Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The approval of a Class D medical device registration in Vietnam marks a significant step for the company in its international expansion, particularly in the aesthetic medicine sector [2] - The company is positioned as a leader in recombinant collagen injection products, with strong clinical results and sales feedback in China, indicating substantial growth potential in overseas markets [2] - The ongoing development of a comprehensive anti-aging treatment plan and strategic partnerships to enhance brand influence are expected to support long-term growth [3] - The company has a robust pipeline of products under development, including recombinant collagen products for gynecological use and facial volumizing gels, which are progressing well through regulatory approval [3] Financial Forecast and Valuation - The company is projected to achieve total revenue of 1,434.02 million in 2024, with a year-on-year growth of 83.79% [1] - The net profit attributable to the parent company is expected to reach 733.50 million in 2024, reflecting a year-on-year increase of 144.67% [1] - The report anticipates a continued strong performance for the company, with net profits projected at 7.3 billion, 10.1 billion, and 13.0 billion for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 28, 20, and 16 [4]

公司报告 | 季报点评 24Q3 归母净利 2.1 亿元，继续环比提升 事件：公司发布 24 年三季报。24 年 Q1-3 营收 9.88 亿，yoy+91.16%；归母 净利 5.20 亿元，yoy+170.42%。24 年 Q3 公司实现营收 3.86 亿，yoy+92.07%， 归母净利 2.10 亿，yoy+153.96%。 产品规格型别矩阵化拓展，研发持续投入：2024 年上半年公司共获得发明 专利授权 13 项，其中取得国际发明专利授权 2 项，完成人体胶原蛋白原子 结构解析 2 项，公司已经完成包括Ⅲ型、Ⅴ型、Ⅶ型、ⅩⅦ型等重组人源 化胶原蛋白主要的基础研究，已在妇科、泌尿科、皮肤科、骨科、外科、 口腔科、心血管科等领域持续开展应用研究。V 型原料已经在自有品牌"同 频"率先使用，登录李佳琦直播间。 投资建议：锦波生物为重组胶原蛋白领军企业，在行业红利延续的背景下， 2024 年为公司商业化进阶重要的一年——C 端加码营销打薇旖美®品牌强 化消费者心智，B 端继续深耕集团大客户，打造标杆，提升复购，公司医 美业务进入正循环阶段；去年下半年以来薇旖美®产品规格型别矩阵化拓 展，薇旖美®至真提颜针创 ...

公司点评报告 · 北交所 核心产品表现优异, 业绩持续高速增长 锦波生物点评报告 2024 年 10月 23 日 核心观点 ● 事件:公司发布 2024年三季报,前三季度公司实现营业收入 9.88 亿元,同 比增长 91.16%;实现归母净利润 5.20 亿元,同比增长 170.42%;实现扣非 归母净利润 5.11亿元,同比增长 198.12%;EPS5.87元,同比增长 156.33%; 前三季整体毛利率 92.37%。 ● 公司业绩持续快速增长:2024Q3单季,公司实现营业收入 3.86亿元,同比 增长 92.07%;实现归母净利润 2.10 亿元,同比增长 153.96%;整体毛利率 毛利率 93.60%。整体来看,公司 Q3 业绩较 Q2 继续保持增长,单季毛利率 水平较上半年有一定提升;前三季公司业绩略超我们此前的预期,整体毛利率 持续维持在较高水平。 ● 医疗器械板块继续亮眼表现,规模效应致费用率逐步下降:公司前三季营 收大幅增长主要系医疗器械收入增长所致,其中 A 型重组人源化胶原蛋白为 核心成分的三类医疗器械植入剂产品功不可没。公司推广的自主品牌"薇旖 美",目前已覆盖终端医疗机构约 30 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has continued to show high growth and profitability, with a strong focus on brand promotion, market education, and product development [6][2] - The company plans to purchase land use rights to enhance its R&D and production capabilities, which is expected to solidify its competitive advantages [6] - The company is projected to achieve significant revenue and profit growth over the next few years, with expected revenues of 14.83 billion, 20.06 billion, and 25.69 billion for 2024, 2025, and 2026 respectively [6] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 988 million (up 91.2% YoY) and net profit attributable to shareholders of 520 million (up 170.4% YoY) [6] - In Q3 2024, the company achieved revenue of 386 million (up 92.1% YoY) and net profit of 210 million (up 154.0% YoY) [6] - The gross margin for Q3 2024 was 93.6% (up 2.35 percentage points YoY), with a net profit margin of 54.57% (up 13.3 percentage points YoY) [6][2] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 14.83 billion, 20.06 billion, and 25.69 billion respectively, with growth rates of 90.0%, 35.3%, and 28.1% [6] - Net profit projections for the same years are 7.57 billion, 10.45 billion, and 13.42 billion, with growth rates of 152.6%, 38.1%, and 28.4% [6] - Earnings per share (EPS) are expected to be 8.56, 11.81, and 15.16 for 2024, 2025, and 2026 respectively [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company, Jinbo Biological, has a rich product matrix that injects new momentum into its development, with a 154% year-on-year increase in net profit attributable to the parent company in Q3 2024 [1][3] - The company achieved a revenue of 988 million yuan in the first three quarters of 2024, representing a year-on-year growth of 91.16%, and a net profit of 520 million yuan, up 170.42% year-on-year, with a net profit margin of 52.60% [3] - The company is recognized as a leader in collagen protein, with its product "Wei Yimei" continuing to see significant growth, leading to an upward revision of profit forecasts for 2024-2026 [3] Financial Performance Summary - Revenue for 2024 is projected to be 1,384 million yuan, with net profit expected to reach 680 million yuan, reflecting a year-on-year growth of 127% [3][7] - The gross margin is expected to be 93.6% in 2024, while the net margin is projected at 49.2% [7] - The earnings per share (EPS) for 2024 is estimated at 7.69 yuan, with corresponding price-to-earnings (P/E) ratios of 30.1, 22.2, and 18.2 for 2024, 2025, and 2026 respectively [3][7] Product Development and Market Strategy - Jinbo Biological has expanded its product offerings, launching new collagen-based skincare products, including a triple collagen cream and an eye cream with advanced ingredients [4] - The company has increased its sales expenses by 55.51% year-on-year, reflecting its commitment to expanding its sales team and enhancing brand promotion efforts [4] - A key laboratory for functional proteins has been approved for construction, which will facilitate collaborative research and development efforts [5] Research and Development Initiatives - The company is actively engaged in multiple research projects, including studies on collagen proteins for various medical applications, indicating a strong focus on innovation and product development [5]

美容护理 | 证券研究报告 — 调整盈利预测 2024 年 10 月 23 日 832982.BJ 买入 原评级：买入 市场价格:人民币 246.80 板块评级:强于大市 股价表现 (8%) 10% 29% 47% 66% 84% Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 锦波生物 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (6.9) 50.5 47.7 37.0 相对上证综指 (17.2) 31.1 38.1 27.5 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | | | | | 发行股数 ( 百万 ) | | 88.51 | | 流通股 ( 百万 ) | | 45.89 | | 总市值 ( 人民币 百万 ) | | 21,844.71 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 80.29 | | 主要股东 | | | | 杨霞 | ...

[Table_TargetPrice] [Table_Main] 公司研究|医疗保健|制药、生物科技与生命科学 证券研究报告 锦波生物(832982)公司点评报告 2024 年 10 月 22 日 [Table_Title]业绩表现亮眼，产业应用多点开花 ——锦波生物(832982)2024 年三季报点评 [Table_Summary] 事件： 公司发布 2024 年三季度报告。 点评： 业绩表现超预期，利润同比增长 170.42% 前三季度公司实现营业收入 9.88 亿元，同比增长 91.16%；实现归母净利 润 5.20 亿元，同比增长 170.42%，业绩表现超预期，主要为重组人源化胶 原蛋白三类医疗器械植入剂的增长带动。单三季度来看，公司实现营业收入 3.86 亿元，同比增长 92.07%，归母净利润 2.10 亿元，同比增长 153.96%， 单三季度毛利率达到 93.60%，环比/同比分别提升 2.21/2.35 个百分点，单 三季度公司销售/管理/研发费用率分别为 16.60%/7.12%/4.84%，归母净利 润率达到 54.57%。 产业应用多点开花，医美持续放量，化妆品潜力大，原料牵手大厂 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——锦波生物 2024 年三季报点评 股票研究 /[Table_Date] 2024.10.22 Q3 业绩超预期，薇旖美势能强劲 锦波生物(832982) 家庭及个人用品 [Table_Industry] /必需消费 | --- | --- | --- | --- | |----------|-----------------------------------|-------------------|----------------------| | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 杨柳 ( 分析师 ) | 闫清徽 ( 分析师 ) | | | 021-38676442 | 021-38038323 | 021-38031651 | | | zimeng@gtjas.com | yangliu@gtjas.com | yanqinghui@gtjas.com | | 登记编号 | S0880513120002 | S0880521120001 | S0880522120004 | | --- | ...

锦波生物（832982.BJ）2024 年三季报点评 24Q3 归母净利同比+154%，收入与利润增速表现亮眼 2024 年 10 月 22 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件概述。锦波生物发布 2024 年三季度报告。24Q1-Q3，实现收入 9.88 亿元，同比+91.2%，归母净利润为 5.20 亿元，同比+170.4%，扣非归母净利润 为 5.11 亿元，同比+178.1%。其中，24Q3，实现收入 3.86 亿元，同比+92.1%， 归母净利润为 2.10 亿元，同比+154.0%，扣非归母净利润为 2.07 亿元，同比 +158.5%。收入端的快速增长主要系医疗器械收入增长所致，其中，重点产品为 以 A 型重组人源化胶原蛋白为核心成分的三类医疗器械植入剂产品薇旖美。 ➢ 费用率改善明显，盈利能力明显提升。1）毛利率：24Q1-Q3，毛利率为 92.37%，同比+2.40 pct。24Q3，毛利率为 93.60%，同比+2.35 pct。2）费用 率：24Q1-Q3，销售费用率、管理费用率、研发费用率、财务费用率为 17.38%、 8.42%、4.39%、0.72%，同 ...