Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company continues to show high growth in performance, with 2024 revenue projected at 1.44 billion yuan, representing an 84.92% year-on-year increase, and a net profit of 732 million yuan, reflecting a 144.27% increase [7] - The company holds all three types of approved recombinant collagen products in China, leading globally in technology, and has expanded its product matrix [7] - A stock option incentive plan is set to be implemented in 2025, aimed at motivating core team members and key employees [7] - All three business segments are experiencing high growth, with medical devices achieving a gross margin of 95% [7] - Long-term healthy growth is expected, with net profit forecasts for 2025-2027 at 1.11 billion, 1.56 billion, and 2.00 billion yuan respectively, corresponding to P/E ratios of 31, 22, and 17 [7] Financial Summary - For 2024, total revenue is expected to be 1.44 billion yuan, with a net profit of 732 million yuan [7] - The gross margin for 2024 is projected at 92.02%, with a net profit margin of 50.75% [7] - The company plans to cover approximately 4,000 medical institutions by 2024, enhancing its market presence [7] - The operating cash flow for 2024 is estimated at 767 million yuan, with a projected increase in net profit for subsequent years [8]
锦波生物（832982）：2024年报及2025年一季报点评：业绩延续高增，股权激励锚定长期成长