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].
锦波生物（832982）：业绩持续强劲，期待25年新品续写篇章