Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company reported a strong performance in 2024 with total revenue of 1,443 million yuan, a year-on-year increase of 84.9%, and a net profit of 732 million yuan, up 144.3% year-on-year [6][7]. - The company plans to implement its first stock incentive plan post-listing, indicating confidence in high growth targets for net profit of no less than 10 billion yuan in 2025, 14 billion yuan in 2026, and 18 billion yuan in 2027 [6][7]. - The revenue forecast for 2025-2027 is adjusted to 2,390 million yuan, 3,227 million yuan, and 3,952 million yuan respectively, reflecting a slight downward adjustment due to new stock incentive expenses [7]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 366 million yuan, a year-on-year increase of 62.5%, and a net profit of 169 million yuan, up 66.3% year-on-year [6][7]. - The gross profit margin for 2024 was reported at 92.0%, with a net profit margin of 50.8%, reflecting significant scale effects [6][7]. - The company’s earnings per share (EPS) for 2025 is projected to be 12.97 yuan, with a price-to-earnings (PE) ratio of 30 [2][7]. Business Segment Insights - The company’s revenue breakdown shows that single material medical devices accounted for 78.2% of total revenue, with the flagship product, Wei Yi Mei®, achieving sales of 1.2428 million units, a year-on-year increase of 115.8% [6][7]. - The functional skincare segment saw revenue of 1.42 billion yuan, up 86.8%, driven by the growth of the Rejuvenation® brand and high-end brand ProtYouth® [6][7]. - The company is focusing on enhancing brand interaction and expanding its customer base, which is expected to sustain high growth momentum [6][7].
锦波生物（832982）：25Q1开局积极，拟开展上市后首次股权激励，锚定高增长