公司研 究 证 券研究 报 告 日用化学品 2024年03月28日 巨 子生物（02367.HK）2023年报点评 推 荐 （维持） 目标价：50.4港币 大单品方法论初显，看好妆械协同发展 当前价：42.55港元 事项： 华创证券研究所  23年公司实现营收35.24亿元，同比增长49.0%；实现归母净利润14.52亿元， 证券分析师：王薇娜 同比增长44.9%，实现经调整净利润14.69亿元，同比增长39.0%。23年公司 毛利率83.6%，同比略降0.8pct，归母净利率41.2%，同比略降1.0pct，仍维持 电话：010-66500993 相对高位。公司拟派发股息 0.44 元人民币/股（含税），特别股息 0.45 元人民 邮箱：wangweina@hcyjs.com 币/股（含税），综合派息率为61%。 执业编号：S0360517040002 证券分析师：吴晓婵  23下半年营收占比54.4%为19.2亿元，同比增长39.1%；归母净利润7.85亿 元，同比增长39.0%，毛利率83.2%，归母净利率41.6%。 邮箱：wuxiaochan@hcyjs.com 执业编 号：S036052307 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 美容护理 | 公司研究 业绩高增印证核心技术优越性，24 胶原大年巨子乘风起 2024年3月26日 巨子生物 (02367.HK) 公司发布 23 年年报，营收净利润逆势高增，略超市场预期。据公司公告（下同），1）公司发布 买入 23年年报，营收增速亮眼。23年营收35.2亿元，同增49%；归母净利润14.5亿元，同增45%； 经调整净利润14.7亿，同增45%。在相对高基数下，业绩增长持续耀眼，业绩高增得益于公司深 维持 耕20年建立的重组胶原蛋白强消费心智，以及对产品类型的持续扩充以及线上线下渠道的拓展。2） 公司重视股东回馈，预计合计派息8.8亿人民币，建议末期股息0.44元每股，特别股息0.45元每 市场数据：2024年3月25日 股。 收盘价（港币） 43.30 品类结构调整致毛利率略降，销售投放增加致净利润略滑，预计 24 年还将延续盈利能力略降的趋 恒生指数 16473.64 势。公司2023年毛利率略降0.76pct至83.6%，主要由产品类型扩充及拓展新渠道所 ...

[Table_Main] 证券研究报告 | 公司点评 巨子生物(02367.HK) 2024年03月26日 巨子生物：23 年业绩超预期，静 买入（维持） 所属行业：美容护理 待妆字新品放量+医美获批 当前价格(港币)：42.50元 单击或点击此处输入文字。 投资要点 证券分析师 赵雅楠  23 年营收/利润进一步增长，均超预期表现亮眼。公司 23 年实现营业收入 35.24 资格编号：S0120523070002 亿/+49.0%，归母净利润 14.52亿/+44.9%，收入、利润均超预期，主因电商渠道 邮箱：zhaoyn＠tebon.com.cn 放量增长。收入结构调整影响综合毛利率及净利率表现，拆分数据来看：（1）毛 易丁依 利率：23年为83.6%/-0.76pcts，稳定高位水平，因产品结构及渠道结构调整略有 资格编号：S0120523070004 下降；23H1/23H2分别为84.1%/83.2%，下半年盈利能力进一步提高。（2）期间 邮箱：yidy＠tebon.com.cn 费用：销售费率33.0%/+3.17pcts，主因高销售费率投放的电商渠道营收快速增长 带来综合销售费率提升；管理费率 ...

证券研究报告：美容护理 | 公司点评报告 2024年3月26日 股票投资评级 巨子生物 （HK2367) 买入|维持 可复美带动收入业绩高增，净利率保持高位 个股表现 ⚫ 事件回顾 公司2023年实现收入35.2亿元，同增49%，实现归母净利润为 1.1 14.5 亿元，同增 44.9%，每股基本盈利为 1.49 元，每股摊薄盈利为 1.05 1 0.95 1.48元。公司收入业绩均超预期。 0.9 0.85 0.8 0.75 0.7 ⚫ 事件点评 0.65 0.6 82-30-320271-40-320230-50-320281-50-320250-60-320202-60-320260-70-320242-70-320280-80-320232-80-320211-90-320262-90-320221-01-320203-01-320241-11-320292-11-320241-21-320230-10-420281-10-420220-20-420212-20-420270-30-420222-30-4202 次抛等产品带动可复美高增，医用敷料保持稳健增长。按品牌拆 分，23 年可复美实现收入 27 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.51 HKD, indicating an expected upside of over 20% in the next six months [4][12]. Core Insights - The company reported a 45% year-on-year increase in profit for 2023, with revenue reaching 3.524 billion RMB, a 49% increase. The adjusted net profit is projected at 1.8 billion RMB for 2024, reflecting strong growth potential in the recombinant collagen market [1][2]. - The company is well-positioned in the high-growth recombinant collagen sector, with a robust product pipeline and successful commercialization strategies [2][4]. Financial Performance - In 2023, the company achieved a revenue of 3.524 billion RMB, up 49% year-on-year, and a net profit of 1.452 billion RMB, up 45% year-on-year. The gross margin was 83.6%, and the net margin was 41.2% [1][3]. - Revenue projections for 2024, 2025, and 2026 are 4.598 billion RMB, 5.942 billion RMB, and 7.251 billion RMB, respectively, with corresponding net profits of 1.733 billion RMB, 2.204 billion RMB, and 2.753 billion RMB [3][10]. Market Position and Product Development - The company has successfully developed a comprehensive product matrix, with significant sales growth in its flagship brand, Kefu Mei, which saw a 73% increase in revenue [1][2]. - The company is advancing its research and development efforts, with over 40 types of recombinant collagen products in the pipeline, expected to receive regulatory approval in the near future [2][4]. Shareholder Returns - The company announced a special dividend and final dividend totaling 880 million RMB, marking a 61% payout ratio, which is the first since its listing [1][4].

2024年3月27日 公司研究 可复美明星单品增势强劲，看好胶原蛋白“医美级”业务发展前景 ——巨子生物（2367.HK）2023 年年报点评 买入（维持） 要点 当前价：43.30港元 事件： 作者 公司发布2023年年报，2023年实现营业收入35.24亿元，同比增长49.0%；归 分析师：姜浩 母净利润为14.52亿元，同比增长44.9%；经调整净利润为14.69亿元，同比增 执业证书编号：S0930522010001 021-52523680 长39.0%。 jianghao@ebscn.com 点评： 联系人：吴子倩 功效性护肤品业务高速成长，可复美明星单品增势强劲：分产品看，2023全年公 021-52523872 wuziqian@ebscn.com 司专业皮肤护理产品实现营收35.08亿元，同比+51.1%，其中功效性护肤品实现 营收26.47亿元，同比+69.5%，营收占比75.1%，同比提升9.1pcts，医用敷料 市场数据 实现营收8.61亿元，同比+13.2%，营收占比24.4%，同比下降7.8pcts；保健食 总股本(亿股) 9.95 品及其他业务实现营收0.16亿元，同比-62.5 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 57.14, indicating a potential upside of 34.4% from the current price of HKD 42.50 [1][3][17]. Core Insights - The company achieved a revenue of RMB 3.52 billion in 2023, a year-on-year increase of 49.0%, surpassing Bloomberg consensus estimates by 3% [1]. - The net profit attributable to shareholders reached RMB 1.45 billion, reflecting a 44.9% year-on-year growth, exceeding Bloomberg consensus estimates by 6% [1]. - The strong performance is attributed to the robust growth of the "可复美" brand, particularly in functional skincare products, which saw a revenue increase of 69.5% to RMB 2.65 billion, accounting for 75.1% of total revenue [1]. - The company has initiated its first dividend payout, planning to distribute a final dividend of RMB 0.44 per share and a special dividend of RMB 0.45 per share, resulting in a total payout ratio of 61% [1]. Financial Performance Summary - **Revenue**: The company reported a revenue of RMB 3,524 million for FY23, with projections of RMB 4,602 million for FY24, RMB 5,865 million for FY25, and RMB 7,377 million for FY26, indicating a growth trajectory [2][12]. - **Net Profit**: The net profit for FY23 was RMB 1,452 million, with estimates of RMB 1,711 million for FY24, RMB 2,150 million for FY25, and RMB 2,637 million for FY26 [2][12]. - **Gross Margin**: The gross margin for FY23 was 83.6%, with a slight decline expected to 83.0% in FY24 [2][12]. - **Earnings Per Share (EPS)**: The EPS for FY23 was RMB 1.49, projected to increase to RMB 1.72 for FY24, RMB 2.16 for FY25, and RMB 2.65 for FY26 [2][12]. Market Position and Strategy - The company is focusing on expanding its online sales channels, with direct sales revenue growing by 72.7% to RMB 2.42 billion, representing 68.7% of total revenue [1]. - The "可复美" brand continues to show strong growth, with its core product, collagen sticks, contributing significantly to sales [1]. - The company is expected to maintain a strong online presence, which is anticipated to drive further growth in the coming years [1].

Investment Rating - Buy | Maintain [2] Core Views - The company's full-year performance exceeded expectations, with significant optimization in H2 sales expense ratio [3] - The product matrix continues to enrich, with strong growth in key brands and new product launches [4] - The company maintains a leading position in the recombinant collagen protein market, supported by strong R&D capabilities and industry standards [3][4] Financial Performance - 2023 revenue reached 3,524 million RMB, a year-on-year increase of 49.05% [3] - Net profit attributable to the parent company was 1,452 million RMB, up 44.88% year-on-year [3] - Gross margin was 83.63%, a slight decrease of 0.76 percentage points, while net margin was 41.19%, down 0.98 percentage points [3] - Sales expense ratio was 33.04%, up 3.17 percentage points, but showed significant optimization compared to H1 [3] - Management expense ratio decreased by 1.95 percentage points to 2.74%, while R&D expense ratio increased by 0.26 percentage points to 2.13% [3] Product and Brand Performance - Key brand "Kefumei" achieved revenue of 2,788 million RMB, a year-on-year increase of 72.86% [4] - "Kefumei" collagen repair series saw strong growth, with GMV during Double 11 increasing by over 200% [4] - New products such as "Collagen Milk" and "Collagen Soothing Patch" frequently appeared on Tmall and Douyin bestseller lists [4] - "Keling" brand revenue remained stable at 617 million RMB, with star products continuing to perform well [4] Channel and Operational Strategy - Direct sales channels accounted for 68.7% of total revenue, with online direct sales contributing 61.2%, up 77.5% year-on-year [4] - Distribution channels accounted for 31.3% of revenue, up 14.6% year-on-year [4] - The company expanded its offline presence, opening its first "Kefumei" standard store in Xi'an and three "Keling" specialty stores [4] - Production capacity increased with the completion of new recombinant collagen protein fermentation workshops and additional production lines [4] Future Outlook and Profit Forecast - The company is expected to achieve net profit attributable to the parent company of 1,721 million RMB in 2024, 2,196 million RMB in 2025, and 2,743 million RMB in 2026 [5] - Corresponding P/E ratios are projected at 23x, 18x, and 14x for 2024-2026 [5] - The company is positioned as a leader in the professional skincare market, with a strong focus on R&D and brand expansion [5]

巨子生物（2367.HK）2023年年报点评 23 年收入业绩高增，明星单品势能强劲，专业护肤业务表现亮眼 2024年03月27日 ➢ 事件：巨子生物披露2023年业绩。23年，公司实现营收35.24亿元，yoy+49.05%； 推荐 维持评级 经调整净利润（剔除股份支付费用）为14.69亿元，yoy+39.04%。23H2，公司实现营 收19.18亿元，yoy+39.07%；经调整净利润7.92亿元，yoy+33.56%。 当前价格： 42.55港元 ➢ 23年专业皮肤护理产品收入同比+51.1%，可复美明星单品放量持续高增，可丽金 改善可期。23年公司实现总收入35.24亿元，同比+49.05%，其中：1）专业皮肤护理产 品实现收入 35.08 亿元，同比+51.10%，其中功效性护肤品收入 26.47 亿元，同比 [Table_Author] +69.52%，主要系公司持续加强全渠道营销活动、大单品收入稳健增长及明星单品的高速 增长；医用辅料收入8.61亿元，同比+13.25%；分品牌来看：①可复美：23年实现营收 27.88亿元，同比+72.86%，主要系持续拓展线上及线下销售渠道，优化运营策略，品牌 ...

业绩简评  3.25 公告23 年营收35.24 亿元、同增49%，归母净利14.52 亿元、同增 44.9%、略超预期，净利率 41.2%、同比- 1.2PCT、降幅环比上一年度（-11PCT）大幅收窄，主要为随 着“线下向线上+敷料向护肤”的持续升级、公司销售费用 率升幅及毛利率降幅进入 22H2 以来持续收窄，以及进入 2023 年上市相关费用影响消除、行政开支费用率环比持续下 降、2H23 的 2.6%已经恢复至历史低位。  分品牌，23 年可复美营收27.88 亿元、同比+73%（H1/H2 同 比+101%/+56%），可丽金营收 6.17 亿元、同比-0.3%（H1/H2 港币(元) 成交金额(百万元) 同比+6.4%/-6.7%）、系创客村渠道拖累。分渠道，DTC 店铺/ 59.00 1,000 电商平台/线下直销/经销营收 21.55/1.78/0.89/11.04 亿 54.00 800 49.00 元，同比+77%/+43%/+40%/+15%，DTC 占比升10PCT 至 61%。 600 44.00 经营分析 400 39.00  护肤：大单品能力得验证，明星成分持续储备助力产 ...