Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][13]. Core Insights - The company reported revenue of 2.54 billion yuan for 1H24, a year-on-year increase of 58% and a quarter-on-quarter increase of 32%. The net profit attributable to shareholders was 983 million yuan, up 47% year-on-year and 25% quarter-on-quarter, exceeding expectations [3]. - The company is focusing on expanding its product categories and enhancing its online presence, which has led to a slight decline in gross margin and an increase in sales expense ratio, but overall profitability remains manageable [3]. - The performance of key products, particularly the collagen stick, continues to drive growth, with a revenue of 2.07 billion yuan for the "Kefumei" brand, reflecting a 69% year-on-year increase [3][4]. Revenue and Profit Forecast - The report revises the profit forecast upwards due to the strong performance in 1H24, projecting adjusted net profits of 2.03 billion, 2.52 billion, and 3.01 billion yuan for 2024-2026, representing growth rates of 38%, 24%, and 20% respectively [4]. - The net profit attributable to shareholders is expected to reach 1.94 billion, 2.43 billion, and 2.92 billion yuan for the same period, with growth rates of 34%, 25%, and 21% respectively [4]. Financial Metrics - The company’s revenue for 2023 is projected at 5.21 billion yuan, with a growth rate of 47.89%, and net profit is expected to be 1.94 billion yuan, reflecting a growth rate of 34% [7]. - The report highlights a decrease in gross margin by 1.7% year-on-year and a net profit margin of 38.7%, down 2.8% year-on-year [3][4]. Product Performance - The DTC (Direct-to-Consumer) channel has shown significant growth, with revenue from DTC stores increasing by 64% year-on-year, contributing to 63.1% of total revenue [3]. - The focus on new product launches, particularly in the skincare segment, is expected to enhance brand recognition and drive future sales [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in H1 2024, with revenue of 2.54 billion yuan, a year-on-year increase of 58.2%, and a net profit attributable to shareholders of 983 million yuan, up 47.4% year-on-year [3] - The company is a leader in the restructured collagen market, with strong brand and product capabilities, and is expected to expand its skin rejuvenation offerings [4] Financial Performance Summary - Revenue and Profit Forecasts: - Total revenue for 2022A was 2.375 billion yuan, increasing to 3.526 billion yuan in 2023A, and projected to reach 5.018 billion yuan in 2024E, representing a year-on-year growth of 42.32% [2] - Net profit attributable to shareholders was 1.002 billion yuan in 2022A, expected to grow to 1.955 billion yuan in 2024E, reflecting a year-on-year increase of 34.66% [2] - Earnings Per Share (EPS) is projected to rise from 1.41 yuan in 2023A to 1.90 yuan in 2024E [9] - The company maintains a high gross margin of 82.4% in H1 2024, slightly down from the previous year due to product type expansion [3] Channel Performance Summary - E-commerce direct sales showed impressive growth, with DTC online sales increasing by 64.1% and online direct sales by 143.3% in H1 2024 [3] - The company has expanded its offline OTC presence, entering approximately 1,500 public hospitals and 2,700 private hospitals and clinics by H1 2024 [3] Brand Performance Summary - The brand "Kefumei" continues to experience high growth, with revenue increasing by 68.6% in H1 2024, while "Keli Jin" grew by 23.6% [3] - The company has launched new products targeting skin sub-health, with the "Focus Series" performing well in the market [3] Profitability Metrics - The company’s sales net profit margin was 38.6% in H1 2024, impacted by stock incentive expenses [3] - The company’s operating profit is projected to grow significantly, with estimates of 2.27 billion yuan in 2024E and 2.91 billion yuan in 2025E [8]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 巨子生物(2367.HK) 投资评级 买入 上次评级 买入 [Table_Author] 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 巨子生物(2367.HK)24H1 点评：重组胶原蛋 白赛道高景气延续，品牌&渠道精细化运营带 动公司业绩亮眼增长 [Table_ReportDate] 2024 年 8 月 20 日 [Table_S 事件：公司发布 ummary] 24H1 业绩，实现收入 25.4 亿元，同增 58.2%，净利润 9.81 亿元，同增 47.2%，经调整后归母净利润 9.83 亿元，同增 47.4%。 点评： [Table_OtherReport] 重组胶原蛋白赛道持续高景气，公司依托可复美+可丽金两大品牌的 ...

证券研究报告 市场表现： 股票数据： 2024 年 8 月 19 日 收盘价（港元） 40.35 一年内最高/最低（港 元） 54.40/28.75 总市值（百万港元） 414.89 基础数据： 2024 年 6 月 30 日 总股本（百万股） 1028.22 总资产（百万元） 7780.64 净资产（百万元） 5974.85 每股净资产（元） 5.80 资料来源：公司公告，wind 医疗保健业 证券分析师 丁一 S1350524040003 dingyi@huayuanstock.com 研究支持 联系人 丁一 S1350524040003 dingyi@huayuanstock.com 相关研究 公司点评 2024 年 08 月 20 日 巨子生物 (2367.HK) 买入（维持） ——24H1 业绩超预期 可复美延续高增态势 投资要点： ➢ 事件：2024 年 8 月 19 日，公司发布 2024H1 半年报，2024H1 实现营收 25.40 亿元（同比 +58.2%，下同），归母净利润 9.83 亿元（+47.4%），经调整净利润 10.27 亿元（+51.8%）。 ➢ 可复美延续高增态势，妆品营收 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported strong performance in the first half of 2024, with revenue of 2.54 billion HKD, a year-on-year increase of 58.2%, and a net profit of 980 million HKD, up 47.4% [5][6] - The product structure continues to optimize, with a significant increase in the revenue share of functional skincare products [6][8] - The company is enhancing its brand presence and expanding its offline retail footprint, which is expected to drive future growth [8] Financial Performance - The company's total revenue for the first half of 2024 was 2.54 billion HKD, with a year-on-year growth of 58.2% [5] - The adjusted net profit for the same period was 1.03 billion HKD, reflecting a 51.8% increase year-on-year [5] - The gross margin decreased by 1.7 percentage points to 82.4% due to changes in product sales structure [7] Product and Brand Development - The company's flagship brand, 可复美, achieved revenue of 2.07 billion HKD in the first half of 2024, a 68.6% increase year-on-year [6] - The company has launched new products that have gained significant market traction, including the 可复美焦点面霜 and 可丽金胶卷眼霜 [8] - The company has opened approximately 10 offline stores in key cities, enhancing its brand positioning [8] Sales Channels - Direct-to-consumer (DTC) online sales reached 1.6 billion HKD, up 64.1% year-on-year, while e-commerce platform sales grew by 143.3% [6] - Offline direct sales also saw substantial growth, with a 82.2% increase to 0.7 billion HKD [6] Future Outlook - Revenue forecasts for 2024-2026 have been adjusted upwards to 5.26 billion HKD, 7.34 billion HKD, and 9.66 billion HKD, reflecting increases of 8%, 14%, and 18% respectively [8] - The company is expected to maintain its competitive edge in the collagen beauty product market, with a focus on R&D and product innovation [8]

美容护理/医疗美容 公 司 研 究 巨子生物（02367.HK） 2024 年 08 月 20 日 2024H1 归母净利润+47.4%，重组胶原龙头延续高增 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|---------------| | 日期 | 2024/8/19 | | 当前股价(港元) | 40.350 | | 一年最高最低(港元) | 54.400/28.750 | | 总市值(亿港元) | 414.89 | | 流通市值(亿港元) | 414.89 | | 总股本(亿股) | 10.28 | | 流通港股(亿股) | 10.28 | | 近 3 个月换手率(%) | 18.25 | 股价走势图 巨子生物 恒生指数 -40% -20% 0% 20% 40% 60% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《2023 年归母净利润+45%，重组胶原 龙头再创佳绩—港股公司信息更新报 告》-2024.3.26 《2023H1 营收同比+63%，重组胶原 蛋白龙头表现亮眼—港股公司信息更 ...

上 市 公 司 证 券 研 究 报 告 美容护理 一年内股价与基准指数对比走势： -24% 26% 76% 126% HSCEI 上美股份 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 19 日 | | 收盘价（港币） | 40.35 | | 恒生中国企业指数 | 6225.86 | | 52 周最高/最低（港币） | 54.40/28.75 | | H 股市值（亿港币） | 414.89 | | 流通 H 股（百万股） | 1,028.22 | | 汇率（人民币/港币） | 1.0914 | 财务数据及盈利预测 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2,364 | 3,524 | 4,947 | 6,476 | ...

证券研究报告：美容护理 | 公司点评报告 2024 年 8 月 20 日 股票投资评级 买入|维持 个股表现 0.7 0.8 0.9 1 1.1 1.2 1.3 1.4 1.5 1.6 2023-08-212023-09-072023-09-262023-10-132023-11-012023-11-172023-12-052023-12-212024-01-112024-01-292024-02-162024-03-052024-03-212024-04-112024-04-292024-05-172024-06-042024-06-212024-07-102024-07-262024-08-13 恒生指数 巨子生物 资料来源：ifind，中邮证券研究所 公司基本情况 最新收盘价（港元） 40.35 总股本/流通股本（亿股）10.28/ 10.28 总市值/流通市值（亿港 元）415/ 415 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 巨子生物 （HK2367) 敷料加速增长，收入业绩超预期 ⚫ 事件回顾 公司公布 24 ...

➢ 事件：巨子生物披露 2024 年半年度业绩。24H1，公司实现营收 25.4 亿 元，yoy+58.2%；归母净利润 9.8 亿元，yoy+47.4%；经调整净利润为 10.3 亿 元，yoy+51.8%。 ➢ 大单品持续放量，新品未来可期，24H1 可复美/可丽金收入分别同比高增 +68.6%/+23.6%至 20.7/4.0 亿元。24H1，公司实现营收 25.4 亿元；分品牌 看，1）可复美：24H1 收入 20.7 亿元，同比+68.6%，主要系①公司持续拓展 线上和线下销售渠道，优化运营策略，品牌影响力进一步增加；②明星产品如可 复美胶原棒收入持续增长；及③持续拓展新品类产品，24H1 推出聚焦皮肤亚状 态人群的焦点系列，其中 4 月推出的焦点面霜为系列核心大单品，根据公司公 告，24 年"618"大促中，焦点面霜位列天猫面霜新品榜 TOP1 和抖音品牌胶原 蛋白霜人气榜 TOP1，体现出较高的产品品质、精准敏锐的人群场景定位、初见 成效的推新运营，目前产品仍处于培育阶段，期待后续潜力空间；24H1 可复美 收入占比 81.5%，同比+5.0pct。2）可丽金：24H1 收入 4.0 亿元，同比 ...

[Table_Main] 证券研究报告 | 公司点评 巨子生物(02367.HK) 2024 年 08 月 20 日 买入（维持） 所属行业：美容护理 当前价格(港币)：40.35 元 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 -14% 0% 14% 29% 43% 57% 巨子生物 恒生指数 | --- | --- | --- | --- | |--------------------------------|---------|---------|--------| | -29% \n2023-08 | 2023-12 | 2024-04 | | | 恒生指数对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | 1.13 | -15.67 | -17.39 | | 相对涨幅 (%) | 0.26 | -11.00 | -7.24 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《巨子生物：618 业绩亮眼、单品高 增长，上调全年业绩预期》，2024.6.25 2.《巨子生物：23 年业绩超预期，静 待妆 ...