respectively [5][6] Profitability Analysis - The net profit margin attributable to the parent company in Q3 2024 reached 54.6%, an increase of 13.3 percentage points year-on-year [6] - The company is expected to continue focusing on the medical-grade applications of recombinant collagen, with a clear growth trajectory anticipated [7] Financial Forecast - The projected net profits for the company from 2024 to 2026 are 700 million yuan, 930 million yuan, and 1.18 billion yuan respectively [7][17]
锦波生物2024年三季报点评：核心单品延续放量，胶原蛋白行业仍处于较高景气周期