锦波生物 20250910 摘要 重组胶原蛋白市场份额快速增长，2023 年预计超过动物源，至 2027 年有望达到 62.3%，复制透明质酸发展路径，预示着千亿级市场潜力。 中国重组胶原蛋白零售市场规模预计将从 2023 年的 286 亿元增长至 2027 年的 1,100 亿元以上，复合增速超过 40%，显示出该市场的高速 增长态势。 中国医美注射剂市场规模持续扩大，预计 2027 年将达到 1,470 亿元， 其中重组医美注射剂占比不断提升，2023 年已达 6.4%，增长潜力巨大。 功效护肤品市场同样呈现高速增长，预计 2027 年将达到 790 亿元，重 组胶原蛋白在注射剂、敷料及功效护肤品领域的渗透率将持续提升。 锦波生物是国内唯一拥有重组三类医疗器械证书的公司，已获批冻干纤 维、溶液及凝胶三款产品，并拓展境外业务，形成核心竞争壁垒。 锦波生物 2023 年上半年营收约 8.6 亿，同比增长超 40%，毛利率稳定 在 80%以上，医疗器械和功能性护肤品业务均实现显著增长。 锦波生物与养生堂达成战略合作，有望加快研发速度并拓宽产品类型， 实现消费品快速布局，同时公司管理层调整预示双方合作即将实质开展 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 859 million yuan for H1 2025, representing a year-on-year growth of 42.4%, and a net profit of 392 million yuan, up 26.6% year-on-year [7] - The company is focusing on expanding its product matrix, particularly in the medical device sector, and has launched new products aimed at high-end consumers [7] - The report anticipates a sales acceleration starting in Q3 2025, driven by strong demand in the skincare segment and the introduction of new products [7] Financial Data and Profit Forecast - Total revenue projections for 2025, 2026, and 2027 are 2,339 million yuan, 3,213 million yuan, and 3,943 million yuan respectively, with year-on-year growth rates of 62.1%, 37.4%, and 22.7% [6] - The forecasted net profit for the same years is 1,042 million yuan, 1,474 million yuan, and 1,867 million yuan, with corresponding growth rates of 42.3%, 41.5%, and 26.6% [6] - The company’s gross margin is projected to be 89.8% in 2025, slightly decreasing over the following years [6] Business Segmentation - The revenue breakdown for H1 2025 shows that single medical devices accounted for 75.1% of total revenue, followed by functional skincare products at 14.1% [7] - The company has introduced new products such as the HiveCOL gel, which targets the medical aesthetics market, and has seen significant growth in its functional skincare segment [7] Market Expansion - The company is actively expanding into overseas markets, with successful registrations for its products in Thailand and market access in the US and Saudi Arabia for its high-end skincare brand [7]