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]

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 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a strong performance in the first half of 2024, achieving revenue of 2.54 billion yuan, a year-on-year increase of 58.2%, and a net profit of 983 million yuan, up 47.4% [3][4] - The brand "可复美" continues to show high growth momentum, contributing significantly to revenue, with a 68.6% year-on-year increase in sales [3][4] - The company is expanding its product matrix and has successfully launched several new products, enhancing its market presence [4] - The gross profit margin for the first half of 2024 was 82.4%, with a slight year-on-year decline of 1.7 percentage points, indicating effective cost control despite increased sales expenses [4] Summary by Sections Market Performance - As of August 19, 2024, the closing price was 40.35 HKD, with a market capitalization of 414.89 million HKD [1] Financial Performance - For the first half of 2024, the company achieved a revenue of 2.54 billion yuan and a net profit of 983 million yuan, with adjusted net profit reaching 1.03 billion yuan [3] - The revenue contribution from the brand "可复美" was 2.07 billion yuan, representing 81.5% of total revenue, while "可丽金" contributed 396 million yuan [3][4] Product and Channel Performance - The direct-to-consumer (DTC) channel showed remarkable growth, with revenue increasing by 64.1% year-on-year, accounting for 63.1% of total revenue [3][4] - The company has expanded its product offerings, with successful launches in various categories, including skincare and medical dressings [4] Profitability and Valuation - The company maintains a leading profitability level in the industry, with a net profit margin of 38.4% despite a slight decline [4] - Future profit forecasts for 2024-2026 have been raised, with expected net profits of 1.94 billion, 2.56 billion, and 3.18 billion yuan respectively [4]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% [6][11]. Core Insights - The company reported a strong performance in the first half of 2024, with revenue reaching 2.54 billion yuan, a year-on-year increase of 58.2%, and a net profit of 980 million yuan, up 47.4% [4][6]. - The company's gross margin is at 82.4%, slightly down by 1.7 percentage points, attributed to increased sales costs and a higher proportion of lower-margin products [5][10]. - The company is positioned well in the collagen market, with significant growth expected in both skincare and medical applications, projecting net profits of 1.91 billion, 2.42 billion, and 2.92 billion yuan for 2024, 2025, and 2026 respectively [6][11]. Revenue and Profit Forecast - Revenue projections for the company are as follows: 4.95 billion yuan in 2024, 6.48 billion yuan in 2025, and 8.07 billion yuan in 2026, with corresponding growth rates of 40%, 31%, and 25% [4][11]. - The net profit forecast shows a growth trajectory with expected increases of 32%, 26%, and 20% for the years 2024, 2025, and 2026 respectively [6][11]. Sales Performance - The company's direct sales revenue reached 1.84 billion yuan, a 69.7% increase, with online direct sales contributing significantly to this growth [5][10]. - The brand "可复美" (Kefumei) achieved revenue of 2.07 billion yuan, growing 69%, while "可丽金" (Kelin) reported 400 million yuan, a 24% increase [5][10]. Market Positioning - The company is expanding its product matrix and enhancing brand visibility through strategic marketing, which has led to substantial growth in both online and offline sales channels [5][6]. - The report highlights the company's focus on innovation and product development, particularly in the collagen segment, which is expected to drive future growth [6][11].

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 ...