Investment Rating - The investment rating for the company is "Accumulate" [3][17]. Core Views - The company demonstrates steady revenue growth, balancing product expansion and brand promotion, with significant R&D advantages expected to lead to innovative products in gynecology, hair care, and serious medical fields [1]. - The company has established a mature branding strategy and is building a global system for its products, with multiple patents approved in various regions [9]. Financial Summary - Total revenue is projected to grow from 780 million in 2023 to 3,534 million by 2027, reflecting a compound annual growth rate (CAGR) of 28.2% [2][10]. - Net profit attributable to the parent company is expected to increase from 300 million in 2023 to 1,814 million in 2027, with a CAGR of 29.4% [2][10]. - Earnings per share (EPS) is forecasted to rise from 2.61 yuan in 2023 to 15.77 yuan in 2027 [2][10]. - The return on equity (ROE) is projected to remain strong, starting at 31.4% in 2023 and declining to 34.2% by 2027 [2][10]. Market Data - The target price for the company's stock is set at 402.74 yuan [3]. - The stock has a 52-week price range of 151.90 to 577.50 yuan [4]. - The total market capitalization is approximately 34.86 billion yuan [4]. Business Segments - The medical device segment reported revenue of 708 million in the first half of 2025, a year-on-year increase of 33.41% [9]. - The functional skincare segment saw a significant revenue increase of 152.39%, reaching 121 million in the same period [9]. - The raw materials segment experienced a modest growth of 12.40%, with revenue of 27 million [9]. Operational Highlights - The company has successfully obtained patents for its collagen products in Brazil and FDA certifications for several skincare products in the U.S. [9]. - Marketing strategies include collaborations with leading medical institutions and participation in academic summits and international expos to enhance brand recognition [9].
锦波生物（832982）：2025 年中报点评：收入稳健增长，多管线同步推进