Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [6]. Core Insights - The company plans to invest up to 100 million RMB in the second phase of the National Service Trade Fund, which is expected to enhance its core business and support its internationalization strategy [6]. - The Service Trade Fund is a national-level mother fund with a total scale of 30 billion RMB, operating under a "mother fund + direct investment" model [6]. - The company is positioned at the core of the industry chain, and its external investments are anticipated to yield positive industrial synergy or integration effects [6]. - The company has been proactive in expanding its overseas business, with recent approvals for its products in various international markets [6]. - The company has received approval for four new specifications of its flagship product, enhancing its product portfolio [6]. - Revenue forecasts for 2024-2026 have been revised upwards, with projected revenues of 1.571 billion, 2.379 billion, and 3.195 billion RMB respectively [6]. Financial Summary - Total revenue for 2023 is reported at 780 million RMB, with projections of 1.571 billion RMB for 2024, 2.379 billion RMB for 2025, and 3.195 billion RMB for 2026, reflecting significant growth [10]. - The net profit for 2023 is 300 million RMB, with forecasts of 725 million RMB for 2024, 1.006 billion RMB for 2025, and 1.326 billion RMB for 2026 [10]. - The company maintains a high gross margin of approximately 90% across the forecasted years [7].
锦波生物：参与设立国家服贸基金，赋能主业、助力国际化战略