Investment Rating - The report maintains a "Buy" rating for the company with a target price of 455 CNY, indicating an expected return of over 20% within the next six months [6][17]. Core Insights - The approval of the injectable recombinant type III humanized collagen gel by the National Medical Products Administration exceeded expectations, potentially enhancing the company's market valuation [1]. - The product represents the third type of recombinant type III collagen aesthetic injection from the company, covering various formulations in the field of biological materials, thus meeting diverse clinical application needs [2]. - The injectable gel utilizes innovative self-assembly and self-crosslinking technologies, eliminating immunogenicity and the toxicity of crosslinking agents, which helps to directly address aging by replenishing collagen tissue and promoting the regeneration of extracellular matrix [3]. Financial Projections - The company is expected to see revenue growth from 14.47 billion CNY in 2024 to 31.82 billion CNY in 2026, with net profit projections of 7.33 billion CNY to 15.58 billion CNY over the same period [4]. - The expected growth rates for revenue are 85.40% in 2024, 62.50% in 2025, and 35.36% in 2026, while net profit growth rates are projected at 144.65%, 56.88%, and 35.38% respectively [5][4]. - The company's earnings per share (EPS) are forecasted to increase from 8.29 CNY in 2024 to 17.60 CNY in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 40.91x to 19.26x [5][4]. Market Position - The company operates in the beauty care and medical aesthetics industry, with a total market capitalization of approximately 30 billion CNY [6][7]. - The stock has shown significant price fluctuations, with a 52-week high of 367 CNY and a low of 142.60 CNY [7].
锦波生物（832982）：Ⅲ械凝胶获批超预期，打开市值估值空间