Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.44 billion yuan in 2024, representing a year-on-year growth of 84.9%, and a net profit of 730 million yuan, up 144.3% year-on-year [5][11] - The company has successfully developed three types of recombinant collagen products, establishing a leading position in the market [10] - The company is expected to continue its high growth trajectory, with revenue and net profit forecasts for 2025-2027 remaining stable [11] Revenue Performance - In 2024, the revenue from medical devices, functional skincare, and raw materials reached 1.25 billion yuan, 142 million yuan, and 46 million yuan, respectively, with year-on-year growth rates of 84.4%, 86.8%, and 89.1% [6] - The fourth quarter of 2024 saw a revenue of 450 million yuan, a 72.6% increase year-on-year [5] Profitability - The company's gross margin improved to 92.0% in 2024, up 1.9 percentage points year-on-year, while the net profit margin increased to 50.8%, up 12.3 percentage points [7][8] - The gross margins for medical devices, functional skincare, and raw materials were 95.0%, 70.4%, and 77.6%, respectively [8] Cash Flow - The company reported an operating cash flow of 770 million yuan in 2024, a significant increase of 159.6% year-on-year [5] Market Expansion - The company has covered approximately 4,000 terminal medical institutions by the end of 2024, with significant revenue contributions from North and East China [7][10] Future Outlook - The company is expected to expand its overseas market presence, leveraging its established product matrix and brand reputation [10]
锦波生物（832982）：2024年年报点评：24全年业绩延续高增，重组胶原蛋白领跑优势更加明显