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][7]. Core Insights - The company reported a significant increase in Q1 2025 performance, with revenue reaching 366 million yuan, a year-on-year growth of 62.51%, and a net profit attributable to shareholders of 169 million yuan, up 66.25% year-on-year [1]. - The company launched a new freeze-dried fiber product aimed at addressing eye area aging, which has already seen over 2 million clinical injections since its launch in June 2021 [2]. - A stock option incentive plan was introduced, targeting 87 employees, which represents 10.57% of the total workforce, to align core talent with the company's long-term goals [3]. Financial Performance Summary - For Q1 2025, the gross margin was 90.11%, with a net profit margin of 45.89%, reflecting effective cost control [1]. - The company is projected to achieve earnings per share (EPS) of 12.11, 16.28, and 20.54 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 20 [4][6]. - The financial forecast indicates a revenue increase from 780.26 million yuan in 2023 to 3,502.88 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25.56% [6].
锦波生物（832982）：一季度业绩高增，激励计划彰显长期信心