Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company achieved a revenue of 370 million yuan in Q1 2025, representing a year-on-year growth of 62.5%, and a net profit of 170 million yuan, up 66.3% year-on-year [1] - The company continues to focus on product innovation and brand marketing, with significant growth in its medical device and skincare segments [2] - The company has implemented a stock incentive plan for 87 individuals, aiming for net profit targets of no less than 1 billion yuan in 2025, 1.4 billion yuan in 2026, and 1.8 billion yuan in 2027 [3] Summary by Sections Financial Performance - Q1 2025 operating cash flow was 170 million yuan, a 66.1% increase year-on-year [1] - The gross margin decreased by 1.8 percentage points to 90.1%, while the net profit margin increased by 1.0 percentage points to 46.0% [2] - The company’s expense ratio decreased by 5.0 percentage points to 35.4% in Q1 2025 [3] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 2.08 billion yuan, 2.81 billion yuan, and 3.65 billion yuan, respectively, with corresponding net profits of 1.09 billion yuan, 1.49 billion yuan, and 1.97 billion yuan [5] - The expected EPS for 2025, 2026, and 2027 are 12.29 yuan, 16.85 yuan, and 22.28 yuan, respectively [3][5] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 33, 24, and 18 times, respectively [3][5] - The company’s return on equity (ROE) is expected to be 44.48% in 2025, 41.92% in 2026, and 39.39% in 2027 [12]
锦波生物（832982）：一季度业绩延续高增，发布股权激励计划提升团队凝聚力