Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year increase of 85.40%, and a net profit attributable to shareholders of 733 million yuan, up 144.65% year-on-year [1] - The company continues to expand its product pipeline in the medical beauty sector, launching the world's first eye area anti-aging regeneration material based on "self-assembling root technology" [2] - The company is actively expanding its international market presence, enhancing brand recognition and competitiveness through participation in international exhibitions and strategic partnerships [3] - Revenue projections for 2024-2026 are 1.445 billion, 1.918 billion, and 2.381 billion yuan, with corresponding net profits of 737 million, 1.007 billion, and 1.284 billion yuan, indicating strong growth potential [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 458 million yuan, a year-on-year increase of 74.07%, and a net profit of 214 million yuan, up 98.58% year-on-year [1] - The company forecasts a revenue growth rate of 85.2% for 2024, followed by 32.7% in 2025 and 24.2% in 2026 [5] - The net profit growth rates are projected at 145.7% for 2024, 36.8% for 2025, and 27.5% for 2026 [5] Product Development - The company has enriched its product line with new specifications for its recombinant type III humanized collagen protein freeze-dried fiber products, enhancing its market offerings [2] - The safety and effectiveness of the company's products have been validated by over 2 million clinical injections since the launch of its flagship product in June 2021 [2] Market Expansion - The company has successfully obtained patent authorizations in the US, South Korea, Japan, and Brazil for its recombinant type III humanized collagen protein raw materials, indicating strong international recognition [3] - The company has received a D-class medical device registration certificate in Vietnam, further solidifying its international market position [3]

Financial Performance - The company achieved operating revenue of ¥1,446,581,643.36, an increase of 85.40% compared to the same period last year[4] - The total profit reached ¥859,489,481.62, reflecting a growth of 144.93% year-over-year[4] - Net profit attributable to shareholders was ¥733,461,178.85, up 144.65% from the previous year[4] - The basic earnings per share increased to ¥8.29, representing a growth of 132.21% year-over-year[4] Assets and Equity - Total assets at the end of the reporting period were ¥2,064,166,266.85, a 43.89% increase from the beginning of the period[4] - Shareholders' equity attributable to the company increased to ¥1,537,467,511.57, up 61.22% from the start of the period[4] Business Development - The company actively developed new products and strengthened brand building, contributing to sustainable revenue growth[5] - The increase in revenue was primarily driven by significant growth in sales of medical devices and functional skincare products[6] - The company experienced improved profit margins due to steady revenue growth and scale effects[6] Financial Data Disclaimer - Investors are advised to note that the financial data presented is preliminary and unaudited, which may differ from the final report[8]

证券研究报告 美容护理 报告日期：2025 年 02 月 20 日 专注重组胶原蛋白领域，构建起全方位产业链 ——锦波生物（832982.BJ）公司深度研究报告 华龙证券研究所 投资评级：买入（维持） 最近一年走势 | 当前价格（元） | 229.30 | | --- | --- | | 周价格区间（元） 52 | 142.60-293.62 | | 总市值（百万元） | 20,295.76 | | 流通市值（百万元） | 10,522.82 | | 总股本（万股） | 8,851.18 | | 流通股（万股） | 4,589.11 | | 近一月换手（%） | 16.83 | 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 《盈利能力与研发能力表现优异，推动 公 司 持 续 健 康 发 展 — 锦 波 生 物 2024.08.26 摘要： 医药行业新秀，多年深耕功能蛋白研发。成立十六年来，公司致 力研究重组人源胶原蛋白与抗 HPV 生物蛋白产品研究领域，获 取重组Ⅰ型人源化胶原蛋白冻干纤维、重组 XVII 型人源化胶原 蛋白修复冻干粉等数个相关医疗器械注册证。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company focuses on the research and development of recombinant collagen proteins and has established a comprehensive industrial chain [4][14] - The company has shown robust revenue growth, with a CAGR of 37.85% from 2019 to Q3 2024, and a net profit CAGR of 53.04% during the same period [4][24] - The company has a strong research capability and has developed a variety of functional protein biomaterials, enhancing its core competitiveness [4][22] Summary by Sections Company Overview - The company, established in 2008, specializes in functional protein research, particularly recombinant collagen and anti-HPV biological products [14][22] - It has a concentrated shareholding structure, with the chairman holding 58.89% of the shares, which promotes management efficiency [16][20] Industry Overview - The recombinant collagen market is rapidly growing, with a projected CAGR of 48.57% for raw materials and 50.27% for products from 2018 to 2023 [47] - The company’s products are widely used in medical aesthetics, gynecology, urology, and dermatology, indicating a broad application scope [42][44] Competitive Advantages - The company has a strong R&D capability and a complete industrial chain from raw materials to end products, which includes medical devices and functional skincare products [4][22] - The company has established its own brands in the functional skincare market, enhancing its market presence [22] Financial Forecast and Valuation - The company expects a net profit of 719 million to 737 million yuan for 2024, representing a year-on-year growth of 139.83% to 145.83% [4][5] - Revenue projections for 2024-2026 are 1.52 billion, 2.13 billion, and 2.66 billion yuan, respectively [5][10] Product Segmentation - The company’s main products include medical devices, functional skincare products, and raw materials, with medical devices being the largest revenue contributor [22][26] - The revenue from recombinant collagen products has significantly increased, with medical devices accounting for 89.95% of total revenue in 2023 [26][32]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [1]. Core Insights - The company has launched a new product, "Wei Yimei® 164.88° ColNet collagen net," which targets multiple layers of skin for anti-aging treatments, showcasing its competitive advantage in the high-difficulty eye area [7]. - The product lineup of Wei Yimei® covers a range of anti-aging needs, from basic to advanced levels, enhancing the company's market position [7]. - The company is upgrading its operational strategy to strengthen its market position and enhance customer retention through refined operations and strategic partnerships [7]. - The financial outlook is strong, with projected revenue growth from 780 million in 2023 to 3,195 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 34.3% [5][9]. - The net profit is expected to grow from 300 million in 2023 to 1,326 million by 2026, indicating a robust growth trajectory [5][9]. Financial Data and Profit Forecast - Total revenue is projected to reach 1,571 million in 2024, with a year-on-year growth rate of 101.4% [5]. - The net profit forecast for 2024 is 725 million, with a significant year-on-year increase of 141.7% [5]. - The company maintains a high gross margin of around 90%, indicating strong profitability [5]. - Return on equity (ROE) is expected to remain high, with projections of 48.7% in 2024 and gradually decreasing to 40.2% by 2026 [5]. Product and Market Strategy - The new ColNet collagen net product is positioned for various medical applications, including cardiovascular repair and tissue regeneration, indicating potential for expansion into new markets [7]. - The company is focusing on enhancing its brand presence in private care, scalp care, and functional skincare, with ongoing product development and market promotion [7]. - The operational strategy includes leveraging shared resources and innovative empowerment to enhance both B2B and B2C interactions, thereby increasing market penetration [7].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company is expected to achieve a significant increase in net profit for 2024, with projections ranging from 719 million to 737 million yuan, representing a year-on-year growth of 139.83% to 145.83% [2] - The substantial profit increase is attributed to the company's continuous research and development of innovative recombinant human collagen materials, focusing on structural materials and major infectious diseases [2] - The earnings forecast for 2024-2026 has been revised upwards, with expected net profits of 729 million, 927 million, and 1,125 million yuan respectively, leading to corresponding EPS of 8.23, 10.47, and 12.71 yuan per share [2] Financial Summary - The company reported a total revenue of 390 million yuan in 2022, which is expected to grow to 1,488 million yuan in 2024, reflecting a year-on-year growth of 90.7% [5] - The gross margin is projected to improve from 85.4% in 2022 to 93.5% in 2024, while the net margin is expected to rise from 28.0% to 49.0% during the same period [5] - The return on equity (ROE) is forecasted to reach 45.2% in 2024, up from 24.7% in 2022 [5] Patent and Innovation - The company has been granted a total of 106 patents, including 73 invention patents, which enhances its competitive edge in the market [3] - The recombinant human collagen type A has shown excellent tissue repair capabilities and is being applied in various high-end medical device fields [3] International Expansion - The company is actively exploring international markets and has successfully registered medical devices in Vietnam and participated in major international exhibitions [4] - Several forums have been organized to enhance collaboration and innovation in the field of recombinant human collagen [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [1]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 7.28 billion yuan in 2024, reflecting a year-on-year growth of 142.8% [7]. - The medical beauty business is the primary revenue source, with new product specifications and applications expected to drive growth in 2025 [7]. - The company is strategically expanding into private care and scalp care markets, leveraging its brand and product development to establish a competitive advantage [7]. - The functional skincare segment is supported by innovative raw material sourcing and a dual-brand strategy, enhancing market positioning [7]. - The raw material business is focusing on international markets, with several patents and certifications obtained to facilitate global expansion [7]. - The company is projected to maintain strong growth, with net profits expected to reach 10.06 billion yuan and 13.26 billion yuan in 2025 and 2026, respectively [7]. Financial Data and Profit Forecast - Total revenue is forecasted to grow from 780 million yuan in 2023 to 2,379 million yuan in 2025, representing a compound annual growth rate [5]. - The net profit attributable to shareholders is expected to increase from 300 million yuan in 2023 to 1,006 million yuan in 2025, showcasing robust profitability growth [5]. - The company's gross margin is projected to remain high, around 90%, indicating strong operational efficiency [5].

Financial Forecast - The company forecasts a net profit of approximately CNY 71.9 million to CNY 73.7 million for the year 2024, representing an increase of 139.83% to 145.83% compared to the previous year's net profit of CNY 29.98 million[5]. - The performance forecast is based on preliminary calculations and has not yet been audited by an accounting firm, highlighting the need for investors to exercise caution[2][8]. Innovation and Research Commitment - The company emphasizes its commitment to original innovation and continuous research in structural materials and major infectious diseases, leading to sustainable revenue growth[6][7].

证券代码：832982 证券简称：锦波生物 公告编号：2025-002 山西锦波生物医药股份有限公司 第四届董事会第六次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 （一）会议召开情况 1.会议召开时间：2025 年 1 月 23 日 2.会议召开地点：公司二楼会议室 3.会议召开方式：现场加通讯 4.发出董事会会议通知的时间和方式：2025 年 1 月 20 日以邮件方式发出 5.会议主持人：董事长杨霞女士 6.会议列席人员：汤莉、何振瑞、于玉凤、薛芳琴、兰小宾 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、审议过程符合《中华人民共和国公司法》等有关 法律、行政法规、部门规章、规范性文件及《公司章程》的规定。 董事金雪坤、王玲玲、张金鑫、阎丽明、梁桐栋因出差及外地办公以通讯方 式参与表决。 二、议案审议情况 （一）审议通过《关于制定<山西锦波生物医药股份有限公司舆情管理制度 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-003 山西锦波生物医药股份有限公司 舆情管理制度 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 审议及表决情况 山西锦波生物医药股份有限公司于 2025 年 1 月 23 日在召开第四届董事 会第六次会议，会议审议通过《关于制定<山西锦波生物医药股份有限公司舆 情管理制度>的议案》，议案表决结果：同意 9 票；反对 0 票；弃权 0 票。 二、 制度的主要内容，分章节列示： 山西锦波生物医药股份有限公司 舆情管理制度 第一章 总则 第四条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同联 动、积极应对。 第五条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作组"）， 由公司董事长任组长，董事会秘书任副组长，成员包括公司其他高级管理人员、 相关职能部门负责人及子公司负责人组成。 第六条 舆情工作组是公司应对各类舆情处理工作的领导机构，统一领导 公司应对舆情的处理工作，就相关工作做出决策和部署，根据需要研究决定公 司对外 ...