Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company is expected to achieve a significant increase in net profit for 2024, with projections ranging from 719 million to 737 million yuan, representing a year-on-year growth of 139.83% to 145.83% [2] - The substantial profit increase is attributed to the company's continuous research and development of innovative recombinant human collagen materials, focusing on structural materials and major infectious diseases [2] - The earnings forecast for 2024-2026 has been revised upwards, with expected net profits of 729 million, 927 million, and 1,125 million yuan respectively, leading to corresponding EPS of 8.23, 10.47, and 12.71 yuan per share [2] Financial Summary - The company reported a total revenue of 390 million yuan in 2022, which is expected to grow to 1,488 million yuan in 2024, reflecting a year-on-year growth of 90.7% [5] - The gross margin is projected to improve from 85.4% in 2022 to 93.5% in 2024, while the net margin is expected to rise from 28.0% to 49.0% during the same period [5] - The return on equity (ROE) is forecasted to reach 45.2% in 2024, up from 24.7% in 2022 [5] Patent and Innovation - The company has been granted a total of 106 patents, including 73 invention patents, which enhances its competitive edge in the market [3] - The recombinant human collagen type A has shown excellent tissue repair capabilities and is being applied in various high-end medical device fields [3] International Expansion - The company is actively exploring international markets and has successfully registered medical devices in Vietnam and participated in major international exhibitions [4] - Several forums have been organized to enhance collaboration and innovation in the field of recombinant human collagen [4]
锦波生物：北交所信息更新：持续拓宽重组胶原蛋白应用边界，2024年净利润预增140%～146%