上市不足三年，巨子生物（02367.HK）超越毛戈平，成为港股市值最大的美妆护肤企业，市值高达 729.8亿港元（截至2025年3月31日）。 站在高增长通道中，巨子生物交出了上市以来第二份年报。财报显示，2024年，巨子生物收入55.39亿 元，同比增长57.17%；净利润20.62亿元，同比增长42.36%。 产品层面，巨子生物业务聚焦于专业皮肤护理产品、保健食品两大品类。 近年来，医美公司出现爆发式增长。被称为玻尿酸"医美三剑客"——昊海生科、爱美客（300896）、华 熙生物，似乎出现增长失速信号。而以巨子生物、锦波生物为代表的重组胶原蛋白企业迎来高速发展 期。 不同的时期、不同的产品更迭，从玻尿酸到胶原类产品。这背后不仅是消费者认知与需求的变化，也是 行业竞争加剧的折射。 事实上，伴随着科技发展，产品同质化现象屡见不鲜，甚至被看作企业核心壁垒的技术也在被同行逐个 击破。面对同质化的产品，要么选择价格战，要么加快速度更新技术壁垒。在技术高度迭代的当下，对 于医美企业而言，真正的创新科研能力和产品力才是企业护城河。 主力品牌增长惊人 数据对于企业发展趋势展现更为直观。 巨子生物财报显示，2024年归属于 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 5.539 billion yuan in 2024, representing a year-on-year growth of 57.2%, and a net profit attributable to shareholders of 2.062 billion yuan, up 42.1% year-on-year [1]. - The gross margin for 2024 was 82.1%, a decrease of 1.54 percentage points compared to the previous year, primarily due to increased sales costs and product type expansion [1]. - The company is a leader in collagen protein skincare products in China, focusing on R&D and expanding into eight consumer brands [4]. Revenue and Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 2.575 billion yuan, 3.149 billion yuan, and 3.782 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 25, 21, and 17 [4][6]. Brand Performance - The brand "可复美" generated revenue of 4.54 billion yuan in 2024, marking a 62.9% increase year-on-year, with strong performance in the dressing category [2]. - The "焦点" series, targeting skin sub-health populations, has shown promising sales, with the core product achieving a GMV of 277 million yuan within nine months of launch [2]. Channel Strategy - In 2024, the direct sales channel accounted for 74.6% of total sales, with online direct sales revenue reaching 3.587 billion yuan, a 66.5% increase year-on-year [3]. - The company has expanded its offline presence, covering approximately 1,700 public hospitals and 3,000 private hospitals and clinics, along with 6,000 retail stores [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 5.539 billion yuan in 2024, representing a year-on-year growth of 57.2%, and a net profit of 2.062 billion yuan, up 42.1% year-on-year [2][4]. - The gross margin for 2024 was 82.1%, a decrease of 1.54 percentage points year-on-year, primarily due to increased sales costs and product type expansion [2][4]. - The company is a leader in collagen protein skincare products in China, focusing on R&D and expanding eight consumer brands [4]. Financial Performance - In 2024, the company reported a net profit of 2.062 billion yuan, with an adjusted net profit of 2.152 billion yuan, reflecting a growth of 46.5% year-on-year [2][4]. - The sales expense ratio increased by 3 percentage points year-on-year, attributed to the rapid expansion of online direct sales channels [2][4]. - The company expects net profits for 2025, 2026, and 2027 to be 2.575 billion yuan, 3.149 billion yuan, and 3.782 billion yuan, respectively, with corresponding P/E ratios of 25, 21, and 17 times [4][6]. Brand Performance - The brand "可复美" generated revenue of 4.54 billion yuan in 2024, marking a year-on-year increase of 62.9% [2][3]. - The "焦点" series, targeting skin sub-health populations, has shown promising sales, with the core product achieving a GMV of 277 million yuan within nine months of launch [2][3]. - The company is actively expanding its offline presence, having opened approximately 18 new stores in key cities [3]. Channel Strategy - In 2024, the direct sales channel accounted for 74.6% of total revenue, with online direct sales revenue reaching 3.587 billion yuan, a growth of 66.5% year-on-year [3]. - The company has strengthened its online operations, with the GMV on Douyin doubling to 1.8 billion yuan [3]. - The offline channel has expanded to cover around 1,700 public hospitals and 3,000 private hospitals and clinics [3].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a 2024 revenue of 5.54 billion yuan, representing a year-on-year growth of 57.2% - The net profit attributable to shareholders was 2.06 billion yuan, up 42.1% year-on-year, while the adjusted net profit reached 2.15 billion yuan, increasing by 46.5% [3][4]. Revenue Performance - The professional skincare products generated revenue of 5.52 billion yuan, a year-on-year increase of 57.4% - The efficacy skincare products accounted for 4.30 billion yuan in revenue, growing by 62.5% and representing 77.7% of total revenue, an increase of 2.6 percentage points - Medical dressings generated 1.22 billion yuan, up 41.5%, but its revenue share decreased by 2.4 percentage points [4]. Brand Performance - The company's flagship brand, 可复美, achieved revenue of 4.54 billion yuan, a 62.9% increase, making up 82.0% of total revenue, an increase of 2.9 percentage points - The 可丽金 brand generated 840 million yuan, growing by 36.3%, but its revenue share decreased by 2.3 percentage points [4]. Product and Channel Growth - The 可复美胶原棒 continued to see rapid growth, and new products received positive market feedback - During the "Double Eleven" sales event, 可复美's online GMV increased by over 80%, while 可丽金's online GMV surged by 150% [5][6]. - The DTC online sales channel generated 3.59 billion yuan, up 66.5%, while e-commerce platform sales reached 380 million yuan, growing by 112.5% [6]. Strategic Direction - The company is focused on brand building, channel expansion, and regulatory approval to ensure sustainable growth - New product launches and the opening of flagship stores are part of the strategy to enhance brand influence and expand online sales [7][8]. Financial Forecast - The company maintains its revenue and net profit forecasts for 2025, with an upward revision for 2026 net profit to 3.86 billion yuan, reflecting a 3% increase - New forecasts for 2027 are set at 12.75 billion yuan in revenue and 4.94 billion yuan in net profit [8][9].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][13] Core Insights - The company is expected to achieve a revenue of 55.39 billion with a year-on-year growth of 57.2% in 2024, and an adjusted net profit of 21.52 billion, reflecting a year-on-year increase of 46.5% [1][8] - The company has provided guidance for 2025, anticipating a revenue growth rate of 25-28% and a net profit of 25-25.5 billion, which represents a year-on-year increase of 21-24% [1][8] - The company continues to strengthen its market position in the collagen protein sector, supported by a robust product matrix and ongoing new product launches [4][13] Financial Performance - In 2024, the company achieved a gross profit margin of 82.1% and a net profit margin of 37.2%, with both margins showing a decline compared to the previous year [3][11] - The company’s revenue from its main brand, 可复美, reached 45.42 billion, marking a year-on-year increase of 62.9%, contributing to 82% of total revenue [2][9] - The company’s online sales channels have shown significant growth, with direct-to-consumer (DTC) sales increasing by 66.5% and e-commerce sales by 112.5% [2][9] Revenue Breakdown - The revenue from functional skincare products was 43.02 billion, reflecting a year-on-year growth of 62.5%, while medical dressings generated 12.18 billion, up 41.5% year-on-year [2][9] - The company has expanded its distribution channels, achieving revenue from DTC, e-commerce, offline, and distribution of 35.87 billion, 3.77 billion, 1.70 billion, and 14.05 billion respectively, with all channels showing positive growth [2][9] Future Projections - The company has slightly adjusted its net profit projections for 2025-2027, now estimating 25.49 billion, 30.92 billion, and 36.73 billion respectively, with corresponding price-to-earnings (PE) ratios of 26, 21, and 18 [4][13] - The company is expected to maintain its competitive edge in product quality and market presence despite rising costs associated with online platforms and increased marketing expenditures for new products [4][13]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in the recombinant collagen sector, showing strong growth in revenue and profit, with a projected revenue of 5.54 billion yuan in 2024, representing a year-on-year increase of 57.1% [8] - The company's online and offline sales channels are experiencing significant growth, with direct-to-consumer (DTC) online sales increasing by 66.5% and offline direct sales doubling [8] - The core product lines, particularly the "Kefumei" brand, are performing exceptionally well, with a 62.9% increase in revenue [8] - The company's profitability remains robust, with a gross margin of 82.1% and a net profit margin of 37.2% [8] Financial Summary - Total revenue is projected to grow from 3.53 billion yuan in 2023 to 5.54 billion yuan in 2024, with a compound annual growth rate (CAGR) of 57.07% [1][9] - Net profit is expected to rise from 1.45 billion yuan in 2023 to 2.06 billion yuan in 2024, reflecting a year-on-year growth of 42.06% [1][9] - Earnings per share (EPS) is forecasted to increase from 1.40 yuan in 2023 to 1.99 yuan in 2024 [1][9] - The price-to-earnings (P/E) ratio is projected to decrease from 44.64 in 2023 to 31.42 in 2024, indicating a more attractive valuation over time [1][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leader in the recombinant collagen sector, showing strong performance with a revenue of 5.54 billion yuan in 2024, representing a year-on-year growth of 57.1% [8] - The adjusted net profit for 2024 is projected at 2.06 billion yuan, with a year-on-year increase of 42.1% [8] - The company has a strong online and offline sales growth, with direct-to-consumer (DTC) online sales increasing by 66.5% and offline direct sales doubling [8] - The company maintains a high gross margin of 82.1% despite a slight decline due to product type expansion [8] - Future profit forecasts have been adjusted upwards, with net profit estimates for 2025 and 2026 increased to 2.57 billion yuan and 3.21 billion yuan, respectively [8] Financial Summary - Total revenue is projected to grow from 3.53 billion yuan in 2023 to 11.62 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 28.23% [1] - The net profit is expected to rise from 1.45 billion yuan in 2023 to 4.05 billion yuan in 2027, reflecting a CAGR of about 25.88% [1] - The earnings per share (EPS) is forecasted to increase from 1.40 yuan in 2023 to 3.91 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 44.64 in 2023 to 16.01 by 2027, indicating improving valuation [1]

Investment Rating - The report maintains a "BUY" rating for Giant Biogene, indicating a potential return of over 15% over the next 12 months [3][12]. Core Insights - Giant Biogene reported strong performance in 2024, with revenue increasing by 57% year-over-year (YoY) to RMB 5.5 billion. Revenue from skincare products and medical dressing rose by 62.5% YoY and 41.5% YoY, respectively [1][2]. - The gross profit margin (GPM) declined from 83.6% in 2023 to 82.1% in 2024 due to the increased revenue proportion from skincare products and rising marketing costs [1]. - Online revenue surged by 70% YoY, contributing 71.6% to total revenue, which led to an increase in the selling expense ratio by 3.2 percentage points to 36.3% in 2024. Consequently, the attributable net profit margin (NPM) decreased by 4 percentage points to 37.2% [1][2]. Financial Summary - For FY24, revenue is projected at RMB 5,539 million, with a YoY growth of 57.2%. The adjusted net profit is expected to be RMB 2,152 million, reflecting a YoY growth of 48.2% [2][13]. - The earnings estimates for FY25, FY26, and FY27 are RMB 7,138 million, RMB 9,320 million, and RMB 11,944 million, respectively, with corresponding YoY growth rates of 28.9%, 30.6%, and 28.2% [2][13]. - The price-to-earnings (P/E) ratio is projected to decrease from 42.4x in FY23 to 30.0x in FY24, indicating improved valuation metrics as earnings grow [2][13]. Target Price and Valuation - The target price for Giant Biogene is set at HK$ 79.96, representing an upside of 18.5% from the current price of HK$ 67.45 [3][10]. - The valuation is based on a discounted cash flow (DCF) model with a weighted average cost of capital (WACC) of 10.9% and a terminal growth rate of 3.0% [8][10]. Share Performance - The market capitalization of Giant Biogene is approximately HK$ 69.87 billion, with a 52-week high of HK$ 72.80 and a low of HK$ 35.70 [3][4]. - The stock has shown strong performance, with a 1-month increase of 5.8% and a 6-month increase of 39.6% [5].

Investment Rating - The report maintains a "Buy" rating for the company [11][18]. Core Views - The company achieved a revenue of 5.539 billion yuan in 2024, representing a year-on-year increase of 57.17%, with a net profit of 2.062 billion yuan, up 42.02% [1][4]. - The strong performance is driven by the core product lines, particularly the effective skincare products and medical dressings, which continue to show robust growth [2][4]. - The company is focusing on enhancing brand recognition through scientific marketing and expanding its product matrix in skincare and medical aesthetics [4][17]. Financial Performance - In 2024, the revenue breakdown shows effective skincare products generated 4.302 billion yuan (77.68% of total revenue, +62.52%), medical dressings contributed 1.218 billion yuan (21.99%, +41.51%), and health foods accounted for 0.018 billion yuan (0.33%, +15.0%) [2][14]. - The company’s gross margin for 2024 was 82.09%, slightly down by 1.54 percentage points, while the net profit margin was 37.22%, down by 3.97 percentage points [16][19]. - The company plans to distribute a cash dividend of 1.19 yuan per share [1][13]. Future Projections - Revenue forecasts for 2025-2027 are set at 7.056 billion yuan, 8.790 billion yuan, and 10.568 billion yuan, respectively, with net profits projected at 2.538 billion yuan, 3.189 billion yuan, and 3.867 billion yuan [4][17]. - The expected price-to-earnings (PE) ratios for the same period are 25x, 20x, and 17x [4][18]. Marketing and Sales Strategy - The company increased its sales expenses to 2.008 billion yuan in 2024, reflecting a 72.46% increase, primarily due to enhanced online marketing efforts [3][15]. - Direct sales accounted for 4.134 billion yuan (74.64% of total revenue), with significant contributions from both online and offline channels [2][14]. Research and Development - The company continues to invest in R&D, with expenses reaching 1.06 billion yuan in 2024, representing a 42.06% increase [3][15]. - The product pipeline includes over 180 projects across various fields, ensuring long-term growth potential [16][19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to achieve impressive performance in 2024, with a revenue growth of 57.2% and a net profit growth of 42.1% [6] - The company's flagship brands are showing strong momentum, with significant contributions from key products like collagen sticks and new launches in the skincare segment [6] - The company is well-positioned in a high-growth sector, with a clear growth path and strong medium to long-term earnings visibility [6] Financial Performance Summary - Revenue for 2024 is projected at 55.4 billion RMB, with a year-on-year growth of 57.2% [6] - Net profit for 2024 is expected to be 20.6 billion RMB, reflecting a 42.1% increase [6] - The company anticipates continued growth in net profit for 2025-2027, with estimates of 27.5 billion RMB, 34.1 billion RMB, and 40.4 billion RMB respectively, representing growth rates of 33.4%, 23.9%, and 18.6% [6][7] Revenue and Profit Forecast - Revenue projections for the next few years are as follows: - 2025: 7,477.13 million RMB (35.0% growth) - 2026: 9,170.26 million RMB (22.6% growth) - 2027: 10,731.91 million RMB (17.0% growth) [5][7] - The company's gross margin is expected to remain high, around 81.8% in 2025 [7] Brand Performance - The brand "可复美" contributed 45.4 billion RMB in revenue for 2024, with a growth of 62.9%, accounting for 82% of total revenue [6] - The brand "可丽金" generated 8.4 billion RMB in revenue, growing by 36.3% and representing 15% of total revenue [6] Market Strategy - The company employs a multi-channel strategy, combining online and offline sales to effectively reach consumers [6] - It has expanded its presence in both public and private healthcare institutions, with products available in approximately 1,700 public hospitals and 3,000 private clinics [6]