Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6]. Core Viewpoints - The company has received its third Class III medical device registration certificate for "Injectable Recombinant Type III Humanized Collagen Gel," solidifying its monopoly in the recombinant collagen aesthetic medicine industry in China [2][3]. - The new product is the first of its kind internationally to utilize self-assembly and self-crosslinking technology, expanding the application of recombinant collagen in aesthetic medicine, particularly in filling and supporting roles [3]. - The company is expected to see significant revenue growth, with projected revenues of 1.446 billion RMB in 2024, reflecting an 85.35% growth rate compared to the previous year [4]. Financial Projections - The company forecasts net profits of 734 million RMB in 2024, with a compound annual growth rate (CAGR) of 144.67% from 2023 to 2024 [4]. - Earnings per share (EPS) are projected to increase from 4.40 RMB in 2023 to 8.29 RMB in 2024, with corresponding price-to-earnings (P/E) ratios of 42 and 28 for 2024 and 2025, respectively [4][10]. - The company’s gross margin is expected to improve from 90.2% in 2023 to 92.6% in 2024, indicating strong profitability [12]. Market Position - The company holds all three Class III medical device certificates for recombinant collagen in China, reinforcing its leading position in the domestic and global recombinant collagen market [2][3]. - The report highlights the rapid growth of the collagen market, with a notable increase in sales of animal-derived collagen in mainland China, suggesting a favorable market environment for the company's new products [4].

Core Viewpoint - Jinbo Biological has emerged as a significant player in the Shanxi capital market, being the highest-priced and highest-valued stock on the Beijing Stock Exchange, symbolizing the province's industrial transformation [1] Group 1: Company Overview - Jinbo Biological specializes in various terminal medical devices and functional skincare products, with A-type recombinant humanized collagen as its core material [2] - The company’s recombinant type III humanized collagen freeze-dried fibers received approval from the National Medical Products Administration in June 2021, marking it as the first medical device in China made from this innovative biomaterial [2] Group 2: Financial Performance - In the 2024 performance report, Jinbo Biological achieved a revenue of 1.447 billion yuan, representing a year-on-year growth of 85.40%, and a net profit of 733 million yuan, up 144.65% year-on-year [3] - Over four years, the company's revenue has increased more than fivefold, while net profit has nearly increased twelvefold compared to 2021 [3] Group 3: Strategic Focus - The company aims to focus on scientific innovation rather than competing in saturated markets, emphasizing the creation of new products and applications [3] - Jinbo Biological is committed to enhancing its brand presence both domestically and internationally, with plans to strengthen brand development in the coming year [7][8] Group 4: Talent Development - The company employs a "mentorship" approach for internal talent development, sending employees to prestigious research institutions for training [6] - Jinbo Biological is building a collaborative framework with academic and research institutions to continuously infuse new talent into the company [6] Group 5: Industry Context - Shanxi is undergoing a high-quality transformation, actively promoting emerging industries such as biomedicine, which supports the rapid rise of Jinbo Biological and the humanized collagen industry [4] - The biomedicine sector's reliance on high-end talent presents challenges for Jinbo Biological in attracting intellectual resources in Shanxi compared to larger cities [5]

山西锦波生物医药股份有限公司（以下简称"公司"）于近日获得一项 由国家药品监督管理局颁发的第三类医疗器械注册证。 二、医疗器械注册证主要内容 产品名称：注射用重组Ⅲ型人源化胶原蛋白凝胶 证券代码：832982 证券简称：锦波生物 公告编号：2025-006 山西锦波生物医药股份有限公司 关于获得第三类医疗器械注册证的公告 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、基本情况 骨膜上层。该产品注射后可对细胞、组织起支撑作用。 山西锦波生物医药股份有限公司 注册证编号：国械注准20253130751 注册人名称：山西锦波生物医药股份有限公司 注册人住所：山西综改示范区太原唐槐园区锦波街18号、山西省太原市 小店区化章街88号 适用范围：产品适用于注射到中面部皮下至骨膜上层，以矫正中面部容 量缺失和/或中面部轮廓缺陷。 批准日期：2025年4月9日 三、对公司的影响 上述产品是国际首个通过自组装、自交联技术，利用合成生物法生产的 "注射用重组Ⅲ型人源化胶原蛋白凝胶"产品。该产品成分单一，不含交联 剂或 ...

Investment Rating - The investment rating for the company is "Outperform" [7] Core Insights - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year growth of 85.4%, and a net profit of 733 million yuan, which is a 144.65% increase compared to the previous year [3] - The company has made significant advancements in the research and application of recombinant human collagen, particularly in the development of a new IV type collagen for skincare products, which has set a new benchmark in the market [4] - The company has successfully gained FDA certification for multiple products, enhancing its brand recognition and market presence internationally [5] Financial Summary - Revenue projections for 2024-2026 are 1,446 million, 1,851 million, and 2,186 million yuan respectively, with corresponding net profits of 733 million, 927 million, and 1,125 million yuan [6] - The gross margin is expected to be 95.4% in 2024, with a net margin of 50.7% [6] - The earnings per share (EPS) are projected to be 8.29, 10.47, and 12.71 yuan for 2024, 2025, and 2026 respectively, with a current price-to-earnings (P/E) ratio of 31.7 for 2024 [6][8]

Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Insights - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year growth of 85.4%, and a net profit of 733 million yuan, which is a 144.65% increase compared to the previous year [3] - The company has made significant advancements in the research and application of recombinant human collagen, particularly in the development of a new IV type collagen for skincare products, setting a new benchmark in the market [4] - The company has successfully expanded its international market presence, with over 2 million clinical injections of its products and multiple FDA certifications for its brands, enhancing its global competitiveness [5] Financial Summary - Revenue projections for 2024-2026 are set at 1.446 billion, 1.851 billion, and 2.186 billion yuan respectively, with corresponding net profits of 733 million, 927 million, and 1.125 billion yuan [6] - The gross margin is expected to remain high, with estimates of 95.4% in 2024, 94.1% in 2025, and 94.8% in 2026 [6] - The earnings per share (EPS) are projected to be 8.29 yuan in 2024, 10.47 yuan in 2025, and 12.71 yuan in 2026, with the current price-to-earnings (P/E) ratios at 31.7, 25.1, and 20.7 respectively [6][8]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 339.60, up from the previous forecast of 318.90 [2][14]. Core Insights - The company is expected to achieve a net profit growth of 145% year-on-year in 2024, driven by the strong momentum of its flagship product, Wei Yi Mei. The launch of the new ColNet collagen product in Q1 2025 is anticipated to further enhance growth prospects [3][14]. - The report highlights the company's robust revenue growth, with projected revenues increasing from 780 million in 2023 to 1.447 billion in 2024, representing an 85.4% increase [5][15]. - The company has a strong market position in the medical aesthetics sector, with its core product, Wei Yi Mei, expected to generate significant sales, reaching approximately 1 billion in 2025 [14]. Financial Summary - Revenue is projected to grow from 390 million in 2022 to 2.415 billion by 2026, with a compound annual growth rate (CAGR) of 23.9% [5][15]. - Net profit attributable to the parent company is expected to rise from 109 million in 2022 to 1.265 billion in 2026, reflecting a CAGR of 26.3% [5][15]. - The company's earnings per share (EPS) is forecasted to increase from 1.23 in 2022 to 14.29 in 2026 [5][15]. Market Data - The company's current market capitalization is approximately 24.341 billion, with a current share price of 275.00 [6]. - The stock has shown a 52-week price range of 143.39 to 275.00 [6]. - The company has a net asset return rate of 31.4% in 2023, projected to reach 45.9% in 2024 [5][15]. Product Development - The company plans to launch the Wei Yi Mei ColNet collagen product in February 2025, which is expected to complement its existing product line and enhance market competitiveness [14]. - The report indicates a rich pipeline of new products, including various types of collagen products that are anticipated to receive regulatory approval in 2025 [14].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated significant revenue growth, achieving an operating income of 1.447 billion yuan in 2024, a year-on-year increase of 85.40%, and a net profit attributable to shareholders of 733 million yuan, up 144.65% [6][8] - The company continues to expand its product pipeline and market presence, launching innovative products such as the world's first eye area anti-aging regeneration material based on "self-assembly root technology" [6][8] - The company is actively pursuing international market opportunities, having secured patent authorizations in countries like the USA, South Korea, Japan, and Brazil, which enhances its global competitiveness [7][8] Financial Performance Summary - The company's main revenue is projected to grow from 3.90 billion yuan in 2022 to 24.05 billion yuan in 2026, with corresponding net profits increasing from 1.09 billion yuan to 12.04 billion yuan over the same period [4][8] - Earnings per share (EPS) are expected to rise from 1.23 yuan in 2022 to 13.60 yuan in 2026, reflecting strong growth potential [4][8] - The price-to-earnings (P/E) ratio is forecasted to decrease from 184.86 in 2022 to 16.77 in 2026, indicating improving valuation metrics as the company scales [4][8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 85.40% and a net profit increase of 144.65% for the 2024 fiscal year [6] - The core product, Wei Yi Mei® recombinant type III humanized collagen dry fiber, has achieved over 2 million clinical injections since its launch in June 2021, demonstrating strong market validation [6] - The company is expanding its product pipeline and has launched the world's first eye anti-aging regeneration material based on "self-assembly root technology" [6] - The company is actively pursuing overseas market expansion and has secured patents in multiple countries, enhancing its global competitiveness [7] Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 14.44 billion, 19.03 billion, and 24.05 billion yuan, respectively, with year-on-year growth rates of 85.07%, 31.76%, and 26.42% [8] - Net profit projections for the same years are 7.29 billion, 9.44 billion, and 12.04 billion yuan, with growth rates of 143.14%, 29.54%, and 27.49% [8] - Earnings per share (EPS) are projected to be 8.24 yuan, 10.67 yuan, and 13.60 yuan for 2024, 2025, and 2026, respectively [8] Market Position - The company is positioned as a leader in the domestic recombinant collagen market, with a unique product offering and first-mover advantage [8] - The report highlights the company's ongoing efforts to diversify its collagen technology applications across various medical and aesthetic fields [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Insights - The company is expected to achieve a revenue of 1.447 billion yuan in 2024, representing a year-on-year growth of 85% [2] - The net profit attributable to shareholders is projected to reach 733 million yuan in 2024, with a year-on-year increase of 145% [2] - The company has successfully expanded its product matrix, launching new anti-aging brands and products, which are anticipated to drive future growth [5] - The company has obtained overseas certification for its medical devices, marking a significant step in its global expansion strategy [5] Financial Performance Summary - Revenue for 2022 was 390 million yuan, with a growth rate of 67% year-on-year [2] - Revenue for 2023 is expected to be 780 million yuan, with a growth rate of 100% year-on-year [2] - The projected revenue for 2025 is 2.047 billion yuan, with a growth rate of 41% year-on-year [2] - The net profit for 2022 was 109 million yuan, with a growth rate of 90% year-on-year [2] - The projected net profit for 2025 is 1.082 billion yuan, with a growth rate of 48% year-on-year [2] - The earnings per share (EPS) for 2024 is expected to be 10.77 yuan, with a significant increase from 4.40 yuan in 2023 [2] Market Position and Strategy - The company is actively participating in industry forums and exhibitions to enhance its B2B presence and expand its customer base [5] - The company has covered approximately 3,000 medical institutions by the end of the first half of 2024 [5] - The company is increasing its media exposure to boost product awareness among consumers [5]

证券代码：832982 证券简称：锦波生物 公告编号：2025-005 山西锦波生物医药股份有限公司 第四届董事会第七次会议决议公告 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 2 月 24 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。 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 （一）会议召开情况 1.会议召开时间：2025 年 2 月 26 日 2.会议召开地点：公司四楼会议室 （二）会议出席情况 二、议案审议情况 4.提交股东大会表决情况： 会议应出席董事 9 人，出席和授权出席董事 9 人。 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。 （一）审议通过《关于制定<山西锦波生物 ...