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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 60.83, indicating a potential upside of 32.5% from the current price of HKD 45.90 [3][27]. Core Insights - The company has demonstrated strong online sales growth during the "618" shopping festival, with its brand "可复美" achieving over 60% year-on-year growth in GMV, while "可丽金" saw over 100% growth [1][11]. - The report highlights the successful performance of key products, particularly the collagen sticks and new focus cream, which have significantly contributed to the overall growth of the brand [1][11]. - The company is expected to continue its growth trajectory, especially with the anticipated approval of injectable collagen products within the year [1][27]. Financial Performance Summary - Sales revenue is projected to grow from RMB 4,636 million in FY24 to RMB 7,682 million in FY26, reflecting a compound annual growth rate (CAGR) of approximately 30% [2][27]. - The net profit is expected to increase from RMB 1,738 million in FY24 to RMB 2,791 million in FY26, indicating a strong profitability outlook [2][27]. - The gross margin is forecasted to remain stable around 83% over the next few years, showcasing the company's strong pricing power and cost management [2][27]. Market Positioning - The company ranks 11th in the Tmall fast-moving consumer goods sales ranking and 9th in the Douyin beauty list during the "618" festival, indicating a strong market presence among domestic brands [1][9][10]. - The report notes that the company's core products have maintained top positions in their respective categories on major e-commerce platforms, further solidifying its competitive advantage [1][11]. Valuation Metrics - The target price corresponds to a 23.2x adjusted P/E ratio for FY24 and an 18.8x adjusted P/E ratio for FY25, suggesting that the stock is attractively valued relative to its growth prospects [1][27]. - The DCF analysis indicates a fair value of HKD 60.83 per share, based on a WACC of 10.6% and a perpetual growth rate of 3.0% [24][27].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5][7]. Core Views - The recombinant collagen industry is experiencing high demand, with significant growth potential in market penetration. The medical dressing and functional skincare markets are projected to grow substantially, with expected CAGRs of 28.8% and 55.0% from 2022 to 2027, respectively [3][4]. - The company is a leader in recombinant collagen, having successfully developed and mass-produced recombinant collagen products. Its flagship brands, Kefu Mei and Keli Jin, are key revenue drivers, with a revenue CAGR of 38.5% from 2019 to 2023 [3][4][19]. - The company's competitive advantage is built on a robust product, channel, and R&D strategy, with a strong focus on professional skincare and a well-established sales network [4][9]. Summary by Sections Company Overview - The company is the first globally to achieve mass production of recombinant collagen products, focusing on functional skincare, medical devices, and special medical foods. It has eight brands and over 100 SKUs [15][19]. - The management team is experienced, with a strong background in biotechnology and a proven track record in the industry [16][17]. Market Potential - The recombinant collagen market is expected to grow significantly, with the medical dressing and functional skincare markets projected to reach $25.5 billion and $64.5 billion by 2027, respectively [3][4][25]. - The company is well-positioned to capitalize on this growth due to its innovative products and strong market presence [9][28]. Financial Performance - The company achieved a revenue of 35.3 billion yuan in 2023, with a year-on-year growth of 48.5%. The net profit attributable to shareholders was 13.7 billion yuan, reflecting a 41.7% increase [19][20]. - The report forecasts revenues of 47.0 billion, 60.8 billion, and 75.6 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 18.6 billion, 23.1 billion, and 28.2 billion yuan [5][7]. Product and R&D Strategy - The company has a diverse product matrix, with a strong focus on high-demand skincare products. The flagship brands are performing well, contributing to a 99.5% revenue share from professional skincare products in 2023 [22][23]. - The R&D efforts are robust, with 93 patents filed and a strong pipeline of new products expected to drive future growth [4][8].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of HKD 55.90 to HKD 59.40 per share [5]. Core Viewpoints - The company is a leader in collagen protein, with 24 years of R&D strength solidifying its product capabilities in beauty and healthcare. It focuses on functional skincare products, medical devices, and functional foods [1][22]. - In 2023, the company achieved revenue of HKD 35.2 billion, a year-on-year increase of 49.1%, and a net profit of HKD 14.5 billion, up 44.9%, primarily driven by the rapid growth of its functional skincare brand [1][38]. - The collagen market has significant penetration potential, with the Chinese collagen product market expected to grow from HKD 28.8 billion in 2021 to HKD 54.7 billion by 2025, at a compound annual growth rate of 50% [1][45]. Summary by Sections Company Overview - The company is recognized as a global leader in recombinant collagen, having pioneered the development and mass production of recombinant collagen since its establishment in 2000 [22][1]. - It has a concentrated shareholding structure, with the founders holding 59.23% of the shares, ensuring strong management control [28][30]. Financial Analysis - The company reported a significant increase in revenue and net profit in 2023, with revenue from skincare products reaching HKD 35.08 billion, a year-on-year increase of 51.1% [39][38]. - The gross margin and net margin for 2023 were 83.63% and 41.09%, respectively, reflecting a slight decrease from the previous year due to increased sales costs [42][38]. Industry Analysis - The recombinant collagen market is in its early stages of explosive growth, with the company positioned to benefit from its established brand recognition and product offerings [2][1]. - The report highlights the expanding applications of collagen in various sectors, including medical and cosmetic industries, driven by increasing consumer demand for effective skincare solutions [45][1]. Product and R&D - The company has developed a comprehensive collagen molecular library and is actively involved in the rapid industrialization of its products, with a focus on differentiated skincare brands [1][22]. - The report emphasizes the company's commitment to R&D, which has enabled it to maintain a competitive edge in the market [1][22]. Profit Forecast and Valuation - The company is expected to achieve net profits of HKD 17.47 billion, HKD 22.45 billion, and HKD 26.90 billion for the years 2024 to 2026, respectively [2][3]. - The report provides a detailed financial forecast, indicating a strong growth trajectory supported by the anticipated approval of medical injection products [2][3].

M N 2024 年 5 月 20 日 招银国际环球市场 | 睿智投资 | 公司更新 巨子生物 (2367 HK) 产品周期向上，期待大促靓丽表现 目标价 60.83港元 巨子生物在 5月 17日公告以 49.40港元/股的价格配售3,322万股，约占公司已发行 (此前目标价 57.14港元) 股份的3.34%，及经配发及发行认购股份扩大后的股份的3.23%。配售价格较5月16 潜在升幅 22.0% 日收市价折让约 6.7%。预计配售所得款项净额约为 16.27亿港元，资金用途为：1） 当前股价 49.85港元 约90%拟用于核心业务的发展及生态圈布局，包括但不限于品牌推广、市场营销及研 中国医药 发投入；及 2）约 10%拟用于补充流动资金及作一般企业用途。截至 2023 年底，公 武 煜, CFA 司在手净现金为25.0亿元，另有金融资产12.7亿元。2023年公司经营现金流为16.5 (852) 3900 0842 亿元。我们预计公司将借助充足的现金储备打造品牌影响力，进一步丰富产品线布 jillwu@cmbi.com.hk 局。 王云逸  巨子生物推新势头延续，产品矩阵持续完善。今年以来，可复美和可 ...

Financial Performance - Revenue for 2023 reached RMB 3,524.1 million, a 49.0% increase from RMB 2,364.4 million in 2022[7] - Gross profit for 2023 was RMB 2,947.1 million, reflecting a 47.7% growth compared to RMB 1,995.2 million in 2022[7] - Net profit for 2023 amounted to RMB 1,448.2 million, up 44.6% from RMB 1,001.6 million in 2022[7] - Pre-tax profit for 2023 was RMB 1,745.1 million, a 48.2% increase from RMB 1,177.7 million in 2022[7] - Adjusted net profit for 2023 (non-IFRS measure) was RMB 1,468.7 million, a 39.0% increase from RMB 1,056.4 million in 2022[7] - Total revenue for the year ended December 31, 2023, was RMB 3,524.1 million, a 49.0% increase from RMB 2,364.4 million in 2022[34] - Total revenue for 2023 was RMB 3,524.1 million, up 48.9% from RMB 2,364.4 million in 2022[42] - Gross profit for 2023 was RMB 2,947.1 million, a 47.7% increase from RMB 1,995.2 million in 2022, with a gross margin of 83.6%[48] - Basic earnings per share rose by 50.5% to RMB 1.49 in 2023, compared to RMB 0.99 in 2022[56] Research and Development - Research and development investment increased by 70% year-on-year in 2023, with 93 patents granted or pending[10] - Research and development expenses amounted to RMB 750 million, a 70.5% increase year-on-year, accounting for 2.1% of revenue[15] - The company holds 93 authorized and pending patents, with 13 new patents added during the reporting period[16] - The company plans to increase R&D investment in 2024 to enhance product categories and clinical approval for medical devices[33] - The company is investing in R&D for new technologies, with a budget allocation of $10 million for the upcoming year[149] Sales and Distribution - Direct sales channel revenue grew over 70% year-on-year, with 4,000 offline locations and over 6,000 supermarkets entered[11] - Direct sales revenue amounted to RMB 2,420.5 million, accounting for 68.7% of total revenue, with a year-on-year increase of 9.4 percentage points[29] - Revenue from professional skincare products reached RMB 2,647.3 million, accounting for 75.1% of total revenue, up from 66.0% in 2022[35] - Revenue from sales to distributors was RMB 1,103.6 million, a 14.6% increase, making up 31.3% of total revenue[40] - Revenue from online direct sales on e-commerce platforms increased by 42.7% to RMB 177.5 million, accounting for 5.0% of total revenue[38] - Offline direct sales revenue rose by 39.6% to RMB 88.5 million, representing 2.5% of total revenue[39] Brand Performance - The Kefu Mei brand generated nearly RMB 2.8 billion in revenue, growing over 70% year-on-year[14] - Brand revenue for 可复美 reached RMB 2,788.3 million, representing a 72.9% increase compared to the same period in 2022[22] - 可丽金 achieved brand revenue of RMB 616.6 million, remaining flat compared to the same period in 2022[24] - During the 618 shopping festival, 可复美 and 可丽金's online GMV growth exceeded 165% and 70% respectively, while during the Double Eleven festival, growth exceeded 100% and 50% respectively[29] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests[153] - The board consists of executive directors and independent non-executive directors, ensuring compliance with listing rules regarding independence[156][157] - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the reporting period, except for a deviation regarding the separation of roles between the chairman and CEO[153][159] - The company has established a board diversity policy that considers various diversity indicators, including gender, age, cultural background, and professional qualifications[185] Employee Management - As of December 31, 2023, the company had a total of 1,164 full-time employees, with 33.8% in production, 14.2% in R&D, 33.5% in sales and marketing, and 18.5% in general and administration[108] - The company has implemented a comprehensive training program for new and existing employees to ensure competency in their roles[108] - The company aims to recruit employees with relevant educational backgrounds or industry experience through campus recruitment and experienced hiring[190] Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion[149] - Plans for market expansion include entering three new international markets by Q4 2024, targeting a 20% increase in market share[149] - The company is considering strategic acquisitions to enhance its product portfolio, with potential targets identified in the biotech sector[149] Risk Management - The company faces various operational risks, including changes in the regulatory environment in China and competition from other market participants[195] - The company has established a risk management and internal control system to address operational risks, which includes policies and procedures deemed suitable for its business operations[195] - The company conducts annual risk identification and assessment to improve its risk management system and may set occupational health and safety goals as needed[197] Awards and Recognition - The company received multiple quality and sustainability awards, including "National Quality Integrity Benchmark Enterprise" and "Green Factory of Shaanxi Province" in 2023[31] - The company has received multiple awards for technological innovation and contributions to the field, highlighting its commitment to excellence[151]

证券研究报告 公 2024年04月25日 司 报 告 巨子生物（02367） │ 行 业： 美容护理/化妆品 港 投资评级： 买入（维持） 股 - 可复美大单品放量延续，关注医美产品获批催化 当前价格： 48.00港元 公 目标价格： 61.29港元 司 点 事件： 基本数据 评 研 公司发布2023年年报：2023年营收35.24亿元（同比+49.0%），归母净利 总股本/流通股本(百万股) 995.00/995.00 究 润14.52亿元（同比+44.9%），经调整净利润14.69亿元（同比+39.0%）。 流通市值(百万港元) 47,760.00 ➢ 可复美线上直销驱动，可丽金渠道结构调整期 每股净资产(元) 3.83 受益于线上多平台精细化运营与可复美胶原棒精华快速放量，2023年线上 资产负债率(%) 9.30 直销收入同比增长77.5%/营收占比提升至61.2%。可丽金2023年处于渠道 一年内最高/最低(港元) 48.20/28.40 调整期与产品培育期，收入同比基本持平。受品类结构与渠道结构调整影 响，2023年综合毛利率由2022年的84.4%降至83.6%，归母净利率由42.4% 股价相对 ...

Company Overview - The report focuses on Giant Biogene (2367 HK), a company specializing in recombinant collagen-based skincare products and rare ginsenoside-based health supplements [1] - The company is the first globally to achieve mass production of recombinant collagen skincare products and the first in China to obtain a medical device registration certificate for recombinant collagen products [3] - Giant Biogene has a portfolio of 8 major brands with over 100 product SKUs as of the end of 2023 [19] Industry Analysis Recombinant Collagen Market - The recombinant collagen market is expected to grow rapidly, with penetration increasing from 15 9% in 2017 to 62 3% by 2027 [2] - Recombinant collagen offers advantages over animal-derived collagen, including higher bioactivity, better biocompatibility, lower immunogenicity, and easier transportation and storage [13] - The market size for recombinant collagen in functional skincare, medical dressings, and skin rejuvenation is projected to reach 64 5 billion, 25 5 billion, and 12 1 billion yuan respectively by 2027, with a total market size of 108 3 billion yuan [17] Rare Ginsenoside Market - Rare ginsenosides, derived from ginseng, have stronger biological activity and are more easily absorbed by the human body compared to prototype ginsenosides [18] - The market size for rare ginsenoside-based health foods in China is expected to grow from 645 4 million yuan in 2021 to 1 56 billion yuan by 2027 [18] Business Performance - In 2023, the company achieved revenue of 3 52 billion yuan, a 49 05% year-on-year increase, and net profit of 1 45 billion yuan, a 44 59% increase [23] - The flagship brand Kefumei contributed 79 1% of total revenue, growing 72 9% year-on-year to 2 79 billion yuan [23] - The company's gross margin was 84 4% in 2023, with a net profit margin of 41 09% [23] Growth Drivers - The company is expected to obtain two new Class III medical device registrations in 2024 for recombinant collagen liquid and solid formulations, targeting anti-aging applications [4] - The company expanded its production capacity in 2023, adding 2 new recombinant collagen production lines, 4 cosmetic production lines, and 2 medical device production lines [22] - Online sales channels showed strong growth, with Kefumei and Kelijing achieving GMV growth rates exceeding 165% and 70% respectively during the 618 shopping festival [20] Financial Projections - Revenue is forecasted to grow from 4 83 billion yuan in 2024 to 8 07 billion yuan in 2026, representing a CAGR of 29 52% [35] - Net profit is projected to increase from 1 80 billion yuan in 2024 to 2 76 billion yuan in 2026 [35] - EPS is expected to grow from 1 81 yuan in 2024 to 2 78 yuan in 2026 [35] Valuation - The report gives a 6-month target price of 61 54 yuan per share, representing a 21 74% upside from the current price [43] - The company is valued at 24X-35X PE, corresponding to a reasonable valuation range of 43 44-63 35 yuan per share [37] - Using DCF valuation, the intrinsic value per share is estimated at 63 62 yuan [39]

证券研究报告 | 年报点评报告 2024年04月12日 巨子生物（02367.HK） 公司业绩实现亮眼高增，稳步推进妆械协同发展 2023年业绩亮眼，营收/归母净利润分别同增49%/45%。2023年公司实现营业 买入（维持） 收入35.24亿元（yoy+49.0%），实现归母净利润14.52亿元（yoy+44.9%），实 股票信息 现经调整净利润 14.69 亿元（yoy+39.0%）。2023 年公司毛利率为 83.6%，同比 -0.8pcts，主要系销售成本增加及产品结构变化；费用率方面，销售费用率为33.0%， 行业 生物技术 同比+3.1pcts，主要系线上直销渠道快速扩张致营销投入增加；管理费用率为2.7%， 前次评级 买入 同比-2.0pcts，主要系上市费用开支减少；研发费用率为 2.1%，同比+0.2pcts，主 4月11日收盘价(港元) 42.65 要系公司持续投入基础研究与产品研发及研发人员薪酬增加。2023年公司整体经调 总市值(百万港元) 42,436.75 整净利率41.7%，同比-3.0pcts。 总股本(百万股) 995.00 功效性护肤品收入同增69.5%，研发储备驱动品牌势 ...