Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has received approval for the world's first injectable recombinant type III humanized collagen gel, filling a domestic technological gap and meeting diverse clinical application needs [2][9] - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year growth of 85.40%, and a net profit of 733 million yuan, with a year-on-year increase of 144.65% [17][34] - The company is actively developing new products, strengthening brand building, and expanding its market presence, leading to significant growth in sales of medical devices and functional skincare products [1][34] Financial Summary and Valuation Metrics - Revenue and profit forecasts for 2024-2026 are maintained, with expected net profits of 734 million, 927 million, and 1.125 billion yuan respectively, corresponding to EPS of 8.29, 10.47, and 12.71 yuan per share [34] - The company's gross margin has shown a consistent upward trend, reaching 92.37% in the first three quarters of 2024 [20][22] - The P/E ratios for 2024-2026 are projected to be 45.4, 35.9, and 29.6 times respectively [34] Industry Overview - The market for recombinant collagen raw materials in China is rapidly developing, with an expected market size of 3.604 billion yuan by 2025, growing at a compound annual growth rate (CAGR) of 42.98% [29] - The overall medical device industry in China is experiencing significant growth, with a reported revenue increase of approximately 20% in 2022 [26] - The global biomaterials market is projected to grow from 35.5 billion USD in 2020 to 47.5 billion USD by 2025, with a CAGR of 6.0% [27]
锦波生物：北交所公司深度报告：全球首个注射用重组Ⅲ型人源化胶原蛋白凝胶获批，填补国内技术空白-20250416