Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6]. Core Viewpoints - The company has received its third Class III medical device registration certificate for "Injectable Recombinant Type III Humanized Collagen Gel," solidifying its monopoly in the recombinant collagen aesthetic medicine industry in China [2][3]. - The new product is the first of its kind internationally to utilize self-assembly and self-crosslinking technology, expanding the application of recombinant collagen in aesthetic medicine, particularly in filling and supporting roles [3]. - The company is expected to see significant revenue growth, with projected revenues of 1.446 billion RMB in 2024, reflecting an 85.35% growth rate compared to the previous year [4]. Financial Projections - The company forecasts net profits of 734 million RMB in 2024, with a compound annual growth rate (CAGR) of 144.67% from 2023 to 2024 [4]. - Earnings per share (EPS) are projected to increase from 4.40 RMB in 2023 to 8.29 RMB in 2024, with corresponding price-to-earnings (P/E) ratios of 42 and 28 for 2024 and 2025, respectively [4][10]. - The company’s gross margin is expected to improve from 90.2% in 2023 to 92.6% in 2024, indicating strong profitability [12]. Market Position - The company holds all three Class III medical device certificates for recombinant collagen in China, reinforcing its leading position in the domestic and global recombinant collagen market [2][3]. - The report highlights the rapid growth of the collagen market, with a notable increase in sales of animal-derived collagen in mainland China, suggesting a favorable market environment for the company's new products [4].
锦波生物（832982）：锦波生物（832982.BJ）获得第三类医疗器械注册证事件点评：首个胶原蛋白填充类三类械注册证获批，打开成长天花板