Investment Rating - The investment rating for the company is "Buy" with a target price of 494 CNY, corresponding to a PE ratio of 38 times for 2025 [6][18]. Core Views - The company has demonstrated continuous high-speed growth, with 2024 revenue reaching 1.443 billion CNY, a year-on-year increase of 84.92%, and a net profit of 732 million CNY, up 144.27% year-on-year [1]. - The company is implementing a stock incentive plan aimed at motivating employees and driving future growth, with profit targets set for 2025, 2026, and 2027 [5]. Financial Performance - In 2024, the gross margin was 92.02%, an increase of 1.86 percentage points year-on-year, while the net profit margin was 50.75%, up 12.33 percentage points year-on-year [2]. - The company reported a revenue of 366 million CNY in Q1 2025, reflecting a year-on-year growth of 62.51% [1]. Business Segments - The medical device segment generated 1.254 billion CNY in revenue in 2024, a year-on-year increase of 84.37%, accounting for 86.89% of total revenue [3]. - Functional skincare products saw significant growth, with revenue of 142 million CNY in 2024, up 86.83% year-on-year [3]. Product Development and International Expansion - The company is expanding its product matrix with new specifications and has received approvals for new gel products, enhancing its market presence [4]. - The company has made strides in international markets, with new patents in Brazil and FDA certifications for several products in the U.S. [4]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 2.351 billion CNY, 3.182 billion CNY, and 4.140 billion CNY, respectively, with net profits expected to be 1.151 billion CNY, 1.558 billion CNY, and 1.979 billion CNY [5].
锦波生物（832982）：业绩持续高速增长，高目标股权激励振奋人心