Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [1]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 7.28 billion yuan in 2024, reflecting a year-on-year growth of 142.8% [7]. - The medical beauty business is the primary revenue source, with new product specifications and applications expected to drive growth in 2025 [7]. - The company is strategically expanding into private care and scalp care markets, leveraging its brand and product development to establish a competitive advantage [7]. - The functional skincare segment is supported by innovative raw material sourcing and a dual-brand strategy, enhancing market positioning [7]. - The raw material business is focusing on international markets, with several patents and certifications obtained to facilitate global expansion [7]. - The company is projected to maintain strong growth, with net profits expected to reach 10.06 billion yuan and 13.26 billion yuan in 2025 and 2026, respectively [7]. Financial Data and Profit Forecast - Total revenue is forecasted to grow from 780 million yuan in 2023 to 2,379 million yuan in 2025, representing a compound annual growth rate [5]. - The net profit attributable to shareholders is expected to increase from 300 million yuan in 2023 to 1,006 million yuan in 2025, showcasing robust profitability growth [5]. - The company's gross margin is projected to remain high, around 90%, indicating strong operational efficiency [5].
锦波生物：2024圆满收官，2025续写成长