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]
锦波生物：北交所信息更新：领航A型重组IV型人源化胶原蛋白创新应用，2024年归母净利润增长145%-20250318