Investment Rating - The report maintains a "Buy" rating for Jinbo Bio, indicating a strong investment opportunity in the collagen sector with expected revenue growth and profitability improvements [4][10]. Core Insights - Jinbo Bio achieved significant revenue growth in 2023, with total revenue reaching 680 million yuan, a year-on-year increase of 122.7%. The gross margin was reported at 93.18%, up by 4.89 percentage points, primarily driven by the sales of collagen injection products and medical dressings [2][18]. - The company has established a strategic partnership with L'Oréal, enhancing its position in the international supply chain for collagen raw materials, which is expected to further boost its market influence [2][4]. - Future revenue projections for Jinbo Bio are optimistic, with expected revenues of 1.178 billion yuan in 2024, 1.626 billion yuan in 2025, and 2.067 billion yuan in 2026, reflecting growth rates of 61%, 40%, and 29% respectively [4][12]. Financial Performance Summary - In 2023, Jinbo Bio's net profit reached 300 million yuan, a year-on-year increase of 174.6%, with a net profit margin of 38.42% [18]. - The company reported a strong performance in Q4 2023, with revenue of 263 million yuan, up 89.68% year-on-year, and a net profit of 108 million yuan, reflecting a robust growth trajectory [18]. - The gross margin for Q4 2023 was 90.54%, indicating sustained high profitability levels [18]. Research and Development - Jinbo Bio has significantly increased its R&D investment, with R&D expenses rising by 87.12% year-on-year. The company is focusing on systemic innovation in functional proteins and has made progress in clinical trials for various collagen products [11][12]. - The company is actively pursuing multiple R&D projects, including new collagen materials and broad-spectrum antiviral drugs, with some projects already entering clinical stages [11][12].
23年业绩高增长，研发布局巩固功能蛋白龙头地位