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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [2]. Core Insights - The company reported a significant revenue increase of 58.2% year-over-year (YoY) for the first half of 2024, with a net profit of 9.8 billion RMB, reflecting a 51.8% YoY growth [2]. - The growth is driven by strong performance in key products and the successful launch of new items, particularly in the skincare segment, which has seen a 68.6% increase in revenue [2]. - The company is expanding its offline channels while optimizing online operations, resulting in a 69.7% increase in offline sales and a 34.3% increase in online sales [2]. Financial Performance - Revenue for the first half of 2024 reached 18.4 billion RMB, with a gross margin of 40.4%, slightly down by 1.7 percentage points YoY [2]. - The adjusted net profit for the same period was 10.3 billion RMB, with a net profit margin of 82.4% [2]. - The company expects continued revenue growth with projected annual increases of 34.5%, 33.5%, and 29.7% for 2024 to 2026 [2]. Product and Market Strategy - The company is focusing on expanding its product matrix and enhancing brand influence through targeted marketing strategies [2]. - Key products such as collagen sticks and new skincare items have shown strong market performance, contributing significantly to revenue growth [2]. - The company is also increasing its presence in private hospitals and clinics, with approximately 2,700 locations targeted by the end of the first half of 2024 [2].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown strong performance in the first half of 2024, with revenue reaching 2.54 billion (+58.2%) and net profit at 983 million (+47.4%), both exceeding market expectations [5][6] - The gross margin is reported at 82.4%, slightly down by 1.7 percentage points, influenced by product category expansion and increased sales costs [5] - The company is focusing on expanding its product matrix and enhancing its brand presence through direct sales and e-commerce channels, with significant growth in both areas [5][6] Financial Performance Summary - Revenue and profit forecasts for 2024-2026 have been revised upwards to 5.03 billion, 6.57 billion, and 8.19 billion respectively, with net profits adjusted to 1.95 billion, 2.55 billion, and 3.17 billion [5][6] - The company’s P/E ratios for the next three years are projected at 19.54X, 14.98X, and 12.06X, indicating a favorable valuation trend [5][6] - The company has a strong market position with its flagship products performing well in major e-commerce events, such as the 618 shopping festival, where it ranked among the top brands [5][6] Market Position and Strategy - The company is leveraging its dual-brand strategy, with "可复美" and "可丽金" showing robust growth, particularly in online sales channels [5][6] - The direct-to-consumer (DTC) sales channel has seen a revenue increase of 64% in the first half of 2024, driven by high growth on platforms like Tmall and Douyin [5][6] - The medical aesthetics segment is expected to contribute significantly to future growth, with several collagen injection products in the pipeline [5][6]

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， ...

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 2,540.4 million, representing a 58.2% increase compared to RMB 1,605.7 million in the same period of 2023[2] - Gross profit for the same period was RMB 2,093.2 million, up 54.9% from RMB 1,351.0 million year-over-year[2] - Net profit attributable to shareholders was RMB 983.2 million, reflecting a 47.4% increase from RMB 666.9 million in the prior year[2] - Adjusted net profit (non-IFRS measure) for the period was RMB 1,026.6 million, a 51.8% increase compared to RMB 676.4 million in 2023[2] - Basic earnings per share increased to RMB 0.99, up 47.8% from RMB 0.67 in the previous year[4] - The total comprehensive income for the period was RMB 982.1 million, compared to RMB 666.0 million in the same period last year[4] - The company reported a pre-tax profit of RMB 1,155.2 million, which is a 49.0% increase from RMB 775.6 million in 2023[3] - The total tax expense for the period amounted to RMB 174.64 million, compared to RMB 109.56 million in the previous year[24] - Profit for the six months ended June 30, 2024, was RMB 980.6 million, representing a 47.2% increase from RMB 666.0 million for the same period in 2023[88] Assets and Liabilities - Non-current assets increased to RMB 1,092,431 thousand as of June 30, 2024, compared to RMB 837,999 thousand as of December 31, 2023, reflecting a growth of 30.4%[6] - Current assets rose significantly to RMB 6,688,210 thousand, up from RMB 4,135,079 thousand, marking an increase of 61.8%[6] - Total liabilities increased to RMB 1,805,793 thousand, up from RMB 1,061,228 thousand, indicating a rise of 70.0%[7] - The net asset value reached RMB 5,974,848 thousand, compared to RMB 4,371,050 thousand, showing an increase of 36.7%[7] - The company’s total equity increased to RMB 5,974,848 thousand, compared to RMB 4,371,050 thousand, indicating a growth of 36.7%[7] - The company’s non-current liabilities decreased to RMB 50,146 thousand from RMB 71,416 thousand, a reduction of 29.8%[7] Revenue Sources - Customer contract revenue for the six months ended June 30, 2024, was RMB 2,540,432 thousand, representing a 58% increase from RMB 1,605,698 thousand in the same period of 2023[17] - Revenue from professional skin care products reached RMB 1,939.6 million, accounting for 76.4% of total revenue, up from 74.5% in the previous year[63] - Revenue from health food and other products was RMB 8.6 million, representing 0.3% of total revenue, down from 0.7% in the previous year[63] - Revenue from the Kewemi brand was RMB 2,070.9 million, a 68.6% increase year-over-year, accounting for 81.5% of total revenue[73] - Revenue from the Keli Jin brand was RMB 396.1 million, a 23.6% increase year-over-year, representing 15.6% of total revenue[75] Expenses - Sales and distribution expenses for the period were RMB 892.0 million, compared to RMB 555.2 million in the previous year[3] - Research and development expenses for the period were RMB 1,338.0 million, reflecting the company's commitment to innovation[3] - The group reported a significant increase in employee benefits expenses, including salaries and wages, which rose to RMB 81,757 thousand from RMB 51,819 thousand in the previous year[21] - Administrative expenses for the six months ended June 30, 2024, were RMB 65.7 million, an increase of 38.3% compared to RMB 47.5 million for the same period in 2023, primarily due to increased employee compensation from a rise in management personnel[85] - Total sales cost for the six months ended June 30, 2024, was RMB 447.2 million, a 75.6% increase from RMB 254.7 million in the same period of 2023[78] Market Strategy and Development - The company plans to continue expanding its market presence and investing in new product development to sustain growth[2] - The company continues to focus on R&D for new technologies and products, aiming to expand its market presence and optimize channel operations[36] - The company is focused on developing a comprehensive skincare solution with a series of new products set to launch in the coming months[44] - The company has launched a new "Focus Series" targeting skin conditions caused by lifestyle factors, with the first product achieving top rankings in e-commerce during promotional events[44] - The company continues to enhance its product matrix and expand its market presence through innovative marketing strategies and new product launches[40] Corporate Governance and Compliance - The company has committed to high standards of corporate governance, adhering to all applicable codes except for a deviation regarding the separation of the roles of Chairman and CEO[109][111] - The company has confirmed compliance with the standard code for securities trading by all directors during the reporting period[112] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the reporting period[108] Social Responsibility - The company actively participates in social responsibility initiatives, donating over RMB 5 million in products to support education workers and medical personnel[58] - The company initiated a bottle recycling program to advocate for sustainable development and engage consumers in environmental protection[50] Future Plans and Investments - The company plans to enhance R&D efforts and expand product offerings in the second half of 2024, focusing on new products and marketing strategies[61] - There are no significant future plans for major investments or acquisitions as of June 30, 2024[95]

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 ...