Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year increase of 85.40%, and a net profit attributable to shareholders of 733 million yuan, up 144.65% year-on-year [1] - The company continues to expand its product pipeline in the medical beauty sector, launching the world's first eye area anti-aging regeneration material based on "self-assembling root technology" [2] - The company is actively expanding its international market presence, enhancing brand recognition and competitiveness through participation in international exhibitions and strategic partnerships [3] - Revenue projections for 2024-2026 are 1.445 billion, 1.918 billion, and 2.381 billion yuan, with corresponding net profits of 737 million, 1.007 billion, and 1.284 billion yuan, indicating strong growth potential [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 458 million yuan, a year-on-year increase of 74.07%, and a net profit of 214 million yuan, up 98.58% year-on-year [1] - The company forecasts a revenue growth rate of 85.2% for 2024, followed by 32.7% in 2025 and 24.2% in 2026 [5] - The net profit growth rates are projected at 145.7% for 2024, 36.8% for 2025, and 27.5% for 2026 [5] Product Development - The company has enriched its product line with new specifications for its recombinant type III humanized collagen protein freeze-dried fiber products, enhancing its market offerings [2] - The safety and effectiveness of the company's products have been validated by over 2 million clinical injections since the launch of its flagship product in June 2021 [2] Market Expansion - The company has successfully obtained patent authorizations in the US, South Korea, Japan, and Brazil for its recombinant type III humanized collagen protein raw materials, indicating strong international recognition [3] - The company has received a D-class medical device registration certificate in Vietnam, further solidifying its international market position [3]
锦波生物：2024年业绩快报点评：业绩贴近预告上限，高质增长有望延续-20250225