晨会纪要 核心结论 分析师 【策略】资产的信号（20260121）：中国经济 2026 会更好吗? 大类资产继续坚定看好 AH 股/国债等人民币资产，其中 A 股在"春季躁动" 之后仍会"有新高"，行业配置建议继续【有/新/高】组合（【有】色金属/【新】 消费/【高】端制造）。港股可趁低位布局，由于化债势在必行，国债存在修 复空间。贵金属和工业金属仍受益于大宗商品超级周期，美股&美债或维持 震荡。 【非银金融】瑞达期货（002961.SZ）更新点评：拟收购申港证券 11.94% 股权，强化证券期货协同 补足券商牌照，强化财富管理协同。公司已于 26 年 1 月完成转债转股，资 本实力进一步夯实。我们看好在期货行业稳中向好的态势下，公司依托自身 较强创新能力带来的业绩与份额的提升。预计 2025 年归母净利润同比 +30.1%至 4.98 亿元，维持"买入"评级。 | 周颖 S0800520080003 | | --- | zhouying@research.xbmail.com.cn 国内市场主要指数 | 指数名称 | 收盘 | 涨跌(%) | | --- | --- | --- | | 上证指数 | 4,1 ...

机构：西部证券 研究员：吴岑/于佳琦 事件：2026 年1 月15 日公司收到中国国家药品监督局颁发的关于"重组I型α1 亚型胶原蛋白及透明质酸 钠复合溶液"产品的第Ⅲ类医疗器械注册证。 此次最新获批的第二款产品"重组Ⅰ型α1 亚型胶原蛋白及透明质酸钠复合溶液"，是一款直接可注射的 预配溶液，其成分创新性地将等浓度的重组胶原蛋白（4.5mg/mL）与透明质酸钠（4.5mg/mL）结合， 旨在通过真皮层注射改善面颊部平滑度，精准定位于大众化的肤质改善与水光焕肤需求。通过"固体冻 干纤维填充"与"液体复合溶液焕肤"的组合，公司以同一技术基底实现了对注射医美中"去皱"与"肤质改 善"两大主流需求的差异化覆盖。 作为重组胶原蛋白领域平台型龙头，公司"技术-品牌-渠道"的全产业链布局形成了强有力的核心竞争 力：上游自主研发的重组胶原蛋白与合成生物技术平台，为产品筑牢技术与量产根基，两款Ⅲ类医疗器 械的获批更验证了平台的合规性与先进性，为后续产品拓展铺路；中游凭借"可复美+可丽金"双品牌矩 阵及医用敷料积累的医院渠道信任，为医美产品渗透赋能，而Ⅲ类械落地推动品牌从护肤级升级至医疗 级；下游依托线上线下全域渠道网络，助力医 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company has received approval from the National Medical Products Administration of China for its "Recombinant Type I α1 Collagen and Sodium Hyaluronate Composite Solution," marking a significant milestone in its product development [1][2]. - The company has successfully launched two key Class III medical devices, enhancing its competitive edge in the recombinant collagen sector [3]. - The dual product strategy addresses both wrinkle reduction and skin quality improvement, catering to diverse consumer needs in the aesthetic medicine market [2][3]. Financial Projections - Revenue is projected to grow from 3,524 million in 2023 to 7,204 million in 2027, with a peak growth rate of 57.2% in 2024 [4]. - Net profit is expected to increase from 1,452 million in 2023 to 2,630 million in 2027, with a notable growth rate of 44.9% in 2023 [4]. - Earnings per share (EPS) are forecasted to rise from 1.49 in 2023 to 2.46 in 2027, reflecting a strong upward trend in profitability [4]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 21.1 in 2023 to 12.8 in 2027, indicating an improving valuation as earnings grow [4]. - The price-to-book (P/B) ratio is expected to decline from 7.2 in 2023 to 2.7 in 2027, suggesting a more favorable valuation relative to book value over time [4].

Core Insights - The company, Juzhi Biotechnology, has received approval for its recombinant type I α1 collagen protein lyophilized fiber, which is indicated for facial dermal tissue filling to correct dynamic wrinkles such as glabellar lines, forehead lines, and crow's feet [1][2]. Product Development - Juzhi Biotechnology has four recombinant collagen injection products under application, including liquid and solid formulations for facial wrinkles and gels for nasolabial folds and neck wrinkles [1]. - The company’s recombinant collagen gel for neck wrinkles has entered the priority approval channel, which is expected to expedite the approval process for its products [2]. Innovation and Patents - The company has received patent authorization for two innovative products: a recombinant type IV collagen composition for sensitive skin care and a fermented ginseng product aimed at cognitive impairment and memory improvement [2]. Financial Projections - Juzhi Biotechnology is a leader in the recombinant collagen sector in China, with projected net profits of 2.566 billion, 3.214 billion, and 4.046 billion yuan for 2025-2027, reflecting year-on-year growth rates of 24%, 25%, and 26% respectively [3]. - The latest closing price corresponds to a price-to-earnings ratio of 16, 12, and 10 for 2025-2027, maintaining a "buy" rating [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The approval of the first Class III medical device, recombinant type I collagen, opens new growth avenues in the medical aesthetics sector [7] - The company is a leader in the recombinant collagen field in China, with strong brand and product capabilities, supported by a core technology platform and channel expansion [7] - The company has four additional recombinant collagen injection products under application, with the latest approval expected to catalyze growth [7] - Continuous innovation in research and development is expanding the application boundaries of technology, with recent patent grants enhancing the company's product offerings [7] - Financial forecasts indicate a robust growth trajectory, with projected net profits of 2.57 billion, 3.21 billion, and 4.05 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24%, 25%, and 26% [7] Financial Summary - Total revenue is projected to grow from 5.54 billion yuan in 2024 to 11.62 billion yuan in 2027, with year-on-year growth rates of 57.17%, 28.60%, 27.20%, and 28.23% respectively [1][8] - The latest diluted EPS is expected to increase from 1.93 yuan in 2024 to 3.78 yuan in 2027, with corresponding P/E ratios decreasing from 19.47 to 9.92 [1][8] - The company maintains a low debt ratio of 18.58%, indicating strong financial health [6]