Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 1.443 billion yuan, a year-on-year growth of 85%, and net profit of 730 million yuan, a year-on-year growth of 144% [2][4]. - In Q1 2025, the company achieved revenue of 366 million yuan, a year-on-year increase of 62.5%, and net profit of 169 million yuan, a year-on-year increase of 66% [2][4]. - The company is expected to continue its high growth trajectory, driven by high-value products and new product launches, particularly in the aesthetic medicine sector [9]. Summary by Sections Financial Performance - In 2024, the company's revenue from single materials and functional skincare products reached 1.128 billion yuan and 142 million yuan, respectively, with year-on-year growth of 99.7% and 86.8% [9]. - The gross profit margin for 2024 improved by 1.9 percentage points to 92%, while the net profit margin increased by 12.3 percentage points [9]. - For Q1 2025, the gross profit margin was 46%, continuing the upward trend [9]. Business Highlights - The company expanded its market presence, doubling the number of medical beauty institutions covered to 4,000, with clinical applications exceeding 2 million units [9]. - The new product "Recombinant Type III Humanized Collagen Gel for Injection" received regulatory approval, which is expected to enhance the company's market position in aesthetic applications [9]. Future Outlook - The company forecasts EPS of 13.00, 17.86, and 23.62 yuan per share for 2025, 2026, and 2027, respectively, indicating strong growth potential [9].
锦波生物（832982）：2024年报及2025一季报点评：薇旖美持续亮眼增长，新品三类械空间可期