Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.296 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 31.10%. The net profit attributable to shareholders was 568 million yuan, up 9.29% year-on-year [4][8] - The sales strategy for functional skincare products includes a focus on proprietary brands and targeted development of raw materials for major clients [8] - The company has successfully registered a new injectable-grade recombinant human collagen material, marking a significant breakthrough in high-end biomedical materials in China [8] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 437 million yuan, with a year-on-year increase of 13.36% but a quarter-on-quarter decrease of 11.22%. The net profit for Q3 was 176 million yuan, down 16.24% year-on-year and 21.17% quarter-on-quarter [4] - The gross margin for the first three quarters of 2025 was 90.80%, a decrease of 1.57 percentage points year-on-year, while the net margin was 43.58%, down 9.02 percentage points year-on-year [8] - The company’s revenue projections for 2025-2027 are 2.041 billion yuan, 2.803 billion yuan, and 3.695 billion yuan, respectively, with year-on-year growth rates of 41.4%, 37.4%, and 31.8% [8][10] Valuation and Investment Recommendations - The current market valuation corresponds to a P/E ratio of 28.9 for 2025, 20.8 for 2026, and 15.5 for 2027 [8][10] - The company is positioned as a leader in the recombinant collagen market and is continuously expanding into new application areas [8]
锦波生物（920982）：2025年三季报点评：推广费用增加，三季度业绩承压