Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The company has established a comprehensive industrial chain focusing on recombinant collagen protein, demonstrating strong growth in revenue and profitability [4][22] - The company is recognized as a new player in the pharmaceutical industry, specializing in functional protein research and development [14] - The company has a robust research and development capability, which enhances its core competitiveness [4][22] Summary by Relevant Sections Company Overview - The company, established in 2008, focuses on the research and development of recombinant collagen protein and anti-HPV biological protein products, achieving several medical device registrations [4][14] - The company went public in 2023, becoming the first stock of recombinant collagen protein on the Beijing Stock Exchange [4][14] Market Data - As of February 19, 2025, the company's current price is 229.30 CNY, with a total market capitalization of approximately 20.30 billion CNY [3] - The company has shown a compound annual growth rate (CAGR) of 37.85% in revenue from 2019 to Q3 2024, with net profit CAGR reaching 53.04% during the same period [4][24] Financial Performance - The company forecasts a net profit of 719 million to 737 million CNY for 2024, representing a year-on-year growth of 139.83% to 145.83% compared to 2023 [4][5] - The projected revenue for 2024-2026 is estimated at 15.22 billion, 21.30 billion, and 26.63 billion CNY, respectively [5] Business Segments - The medical device segment is the largest revenue contributor, with expected revenues of 13.57 billion, 19.10 billion, and 24.13 billion CNY for 2024-2026, showing significant growth rates [6] - The functional skincare segment is also growing rapidly, with projected revenues of 1.26 billion, 1.74 billion, and 1.97 billion CNY for the same period [7] - The raw materials and other business segment is expected to generate revenues of 0.38 billion, 0.46 billion, and 0.52 billion CNY from 2024 to 2026 [8] Industry Overview - The recombinant collagen protein market is expanding rapidly, with a projected market size of 122.9 billion CNY for raw materials and 2,193.8 billion CNY for products by 2030 [47][48] - The company’s products are widely used in various fields, including medical aesthetics, gynecology, urology, and dermatology, indicating a broad application potential [4][42]
锦波生物（832982）：专注重组胶原蛋白领域，构建起全方位产业链