Tianfeng ** shares*** Zhang Xue and Zheng Chenghuai recently conducted research on Jinbo Biotechnology and released a research report "Net profit attributable to the parent company in 2023 is expected to increase by 156% to 175% year-on-year, optimistic about the company's development!" This report gives a ** rating to Jinbo Biotech, and the current stock price is 208$9.
Jinbo Biotech (832982).
Event: The company released the 2023 annual performance forecast, and it is expected that the net profit attributable to shareholders of the listed company in 2023 will be 2800 million to 30 billion yuan, an increase of 156% to 175% year-on-year. Among them, the net profit attributable to the parent company in 23Q4 was 0900 million to 1100 million yuan, a year-on-year increase of 125% to 177%, in line with market expectations.
Comments: The main reason for the expected increase in net profit is: the company continues to increase R&D investment, actively develops new products and product upgrades, and strives to increase brand promotion and market development, achieving sustainable growth in revenue.
R&D: Recently obtained a number of patents, and on December 26, 2023, it obtained recombinant type IV humanized collagen, and provided patent authorization for its biosynthetic preparation method; On January 4, 2024, an international patent application titled "Peptides and Their Uses" was announced, providing the use of human structural materials for tissue filling and volume, which has the natural advantages of human tissue filling, and is expected to be widely used in breast augmentation, rhinoplasty, mid-facial filling, and other fields.
Marketing: Change the use of raised funds, strengthen the research and development of collagen, and increase brand building.
Product side: Following the innovative launch of the 3+17** program, the company has launched the new Vifumei small green bottle, the core ingredient is type A recombinant type 3 humanized collagen + 5 kinds of hyaluronic acid of different molecular weights, aiming at inflammation ** stability repair. Jinbo Biotech seizes the development opportunity and continues to expand the product matrix, which is expected to relay growth.
Investment suggestion: The company is deeply engaged in the production and research and development of functional proteins, focusing on women's beauty and health, focusing on the two major sectors of appearance and reproduction. 1) In the short term: the company seized the opportunity during the development period, and the three types of medical devices are expected to grow in volume and contribute to the main profit. 2) Medium and long-term: The expansion of production capacity will help the company further exert its scale advantages. The product reserves under development are abundant, and the future can be expected. The industry is booming. It is expected that as the company continues to invest in research and development, increase marketing, and increase the proportion of high-margin single products, revenue and profit are expected to continue to grow, and the net profit attributable to the parent company in 23-25 years will increase from 28/4.3/6.1 to 29/4.6/6.500 million yuan, corresponding to PE55 35 25X, maintain the "** rating."
Risk Warning: The risk of macroeconomic fluctuations, the risk of operating less than expected, the risk of intensifying market competition, the risk of industry policy, and the performance forecast are only preliminary accounting results, please refer to the official 23-year annual report.
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