Investment Rating - The report gives a "Buy" rating with a target price of RMB 284.67 per share, based on a 26x PE multiple for 2025 [2] Core Views - The company's flagship product, Weiyimei, is expected to see strong growth in 2024, with projected factory revenue of RMB 800-1000 million [1] - The company has entered L'Oréal's supply chain and plans to expand into Southeast Asia, with a D-class medical device registration certificate obtained in Vietnam [1] - The company's product pipeline includes multiple formulations, types, and indications, with a focus on mid-face augmentation and female intimate health [1][15] Product Performance and Market Potential - Weiyimei's sales are expected to grow significantly in 2024, driven by channel expansion and brand promotion, with coverage of 3,000 medical aesthetic institutions by mid-2024 [1][11] - The company's mid-face augmentation product, expected to be submitted for registration in August 2024, could potentially replace high-end hyaluronic acid and animal-derived collagen products [2][18] - The female intimate health market is in its early stages in China, with the company's Lanmi brand well-positioned to capture growth in this niche [1][17] Financial Projections - The company's net profit is expected to grow by 135% in 2024, reaching RMB 705 million, with continued growth of 37% and 28% in 2025 and 2026, respectively [2] - Revenue is projected to increase by 80% in 2024, reaching RMB 1.403 billion, with further growth of 35% and 27% in 2025 and 2026 [4] - The company's ROE is expected to remain strong, with projections of 51.21%, 49.49%, and 45.85% for 2024, 2025, and 2026, respectively [4] Industry and Competitive Landscape - The company is a leader in recombinant collagen protein, with a first-mover advantage in the medical aesthetic implant market [7][9] - The company's gross margin is slightly lower than that of industry leader Allergan but higher than other competitors like Bloomage Biotech and Haohai Biological [30][72] - The company's revenue growth has outpaced its peers, with a CAGR of 33% expected from 2024 to 2026, compared to an industry average of 20-26% [122] Strategic Initiatives - The company is focusing on expanding its product matrix, including multiple formulations and types of collagen, as well as exploring new indications in dermatology, gynecology, and other fields [16][18] - The company is leveraging its entry into L'Oréal's supply chain to strengthen its position in the global market, with plans to expand into Southeast Asia [14][97] - The company is investing in R&D to develop new products, including a mid-face augmentation product and a recombinant XVII-type collagen protein, which are expected to drive long-term growth [16][100]
锦波生物：薇旖美放量确定性高，多剂型+多型别+多适应症蓄力中长期成长