Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company has launched a new product, "Injectable Recombinant Type III Humanized Collagen Gel," utilizing the innovative HiveCOL "honeycomb" collagen tissue network technology, which fills an international gap in the market [5][8] - The product features a dual-core functional area design that is 100% humanized, enhancing its immediate shaping and tissue regeneration capabilities [8] - The company is expected to see significant revenue growth, with projected net profits of 1.148 billion, 1.539 billion, and 1.934 billion yuan for 2025, 2026, and 2027 respectively, reflecting a growth rate of 56.8%, 34.1%, and 25.6% [7][8] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,443 million yuan in 2024 to 3,952 million yuan in 2027, with a compound annual growth rate of approximately 35.0% [7][10] - The gross margin is expected to remain high at around 90% across the forecast period, indicating strong profitability [7][8] - The company's return on equity (ROE) is projected to be 45.8%, 41.6%, and 37.4% for 2025, 2026, and 2027 respectively, showcasing efficient use of equity [7][8]
锦波生物（832982）：新技术填补国际空白，开辟“组织新生”全新赛道