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 effectively reducing costs and increasing efficiency, resulting in a stable rise in profitability, with a gross margin of 92.02% for 2024, up 1.86 percentage points year-on-year [2]. - The core segment of medical devices performed exceptionally well, generating 1.254 billion CNY in revenue for 2024, a year-on-year increase of 84.37% [3]. - The company is expanding its product matrix and making steady progress in internationalization, with new product launches and FDA certifications for several products [4]. - A stock incentive plan is proposed, aiming for net profits of no less than 1 billion CNY in 2025, 1.4 billion CNY in 2026, and 1.8 billion CNY in 2027 [5]. Financial Performance Summary - In 2024, the company reported a revenue of 1,442.83 million CNY, with a growth rate of 84.92% [12]. - The net profit attributable to the parent company for 2024 was 732.30 million CNY, reflecting a growth rate of 144.27% [12]. - The projected revenues for 2025, 2026, and 2027 are 2,350.81 million CNY, 3,181.93 million CNY, and 4,140.33 million CNY, respectively [12]. - The projected net profits for the same years are 1,150.75 million CNY, 1,557.79 million CNY, and 1,979.26 million CNY, respectively [12]. Product and Market Development - The medical device segment accounted for 86.89% of total revenue in 2024, with a gross margin of 95.03% [3]. - The company has launched new specifications for its products and received approvals for new gel products, which are expected to open up additional market opportunities [4]. - The company has expanded its domestic channel coverage to 4,000 medical institutions and has made progress in international markets, including obtaining patents in Brazil and FDA certifications in the U.S. [4].
锦波生物：业绩持续高速增长，高目标股权激励振奋人心-20250424