证券研究报告 | 2024年08月20日 巨子生物（02367.HK） 优于大市 上半年营收同比增长 58%，可复美持续表现优异 依托强劲产品力和渠道快速扩张，公司业绩快速提升。公司上半年实现营业 收入 25.4 亿/yoy+58.2%，净利润 9.8 亿/yoy+47.2%，经调整利润为 10.3 亿 /yoy+51.8%。依托公司在胶原蛋白赛道多年积累的品牌势能，并通过全渠道 的精细化布局，整体业绩实现持续快速增长。 分品牌看，可复美实现营收 20.7 亿/yoy+69%，收入占比提升至 81.5%。其中 核心大单品胶原棒持续破圈，上半年收入增速达50%，占可复美收入比重30%， 成为业绩主要增长驱动。新品焦点面霜目前仍处于培育阶段，上半年预计销 售收入 5000 万，全年有望过亿。可丽金实现收入 4.0 亿/yoy+24%，占比下 降至 15.6%，目前仍处于渠道调整期，线上渠道收入增长超 60%+，占比约 60%， 第一大经销商创客村上半年收入双位数下滑，目前收入占比已不足 10%，预 计未来将进一步缩减。 分产品看，功效性护肤实现收入 19.4 亿/yoy+62%，医用敷料实现收入 5.9 亿/yo ...

海 外 公 司 （ 中 国 香 港 ） 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 业绩超预期，胶原棒高增、敷料渠道拓展 巨子生物(2367) 家庭及个人用品 [Table_Industry] [Table_Invest] 评级： 增持 ——巨子生物 2024H1 业绩点评 | --- | --- | --- | --- | |----------|------------------|----------------------|-------------------| | | 訾猛(分析师) | 闫清徽(分析师) | 杨柳(分析师) | | | 021-38676442 | 021-38031651 | 021-38038323 | | | zimeng@gtjas.com | yanqinghui@gtjas.com | yangliu@gtjas.com | | 登记编号 | S0880513120002 | S0880522120004 | S0880521120001 | 本报告导读： 公司 24H1 业绩超预期， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GIANT BIOGENE HOLDING CO., LTD 巨子生物控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 獲 豁 免 有 限 公 司） （股 份 代 號：2367） 截 至2024年6月30日止六個月的中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 至6月30日止六個月 截 | | | | | 2024年 | 2023年 | 變 動 | | | 人民幣百萬元 | 人民幣百萬元 | | | 收 入 | 2,540.4 | 1,605.7 | 58.2% | | 毛 利 | 2,093.2 | 1,351.0 | 54.9% | | 稅前利潤 | 1,155.2 | 775.6 | 49.0% | | 淨利潤 | 980.6 | 666.0 | 47.2% | | 歸屬於母公司 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained as of August 7, 2024 [4]. Core Viewpoints - The report emphasizes that the collagen peptide industry is experiencing a supply-demand resonance, creating an incremental market. The growth of the company's cosmetic business is deemed sustainable, supported by a strong product matrix and brand reputation [4][5][16]. Industry Summary - The cosmetic industry is seeing an increase in supply, with leading brands incorporating recombinant collagen as a core ingredient in their products. This trend is expected to enhance consumer education and demand penetration [4][8]. - In the medical aesthetics sector, the company is developing a pipeline of collagen products that can cater to various indications, similar to the initial expansion seen with hyaluronic acid injections. This is anticipated to elevate the industry's ceiling as new applications emerge [5][8]. Company Summary - The company's competitive edge in the recombinant collagen cosmetic sector is built on its raw material research and brand scale. The sustainability of its cosmetic business growth relies on the repeat purchase of existing products and the synergistic effects of new products [5][12]. - From 2021 to 2023, the company's main revenue growth driver has been its "可复美" brand, particularly the collagen peptide stick launched in 2021. The report notes a trend of decreasing marginal sales expense ratio, indicating a solid customer base and brand loyalty [5][12]. - The second brand, "可丽金," is entering a growth phase, with key products expected to gain traction in the expanding cream category [5][12]. Investment Logic - The report concludes that the company is well-positioned in the incremental market for recombinant collagen, with a sustainable commercialization capability. The projected adjusted net profits for 2024, 2025, and 2026 are estimated at 1.94 billion, 2.43 billion, and 3.02 billion respectively, with corresponding PE valuations of 20, 16, and 13 times [5][16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has demonstrated strong growth potential through its dual beauty brands, with significant increases in GMV during the 618 sales event. Specifically, the brand "可复美" saw a GMV growth of over 60% year-on-year, while "可丽金" achieved over 100% growth [3] - The company is expected to accelerate new product launches in the beauty segment, with successful new products already released, including a face cream that ranked top in sales on major platforms [3] - The medical beauty pipeline is anticipated to grow rapidly due to channel and customer reuse, with a significant number of medical channels already established [3] - Revenue projections for the company are optimistic, with expected revenues of 49.9 billion, 64.3 billion, and 79.5 billion RMB for 2024, 2025, and 2026 respectively, alongside net profits of 19.9 billion, 25.3 billion, and 31.2 billion RMB for the same years [3] Financial Summary - The company reported a revenue of 3,524 million RMB for 2023, with a projected revenue of 4,994 million RMB for 2024, reflecting a growth rate of 41.72% [4] - The net profit for 2023 was 1,452 million RMB, with projections of 1,993 million RMB for 2024, indicating a net profit growth rate of 37.25% [4] - The company's earnings per share (EPS) is expected to increase from 1.49 RMB in 2023 to 1.94 RMB in 2024 [4] - The price-to-earnings (PE) ratio is projected to decrease from 21.98 in 2023 to 20.46 in 2024, indicating improving valuation metrics [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 52.0, indicating a potential upside of 20.1% from the current price of HKD 43.3 [2][5]. Core Insights - The company, 巨子生物, reported impressive performance during the 618 shopping festival, with its brands 可复美 and 可丽金 achieving GMV growth of over 60% and 100% respectively. This strong performance led the management to raise the full-year earnings guidance, reflecting increased earnings certainty [2][3]. - The management has revised the 2024 revenue growth forecast to 35%-40% (previously around 30%) and adjusted net profit growth to 30%-35% (previously 22%-24%). The mid-year guidance also indicates a revenue increase of 40%-45% and net profit growth of 35%-40% [3][4]. - The report highlights the company's strong online presence and the successful performance of its core brands as key drivers for sustained growth in the second half of 2024 [3][4]. Financial Summary - The company's revenue is projected to grow from RMB 3,524 million in 2023 to RMB 4,910 million in 2024, representing a year-on-year increase of 39.3% [4][9]. - The net profit is expected to rise from RMB 1,452 million in 2023 to RMB 1,894 million in 2024, reflecting a growth rate of 30.5% [4][9]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and net profit over the next few years, with revenue reaching RMB 8,397 million by 2026 [4][9].

巨子生物(02367.HK) 618 大促表现亮眼,品牌势能持续强化 公司研究·公司快评 美容护理·化妆品 投资评级:优于大市(维持) 证券分析师: 张峻豪 021-60933168 zhangjh@guosen.com.cn 执证编码:S0980517070001 证券分析师: 孙乔容若 021-60375463 sunqiaorongruo@guosen.com.cn 执证编码:S0980523090004 事项: 公司公布 618 大促期间旗下品牌表现情况,其中可复美线上全渠道全周期 GMV 同比增长 60%+,可丽金线上 全渠道全周期 GMV 同比增长 100%+。 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年07月01日 国信零售观点:依托前期在胶原蛋白赛道多年积累赋能产业化快速发展,公司目前已建立了较为深厚的重 组胶原蛋白品牌心智,本次 618 大促双品牌持续亮眼表现也印证公司强大品牌势能,后续新品的持续迭代 放量也有望带动化妆品业务的稳健增长。而未来医美注射类产品的获批也将为公司中长期增长贡献新引 擎。考虑到公司 618 大促表现优异,以及新品持续迭代带动公司全年业 ...

证券研究报告 | 公司点评 巨子生物(02367.HK) 2024 年 06 月 25 日 买入(维持) 所属行业:美容护理 当前价格(港币):43.40 元 证券分析师 易丁依 资格编号:S0120523070004 邮箱:yidy@tebon.com.cn 市场表现 巨子生物 恒生指数 -40% -20% 0% 20% 40% 60% 2023-06 2023-10 2024-02 | 恒生指数对比 | 1M | 2M | 3M | |------------------|--------|--------|-------| | 绝对涨幅 (%) | -11.41 | -7.72 | 3.50 | | 相对涨幅 (%) | -8.28 | -12.52 | -5.77 | | | | | | 相关研究 1.《巨子生物:23 年业绩超预期,静 待妆字新品放量 + 医 美 获 批 》, 2024.3.26 2.《巨子生物:23H1 收入、利润均超 预期,渠道转型+产品矩阵完善,巩固 胶原护肤龙头地位》,2023.8.29 3.《巨子生物(2367.HK)22 年报点 评:2022 年收入、利润略超预期,重 组 ...

巨子生物 (2367 HK) 618 收官,双品牌全渠道延续高增长 巨子生物公布"618"战报,2024 年"618"期间(5 月 15 日至 6 月 20 日),可复美 线上 GMV 同比增长超 60%,可丽金线上 GMV 同比增长超 100%。根据《天下网商》 联合天猫发布的品牌成交排行榜(5 月 20 日至 6 月 20 日),可复美在天猫快消品牌销 售榜及护肤品牌销售榜中分别名列第 13 和第 11,国货品牌第三;根据抖音电商官方榜 单,可复美在抖音 618 好物节美妆榜中排名第 9,国货品牌第三。 618 大促于 5 月拉开序幕,可复美和可丽金线上增长爆发。2024 年各大电商平台 纷纷取消预售,天猫和抖音的 618 大促提前至 5 月直接开启现货售卖。叠加 618 大 促开启以及错期影响,可复美和可丽金 1-5 月线上 GMV 增长强劲。根据魔镜数 据,在天猫淘宝美容护肤品类当中,可复美的 1-5 月累计 GMV排名 16,累计 GMV 增速在 TOP30 的品牌中排名第一。根据魔镜统计,可复美在天猫淘宝、京东和抖 音的 1-5 月 GMV 合计达到 15.8 亿元,同比增长 123%。得益于核心 ...

证券研究报告 医疗保健业 首次覆盖报告 2024年06月24日 巨子生物 (2367.HK) 买入 ——重组胶原蛋白领军者 大单品增长势能强劲 （首次覆盖） 投资要点： 证券分析师 ➢ 重组胶原蛋白行业景气度高，渗透率提升空间广阔。胶原蛋白为皮肤护理产品理想成分，从应用领域来看， 丁一 S1350524040003 医用敷料和功效性护肤为重组胶原蛋白主要应用方向。根据弗若斯特沙利文，2021年医用敷料/功效性护 dingyi@huayuanstock.com 肤市场规模分别为 48亿/46亿，分别占比 44%/43%，预计2027年市场规模分别增至 255/645亿， 2022-2027年CAGR分别达28.8%/55.0%，此外，肌肤焕活也为高速发展领域，2022-2027年CAGR 研究支持 达36.5%，为仅次于医用敷料和功效性护肤的第三大应用领域。 ➢ 重组胶原蛋白龙头，专业护肤引领者。为全球首家成功研发并实现量产重组胶原蛋白产品的公司，拥有可 联系人 复美、可丽金、可预、可痕、可复平、利妍、欣苷、参苷八大品牌，其中旗舰品牌可复美与可丽金为营收 丁一 驱动引擎。2019-2023年营收/扣非归母净利润 ...