Investment Rating - The report maintains a "Buy" rating for the company [5][15]. Core Insights - The company achieved a revenue of 1.443 billion yuan in 2024, representing an increase of 84.92%, with a net profit of 732 million yuan, up 144.27% [10][11]. - The product matrix is continuously expanding, with significant growth in the "Wei Yi Mei" series, contributing to the overall revenue increase [2][14]. - The company has received regulatory approvals for various collagen products, enhancing its market penetration and growth potential [14]. Financial Performance - In 2024, the company reported a gross margin of 92.02%, an increase of 1.86 percentage points, and a net profit margin of 50.75%, up 12.33 percentage points [13]. - The operating cash flow for 2024 was 767 million yuan, reflecting a 159.55% increase, driven by revenue and profit growth [13][16]. - The company’s expenses as a percentage of revenue decreased significantly, with a total expense ratio of 32.40%, down 12.86 percentage points from the previous year [3][12]. Revenue Breakdown - Medical devices generated 1.254 billion yuan, accounting for 86.89% of total revenue, with single-material medical devices contributing 1.128 billion yuan, a 354.65% increase [2][11]. - Functional skincare products brought in 142 million yuan, representing 9.83% of total revenue, with single-component functional skincare products growing by 165.33% [2][11]. - Raw materials and other revenues reached 46 million yuan, up 142.89%, indicating a steady increase in customer procurement [2][11]. Future Projections - Revenue forecasts for 2025-2027 are set at 2.177 billion yuan, 2.887 billion yuan, and 3.695 billion yuan, respectively, with net profits projected at 1.130 billion yuan, 1.508 billion yuan, and 1.955 billion yuan [15][16]. - The company is expected to maintain a strong growth trajectory, supported by its expanding product offerings and international market opportunities [14][15].
锦波生物（832982）：产品矩阵不断丰富，长期成长动能充足