Investment Rating - Buy | Maintain [2] Core Viewpoints - 24H1 performance exceeded expectations with a 47% YoY increase in net profit attributable to the parent company [3] - Revenue for 24H1 reached RMB 2.54 billion, a 58.21% YoY increase, with net profit attributable to the parent company at RMB 983 million, up 47.41% YoY [3] - Adjusted net profit for 24H1 was RMB 1.027 billion, a 51.77% YoY increase [3] - Gross margin for 24H1 was 82.4%, down 1.74 percentage points YoY due to product expansion and increased sales costs [3] - Sales expense ratio for 24H1 was 35.11%, up 0.54 percentage points YoY, driven by rapid expansion of online direct sales channels [3] - Management expense ratio for 24H1 was 2.58%, down 0.37 percentage points YoY, while R&D expense ratio was 1.92%, down 0.2 percentage points YoY [3] Brand and Channel Performance - Kefumei brand revenue for 24H1 was RMB 2.071 billion, a 68.6% YoY increase, driven by the star product "Collagen Stick" and new product "Focus Series" [4] - Kelijing brand revenue for 24H1 was RMB 396 million, a 23.6% YoY increase, with new products like "Collagen Eye Cream" and "Collagen Face Cream" contributing to growth [4] - Direct sales channels accounted for 72.4% of total revenue in 24H1, with DTC online direct sales contributing 63.1%, a 64.1% YoY increase [4] - Distribution channels accounted for 27.6% of total revenue, up 34.4% YoY [4] - Online sales on platforms like Tmall and Douyin grew rapidly, with Kefumei and Kelijing achieving over 60% and 100% growth respectively during the 618 shopping festival [4] - Offline channels covered approximately 1,500 public hospitals, 2,700 private hospitals and clinics (200 more than in 2023), 650 chain pharmacies, and around 6,000 CS/KA stores [4] - The company opened about 10 new stores in key cities like Xi'an, Chongqing, and Chengdu, and launched its first flagship store in June [4] Production and Expansion - The company added one new production line each for cosmetics and medical devices in 24H1 [4] - A new medical device factory is expected to be operational within the year [4] Financial Forecast - The company is expected to achieve net profit attributable to the parent company of RMB 1.951 billion, RMB 2.435 billion, and RMB 2.957 billion for 2024, 2025, and 2026 respectively [5] - The corresponding P/E ratios are 19x, 16x, and 13x for 2024, 2025, and 2026 respectively [5] Industry Position - The company is a leader in collagen-based professional skin care products in China, with a strong focus on R&D and a portfolio of eight consumer brands [5]

Investment Rating - The report maintains a "Buy" rating for Giant Biogene (2367 HK) with a target price of HKD 52 0, implying a potential upside of 27 5% from the current price of HKD 40 8 [4][2] Core Views - Giant Biogene's 1H24 results exceeded expectations, with revenue and net profit growing 58 2% and 47 4% YoY, respectively, surpassing both the company's guidance and market expectations [2] - The strong performance was driven by the Kefumei brand, which saw a 68 6% YoY revenue increase, contributing 81 5% of total revenue [2] - Online sales grew 69 3% YoY, accounting for 69 7% of total revenue, reflecting the company's successful e-commerce strategy [2] - Management raised full-year guidance, expecting revenue growth slightly above 40% and adjusted net profit growth of around 35%, demonstrating confidence in achieving targets [2] - The company's long-term growth is supported by product matrix expansion and omnichannel development, with new products performing well during the 618 shopping festival [2] - The approval timeline for medical aesthetic products has been delayed to 1Q25 due to stricter regulatory requirements, but the impact on profitability is expected to be limited [2] Financial Performance and Forecasts - Revenue is projected to grow from RMB 3 524 million in 2023 to RMB 9 025 million in 2026, with a CAGR of 37 0% [3] - Net profit is expected to increase from RMB 1 452 million in 2023 to RMB 3 322 million in 2026, with a CAGR of 31 0% [3] - The company's gross margin remains strong, forecasted at 82 3% in 2024 and 81 9% in 2026 [3] - ROE is expected to stabilize around 32% from 2024 to 2026, down from 52 0% in 2022, reflecting the company's maturing growth profile [3] - The PE ratio is projected to decline from 25 7x in 2023 to 11 8x in 2026, indicating improving valuation attractiveness [3] Industry Context - Giant Biogene operates in the cosmetics industry, which is highly competitive, particularly in the online channel [2] - The company's focus on collagen-based products and medical aesthetics positions it well in the premium skincare segment [2] - The delay in medical aesthetic product approvals highlights the increasing regulatory scrutiny in the industry [2] Peer Comparison - Among covered cosmetics companies, Giant Biogene has a "Buy" rating, similar to Proya (603605 CH) and Betaine (300957 CH), while Huaxi Biotech (688363 CH) has a "Hold" rating [9] - The target price implies a 2024E PE of 19 8x, which is lower than some peers like Proya (24 4x) but higher than Betaine (14 5x) [9][3]

公司 8 月 19 日公告 24H1 营收 25.4 亿元、同增 58%、环比 2H23增32%，归母净利润9.83亿元、同增47%、环比增25%， 经调整净利润 10.27 亿元、同增 52%、环比增 30%，收入与利 润均超预期。 "线下向线上+敷料向护肤"持续升级下毛利率下降、销售 费用率提升、净利率下降整体可控。1H24 毛利 率同 比1.7%、环比-0.8PCT，销售费用率同比+0.54PC T 、 环 比 +3.35PCT；管理/研发费用率分别同比-0.37/-0.2PCT、环比 +0.02/-0.22PCT；归母净利率 38.7%、同比-2.8PCT，环比2.2PCT。 可复美延续靓丽，大单品矩阵稳步推进，无需过度担忧2H23 高基数效应。1H24 可复美营收 20.71 亿元、同比+69%，大单 品胶原棒势能延续+产品矩阵（焦点/秩序系列持续上新等） 完善拉动继续高增（23H1/H2 同比+101%/+56%）。第一大单品 胶原棒老客复购良好、新客占比高，仍处于快速成长阶段； 全新焦点系列聚焦皮肤亚状态人群（与胶原棒差异 化定 位），焦点面霜起量节奏良好、有望成为下一大单品。据蝉 妈妈+炼丹炉 ...

证券研究报告·海外公司点评·化妆品 巨子生物（02367.HK） 2024 年半年报点评：业绩超预期，重组胶原 蛋白龙头地位稳固 2024 年 08 月 20 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2375 | 3526 | 5018 | 6613 | 8352 | | 同比 (%) | 52.70 | 48.47 | 42.32 | 31.78 | 26.30 | | 归母净利润（百万元） | 1002 | 1452 | 1955 | 2465 | 3011 | | 同比 (%) | 21.00 | 44.88 | 34.66 | 26.09 | 22.15 | | EPS- 最新摊薄（元 / 股） | 0.97 | 1.41 | 1.90 | 2.40 ...

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 ...

2024 年 8 月 20 日 公司研究 上半年业绩表现超预期，公司产品结构持续优化 ——巨子生物（2367.HK）2024 年中报点评 买入（维持） 当前价：40.35 港元 要点 事件： 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com 股价相对走势 市场数据 | --- | --- | |-----------------------|-------------| | 总股本(亿股) | 10.28 | | 总市值(亿港元)： | 414.89 | | 一年最低/最高(港元)： | 28.17/53.30 | | 近 3 月换手率： | 102.13 % | 收益表现 | --- | --- | --- | --- | |-------|-------|---------------|-------| | % | 1M | 3M | 1Y | | 相对 | -1.76 | -20.51 | 19.51 | | 绝对 | -1.76 | -20.51 ...

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 ...