报告评级和核心观点 - 报告给予锦波生物"买入-A"的投资评级,6个月目标价为231.12元,相当于2024年40倍的动态市盈率 [6][15] - 预计公司2024-2026年的收入增速分别为64.5%、36.9%、34.6%,净利润增速分别为70.6%、41.3%、39.8%,成长性突出 [15] 业绩表现 - 2024年上半年,公司实现营业收入6.03亿元/+90.59%,归母净利润3.10亿元/+182.88%,扣非归母净利润3.04亿元/+193.34% [2] - 单二季度,公司实现营业收入3.77亿元/+100.45%,归母净利润2.08亿元/+213.41%,扣非归母净利润2.06亿元/+225.90% [2] 盈利能力 - 2024年上半年,公司归母净利率51.35%/+16.75pcts,毛利率91.58%/+2.43pcts,销售费用率17.87%/-3.09pcts,管理费用率9.25%/-2.95pcts,研发费用率4.10%/-8.92pcts [3] - 单二季度,公司归母净利率55.17%/+19.89pcts,毛利率91.39%/+2.78pcts,销售费用率14.25%/-4.88pcts,管理费用率8.29%/-2.28pcts,研发费用率3.82%/-11.88pcts [3] 业务发展 - 医疗器械业务合计营收5.31亿元/+91.84%,毛利率94.43%/+1.70pcts,其中单一材料医疗器械营收4.79亿元/+105.01%,毛利率96.21%/+0.81pct [4] - 功能性护肤品业务合计营收0.48亿元/+53.94%,毛利率64.76%/+0.72pct,其中单一成分功能性护肤品营收0.12亿元/+149.49%,毛利率92.61%/+1.57pcts [4] - 原料等业务营收0.24亿元/+180.07%,毛利率83.03%/+18.32pcts,主要是围绕A型重组人源化胶原蛋白 [4]