Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The company reported a significant revenue growth of 84.92% year-on-year, achieving a total revenue of 1.443 billion yuan in 2024. The net profit reached 732 million yuan, reflecting a 144.27% increase, with a net profit margin of 50.68%, up by 12.39 percentage points [2][4]. - The company has successfully expanded its product offerings, particularly in the medical device sector, with single-material medical devices generating 1.128 billion yuan in revenue, marking a 99.69% increase year-on-year [2]. - The company has received approval for its collagen gel products, enhancing its product portfolio with a full range of formulations, including solutions, gels, and solids. This positions the company favorably in both domestic and international markets [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 92.02%, an increase of 1.86 percentage points year-on-year, while the sales expense ratio decreased to 17.92% [2]. - The company’s revenue from functional skincare products reached 142 million yuan, growing by 86.83% year-on-year, with a gross margin of 70.41% [2]. - The financial forecast estimates earnings per share (EPS) of 12.30, 16.04, and 19.45 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 21 [4][6].
锦波生物：2024年年报点评：业绩延续高增，凝胶类产品获批多剂型布局-20250423