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锦波生物(832982):薇旖美?四周年拥抱新渠道,驱动新增长

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company celebrates the fourth anniversary of its brand, Wei Yi Mei®, with over 2.7 million clinical applications and coverage of more than 4,000 medical institutions [6] - The launch of the new product combination, Wei Yi Mei® ColPlus, aims to enhance customer engagement and expand the sales channel through collaboration with Meituan [6] - The ColPlus product is designed for anti-aging targeting users aged 30 and above, offering a more precise solution for skin issues compared to previous products [6] - The online platform is becoming a significant channel for medical beauty consumption, with Meituan's data-driven marketing expected to improve user conversion rates [6] - The company is positioned to lead the collagen market by adapting to channel changes and expanding its online presence [6] - The financial forecast estimates the company's net profit to be 1.042 billion, 1.474 billion, and 1.867 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 34, 24, and 19 [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,443 million yuan in 2024 to 3,943 million yuan in 2027, with a compound annual growth rate of 22.7% [5] - The net profit is expected to increase significantly, with a growth rate of 144.3% in 2024 and 42.3% in 2025 [5] - The gross margin is forecasted to remain high, around 89.8% in 2025, indicating strong profitability [5]