Investment Rating - The report assigns a "Buy" rating for Jinbo Biological (832982.BJ), maintaining the previous rating of "Buy" [10]. Core Insights - Jinbo Biological achieved a revenue of 780 million yuan in 2023, representing a year-on-year growth of 99.96%. The net profit attributable to the parent company was 300 million yuan, up 174.6% year-on-year [10]. - The company’s gross profit margin improved to 90.16%, an increase of 4.72 percentage points year-on-year, primarily driven by the higher revenue share from high-margin products [10]. - The report highlights the strong performance of the medical device segment, which generated 680 million yuan in revenue, a year-on-year increase of 122.66% [10]. - The report anticipates continued growth in the company's product lines, particularly the Wei Yi Mei series, and expects new products to contribute positively to sales in 2024 [11]. Financial Summary - In 2023, Jinbo Biological's revenue reached 780 million yuan, with a net profit of 300 million yuan, reflecting a growth rate of 99.96% and 174.6% respectively [10]. - The company’s gross profit margin for 2023 was 90.16%, with a net profit margin of 38.42%, an increase of 10.44 percentage points year-on-year [10]. - The report projects net profits for 2024, 2025, and 2026 to be 470 million yuan, 685 million yuan, and 875 million yuan respectively, indicating a strong growth trajectory [11].
2023年年报点评：归母净利同比增长174.6%，盈利能力显著提升