Core Viewpoint - The recent stock issuance by Jinbo Biological, controlled by Zhong Shanshan, aims to raise up to 2 billion RMB to support its growth and development in the collagen market, while also indicating a strategic partnership with Yangshengtang [1][2][7]. Group 1: Company Actions and Financials - Jinbo Biological plans to issue no more than 717,566 shares, representing 6.24% of its total shares before the issuance, to raise funds for a humanized collagen protein database and working capital [1][2]. - The total investment for the projects is 200 million RMB, with 57.5% allocated to the collagen protein project and 42.5% for working capital [2]. - Jinbo Biological's stock price has surged since its listing, with a maximum increase of over 800% from its issue price, reaching a peak of 452.29 RMB [3][9]. Group 2: Market Performance and Growth - Jinbo Biological has shown impressive financial growth, with revenue increasing from 233 million RMB in 2021 to 1.443 billion RMB in 2024, and net profit rising from 57.39 million RMB to 732 million RMB in the same period [9]. - The gross margin improved from 82.29% to 92.02%, and net margin increased from 24.38% to 50.68% [9]. - The Chinese collagen market reached 28.7 billion RMB in 2021, growing at 40.7%, with a significant increase in the penetration of recombinant collagen [9]. Group 3: Strategic Partnerships and Future Outlook - Yangshengtang, controlled by Zhong Shanshan, is entering into a strategic partnership with Jinbo Biological, which is expected to enhance business synergies and accelerate the implementation of their strategic goals [7][8]. - The collaboration aims to leverage technological integration and market channel empowerment, potentially leading to significant advancements in product development [7][8]. - Jinbo Biological's need for strategic investors is highlighted by its relatively small size and the increasing competition in the medical aesthetics industry [10][13].

Core Viewpoint - Citi's research report indicates that JD Logistics' recruitment of full-time delivery riders may create synergies with its last-mile delivery business due to differing peak hours for both services, potentially driving long-term revenue growth for JD Logistics [1] Group 1: Business Strategy - The recruitment of full-time riders is seen as a strategic move that could enhance operational efficiency by prioritizing traffic allocation to JD Logistics' self-operated platform riders [1] - The initiative is expected to leverage the different peak times of delivery and logistics operations, optimizing resource utilization [1] Group 2: Financial Outlook - Despite the potential for long-term revenue growth, the high cost of riders and limited monetization ability in the food delivery segment may introduce short-term uncertainties regarding net profit [1] - The impact on projected earnings for 2025 is expected to be manageable, with Citi maintaining a buy rating and a target price of HKD 18, which corresponds to a projected price-to-earnings ratio of 12 times for 2025 [1]

证券研究报告·公司深度研究·摩托车及其他 隆鑫通用（603766） 无极品牌加速成长，聚焦主业再度出发 2025 年 06 月 08 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,066 | 16,822 | 20,877 | 24,021 | 26,423 | | 同比（%） | 5.29 | 28.74 | 24.11 | 15.06 | 10.00 | | 归母净利润（百万元） | 583.42 | 1,121.27 | 1,871.23 | 2,287.56 | 2,567.59 | | 同比（%） | 10.65 | 92.19 | 66.88 | 22.25 | 12.24 | | EPS-最新摊薄（元/股） | 0.28 | 0.55 | 0.91 | 1.11 | 1.25 | | P/E（现价&最新摊薄） | 50.05 | 26.04 | 15.61 | 12.77 | 11.37 ...