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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company reported a revenue of 3.524 billion yuan in 2023, representing a year-on-year growth of 49.05%. The net profit attributable to the parent company was 1.452 billion yuan, up 44.88% year-on-year, with an adjusted net profit of 1.469 billion yuan, reflecting a 39.03% increase. The diluted EPS was 1.48 yuan, marking a 51.02% growth. The company plans to distribute a dividend of 0.44 yuan per share (tax included) and a special dividend of 0.45 yuan per share (tax included) [4][6][9] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 3.524 billion yuan, a 49.05% increase from the previous year. The net profit attributable to the parent company was 1.452 billion yuan, up 44.88%, and the adjusted net profit was 1.469 billion yuan, reflecting a 39.03% increase. The diluted EPS was 1.48 yuan, a growth of 51.02% [4][6][9] - The gross profit margin decreased by 0.76 percentage points to 83.63% due to the expansion of product lines from medical dressings to skincare products [4][5] Product and Brand Performance - The professional skin care segment generated 3.508 billion yuan in revenue, a 51.10% increase, accounting for 99.55% of total revenue. The efficacy skincare products contributed 2.647 billion yuan, growing 69.52% and representing 72.12% of the main business revenue [4][5] - The company's main brand, "可复美," generated 2.788 billion yuan, a 72.86% increase, while "可丽金" saw a slight decline in revenue to 103 million yuan, down 0.29% [4][5] Sales Channels - Direct sales through online DTC channels reached 2.155 billion yuan, a 77.49% increase, accounting for 61.14% of main business revenue. Online e-commerce platforms contributed 178 million yuan, up 42.57% [4][10] - The company has expanded its offline presence, covering approximately 1,500 public hospitals and 2,500 private hospitals and clinics by the end of 2023 [4][5] Future Outlook - The company is expected to achieve revenues of 4.670 billion yuan, 5.927 billion yuan, and 7.451 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 32.51%, 26.93%, and 25.71% [6][9] - The adjusted net profit is projected to be 1.867 billion yuan, 2.192 billion yuan, and 2.657 billion yuan for the same years, with growth rates of 27.10%, 17.45%, and 21.20% [9][13]

证券研究报告 ＃industryId＃ 消费行业 ＃02367.HK ＃巨dy子Com生pa物ny＃ 港股通（沪、深） ＃title＃ ＃investSuggestion＃ ＃ 持续扩充护肤品矩阵，注射产品即将上市 增持 维持 ( ） ＃createTime1＃ 2024年4月3日 投资要点 ＃市场ma数rk据etData＃ ＃ sum直ma销ry＃ 渠道收入快速增长：公司 2023 年收入 35.24 亿元人民币，同比增长 日期 2024.4.2 49.0%，其中DTC线上直销/电商平台线上直销/线下直销/经销商渠道收入 收盘价(港元) 43.85 分 别 为 21.55/1.78/0.89/11.04 亿 元 人 民 币 ， 占 比 分 别 为 总股本(亿股) 9.95 61.2%/5.0%/2.5%/31.3% ， 收 入 分 别 同 比 变 动 总市值(亿港元) 436 +77.5%/+42.7%/+39.6%/+14.6%，DTC线上直销渠道增速主要受益于精细化 总资产(亿元) 49.7 运营下天猫及抖音等渠道成长、精华类产销售等。录得毛利率83.6%，同比 净资产(亿元） 43.7 下降0.8个 ...

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨巨子生物（ ） 2367.HK [巨Ta子b生le_物Title] 年年报点评： 2023 业绩超出预期，肌肤焕活产品顺利推进 报告要点 [2T0a2b3le年_S巨um子m生a物ry营] 业收入为35.24亿元，同比增长49%，归母净利润为14.5亿元，同比增长 45%，实现经调净利润 14.7 亿元，同比增长 39%。公司董事会建议派发年末股息 0.44 元/股 （4.37亿元），以及特别股息0.45元/股（4.44亿元），合计8.81亿元。 ...

Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company reported a revenue of 3.524 billion yuan, an increase of 49% year-on-year, and a net profit attributable to shareholders of 1.452 billion yuan, up 44.9% [2]. - The company has a strong focus on expanding its cosmetic product line and advancing the approval process for injectable products [2]. - The company maintains a high dividend payout ratio of 61%, with a final dividend of 0.44 yuan per share and a special dividend of 0.45 yuan per share [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 35.24 billion yuan (+49%) and a net profit of 14.52 billion yuan (+44.9%) [2]. - Adjusted net profit, excluding share-based payments, was 14.69 billion yuan (+39%) [2]. - The gross margin was 83.6% (-0.8 percentage points), primarily due to the increased proportion of lower-margin cosmetic products [2]. - The net profit margin was 41.2% (-1.2 percentage points) [2]. Product Segments - The "Kefumei" brand saw a revenue increase of 73%, contributing approximately 80% of total revenue [2]. - The "Kailijin" brand experienced a slight decline in revenue by 0.3%, attributed to brand positioning and product strategy adjustments [2]. - The company is actively developing four new skin rejuvenation products and has a broad application space for collagen injectables [2]. Sales Channels - Direct-to-consumer (DTC) sales continued to grow, with DTC online revenue reaching 21.5 billion yuan (+77.5%), accounting for 61% of total revenue [2]. - The company has established a distribution network covering approximately 1,500 public hospitals, 2,500 private clinics, 6,000 chain pharmacies, and 650 CS/KA stores [2]. Future Projections - The company is projected to achieve revenues of 45.9 billion yuan, 57.5 billion yuan, and 69.9 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30.4%, 25.1%, and 21.6% [6]. - Net profit is expected to grow by 23.8%, 18.9%, and 17.8% for the same years, with corresponding EPS of 1.81, 2.15, and 2.53 yuan [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in its core products, with the launch of injection products imminent [1] - The brand "可复美" has matured in the medical dressing market, continuing to drive sales growth [1] - The company is leading the standardization of recombinant collagen protein, which is expected to benefit from a healthy competitive environment [1] - The upcoming launch of injection products is anticipated to accelerate the market penetration of its three-helix feature products [1] Financial Performance - In 2023, the company achieved revenue of 35.24 billion HKD, a year-on-year increase of 49.0%, and a net profit of 14.52 billion HKD, up 44.9% [1] - Adjusted net profit reached 14.69 billion HKD, reflecting a growth of 39.0% [1] - The core brand "可复美" generated revenue of 27.88 billion HKD, a 72.9% increase, accounting for 79.1% of total revenue [1] - The company expects continued high growth in net profit for 2024-2026, with projections of 19.22 billion HKD, 24.21 billion HKD, and 30.16 billion HKD respectively, representing year-on-year growth rates of 32%, 26%, and 25% [2][3] Product Development - The company has successfully launched multiple new products, including "可复美胶原乳" and "可复美次抛," which have received positive market feedback [1] - The company plans to obtain medical device certifications for two Class III products in mid-2024 and early 2025 [1] Market Position - The company holds a leading position in the recombinant collagen protein market, benefiting from its strong brand recognition and diverse product matrix [2] - The company's two main brands, "可复美" and "可丽金," accounted for over 96% of total revenue in 2023, indicating a strong dual-driver strategy for performance enhancement [1]

浦银国际研究 公司研究 | 消费行业 巨子生物（2367.HK）：品牌及渠道调整 桑若楠，CFA 驱动 2024 年高速增长 浦 消费分析师 银 serena_sang@spdbi.com 在线上渠道布局愈加完善以及可复美收入大幅扩张的背景下，巨子生 国 (852) 2808 6439 物 2023 年收入与净利润增速均高于市场预期。此外，公司首次派息， 际 综合派息率高达 61%。尽管面临高基数的压力中，我们认为公司在可 林闻嘉 丽金品牌调整完毕、线上渠道占比继续提升以及“以爆带新”的经营策 首席消费分析师 略下，公司在2024年仍将保持超指引的高速增长。巨子生物是我们在化 richard_lin@spdbi.com 妆品行业中首选，维持“买入”评级，并上调目标价至52港元。 (852) 2808 6433 公  线上渠道布局与线上营销相辅相成：2023 年，公司大力推进线上渠道 司 2024年3月27日 转化和线上营销运作，带动全年收入和净利润分别同比增长 49%和 研 45%，超市场预期。其中，线上直营收入占比同比提升近10pct 至68.7%。 究 这离不开成功的线上营销的辅助，使主力品牌可复美录得 ...

公司研 究 证 券研究 报 告 日用化学品 2024年03月28日 巨 子生物（02367.HK）2023年报点评 推 荐 （维持） 目标价：50.4港币 大单品方法论初显，看好妆械协同发展 当前价：42.55港元 事项： 华创证券研究所  23年公司实现营收35.24亿元，同比增长49.0%；实现归母净利润14.52亿元， 证券分析师：王薇娜 同比增长44.9%，实现经调整净利润14.69亿元，同比增长39.0%。23年公司 毛利率83.6%，同比略降0.8pct，归母净利率41.2%，同比略降1.0pct，仍维持 电话：010-66500993 相对高位。公司拟派发股息 0.44 元人民币/股（含税），特别股息 0.45 元人民 邮箱：wangweina@hcyjs.com 币/股（含税），综合派息率为61%。 执业编号：S0360517040002 证券分析师：吴晓婵  23下半年营收占比54.4%为19.2亿元，同比增长39.1%；归母净利润7.85亿 元，同比增长39.0%，毛利率83.2%，归母净利率41.6%。 邮箱：wuxiaochan@hcyjs.com 执业编 号：S036052307 ...

公司研究 | 动态跟踪 巨子生物 02367.HK 买入（维持） 业绩超预期，可复美明星单品表现强劲 股价（2024年03月27日） 42.55港元 目标价格 53.16港元 52周最高价/最低价 49.4/28.4港元 总股本/流通H股（万股） 99,500/99,500 H股市值（百万港币） 42,337 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司发布2023年业绩公告，实现营业收入35.2亿，同比增长49%，实现归母净利 报告发布日期 2024年03月28日 润14.5亿，同比增长44.9%，其中23H2收入和归母净利润分别增长39.1%和 39%，超市场预期。 1周 1月 3月 12月 ⚫ 明星单品表现优异，可复美品牌驱动业务收入高增。分品牌来看，2023年可复美/ 绝对表现% 1.55 18.52 26.26 -18.64 可丽金/其他品牌收入同比增长72.9%、-0.3%和14.3%，可复美为主要增长驱动， 相对表现% 2.46 20.89 27.66 -2.42 具体来看：1）渠道方面，公司持续拓展线上和线下销售渠道，优化运营策略，使得 恒生指数% -0.91 -2.37 -1.4 - ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown strong growth in its effective skincare product segment, with revenue reaching 3.508 billion yuan in 2023, a year-on-year increase of 51.1%. The effective skincare products alone generated 2.647 billion yuan, up 69.5%, accounting for 75.1% of total revenue, reflecting a 9.1 percentage point increase [5] - The direct-to-consumer (DTC) online sales channel achieved revenue of 2.155 billion yuan, a 77.5% increase year-on-year, indicating robust brand building and operational capabilities [6] - The company has successfully expanded its collagen product lines and is positioned to benefit from the high growth potential in the collagen market, with projected revenues of 4.869 billion yuan and 6.428 billion yuan for 2024 and 2025, respectively [8] Revenue Performance - In 2023, the company achieved total revenue of 3.524 billion yuan, a 49.0% increase year-on-year, with a net profit of 1.452 billion yuan, up 44.9% [7] - The effective skincare segment's revenue growth is supported by a significant increase in online sales, particularly through platforms like Tmall and Douyin [6] Financial Metrics - The company's gross margin decreased slightly by 0.8 percentage points to 83.6% due to increased sales costs and product line expansion [8] - The adjusted net profit for 2023 was 1.469 billion yuan, reflecting a 39.0% year-on-year growth [7] Market Position - The company is strategically positioned in the high-growth collagen market, with expectations for its medical-grade business to increase its revenue share [8] - The report anticipates that the company will achieve a comprehensive product coverage in the medical beauty sector with the approval of two new medical device products in 2024 [8]