Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The report highlights that despite pressures, the company has potential for growth through its focus on collagen products, new product launches, and advantages in medical channels [6][41]. - The collagen protein market is still in its growth phase, providing significant opportunities for the company as a market leader [9][30]. Summary by Sections Market Performance - The company's stock has shown a relative increase compared to the Hang Seng Index, with absolute growth rates of 5.37% over one month and 7.46% over two months [4]. Financial Data and Forecasts - Total revenue is projected to grow from 5.379 billion HKD in 2024 to 8.790 billion HKD in 2026, with year-on-year growth rates of 41.88%, 26.65%, and 23.17% respectively [5][41]. - Net profit is expected to increase from 2.060 billion HKD in 2024 to 3.213 billion HKD in 2026, with corresponding growth rates [5][41]. Investment Highlights - The report identifies three key areas of expectation: 1. **Collagen Product Ceiling**: Concerns exist regarding the sales ceiling of the collagen stick product, but the collagen market is still growing, indicating potential for expansion [6][9]. 2. **New Product Pipeline**: The company is expanding its product lineup, with new launches expected to contribute to revenue growth [12][18]. 3. **Medical Aesthetics Market**: The company is well-positioned in the medical aesthetics sector, with recent approvals for new products that could capture significant market share [30][39]. Product Performance - The collagen stick product has achieved significant sales, with projected sales of nearly 2.4 billion HKD in 2024, indicating strong market demand [6][7]. - New products, such as the focus cream, have exceeded expectations in early sales, contributing positively to the overall revenue [18][19]. Competitive Landscape - The report notes that while competition in the collagen market is increasing, the company’s established position and product offerings provide a competitive edge [23][30]. - The medical aesthetics market is characterized by high growth potential, with the company’s recent product approvals enhancing its market position [30][31].

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company has received exclusive patent approval for recombinant human type IV collagen, which is expected to significantly enhance its medical beauty business prospects [1][2]. - The recombinant human type IV collagen exhibits outstanding efficacy in skin repair and soothing, with proven biological activities such as enhancing barrier-related proteins and inhibiting inflammatory factors [1][2]. - The company is actively expanding its application of recombinant human type IV collagen, solidifying its position as a global leader in recombinant collagen [2]. - The company's medical beauty products have received priority approval, indicating strong growth potential for its recombinant collagen-related business [3]. - The company is expected to achieve adjusted net profits of 2.13 billion, 2.70 billion, and 3.24 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 45.1%, 26.6%, and 20.1% [3][4]. Financial Forecast - Revenue is projected to grow from 3.52 billion RMB in 2023 to 8.76 billion RMB in 2026, with growth rates of 49.0%, 50.6%, 33.6%, and 23.6% for the respective years [4][6]. - Adjusted net profit is forecasted to increase from 1.47 billion RMB in 2023 to 3.24 billion RMB in 2026, with growth rates of 39%, 45%, 27%, and 20% [4][6]. - The earnings per share (EPS) based on adjusted net profit is expected to rise from 1.42 RMB in 2024 to 3.13 RMB in 2026 [4][6].

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Viewpoints - The company has received exclusive patent approval for recombinant human type IV collagen, which opens new applications in the medical beauty sector [1][2]. - The recombinant human type IV collagen exhibits significant efficacy in skin repair and soothing, enhancing barrier-related proteins and inhibiting inflammatory factors [1][2]. - The company is actively expanding its product offerings and has established a strong position as a global leader in recombinant collagen [2][3]. - The medical beauty products have received priority approval, indicating strong growth potential for the company's collagen-related business [3]. - The company is expected to achieve adjusted net profits of 2.13 billion, 2.70 billion, and 3.24 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 45.1%, 26.6%, and 20.1% [3][4]. Financial Forecasts - Revenue projections are 5.31 billion, 7.09 billion, and 8.76 billion RMB for 2024, 2025, and 2026, reflecting growth rates of 50.6%, 33.6%, and 23.6% respectively [4][6]. - The earnings per share (EPS) based on adjusted net profit are forecasted to be 2.06, 2.60, and 3.13 RMB for 2024, 2025, and 2026 [4][6]. - The price-to-earnings (P/E) ratios are projected to be 26x, 21x, and 17x for the same years [4][6].

Investment Rating - Maintains a "Buy" rating with a target price of HKD 66 0, implying a potential upside of 23 8% from the current price of HKD 53 3 [1][4] Core Views - The company's management has raised the 2024 full-year performance guidance, expecting revenue growth of around 50% and net profit growth of around 40% [1] - The company's main brand, Kefumei, achieved a GMV growth of 78 1% in 2024, driven by strong performance during the "Double 11" shopping festival and new product launches [1] - The company has raised its 2024 performance guidance three times, reflecting strong confidence in achieving its targets [2] - The company is expected to maintain high growth in 2025, driven by the expansion of key products and improved brand strength of its two major brands, Kefumei and Kelijing [2] - The company's medical aesthetic products are expected to be approved as scheduled, with the injection recombinant collagen product for eye wrinkles expected to be approved in Q1 2025 [3] Financial Performance and Forecasts - Revenue for 2024E is expected to reach RMB 5,377 million, a 52 6% YoY increase, with net profit expected to reach RMB 2,044 million, a 40 8% YoY increase [9] - The company's gross margin is expected to remain stable at around 82 3% in 2024E, with an operating margin of 42 4% [10] - The company's ROE is expected to be 34 7% in 2024E, gradually declining to 32 4% by 2026E [9] - The company's PE ratio is expected to decrease from 24 6x in 2024E to 15 0x in 2026E, reflecting strong earnings growth [9] Product and Brand Performance - Kefumei's GMV grew by 78 1% in 2024, with a growth rate of over 80% during the "Double 11" period [1] - Kelijing's GMV grew by over 150% during the "Double 11" period, driven by core products such as the Pong Pong Essence and Collagen Series [1] - The new product, Focus Cream, launched in 2024, has contributed to Kefumei's growth, providing a new growth driver beyond the Collagen Stick [1] Market and Industry Context - The company's stock price has shown strong performance, with a 52-week range of HKD 28 5 to HKD 58 0, and a current market capitalization of HKD 54,804 million [4] - The company's daily average trading volume over the past three months was HKD 164 2 million, indicating strong market interest [4] - The company is part of the cosmetics industry, with peers such as Proya and Shanghai Jahwa also showing strong performance [15]

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 69.19, up from HKD 66.15, indicating a potential upside of 33.8% from the current price of HKD 51.70 [1][3]. Core Insights - The company has shown impressive online growth in 2024, with a projected revenue increase of over 50% and a net profit growth of around 40%. The GMV for its brands, 可复美 and 可丽金, reached RMB 5.4 billion, a year-on-year increase of 57% across major online platforms [1][6]. - The report highlights the strong performance of 可复美 on Tmall and Taobao, with a GMV growth of 42%, ranking second in the market. The anticipated approval of a new collagen injection product is expected to further drive growth in 2025 [1][6]. - 可丽金 is also experiencing rapid growth, with a GMV of RMB 660 million in 2024, reflecting a 103% year-on-year increase, driven by key product launches [1][6]. Financial Summary - The company’s revenue is projected to grow from RMB 3,524 million in FY23 to RMB 5,406 million in FY24, representing a growth rate of 53.4%. The adjusted net profit is expected to increase from RMB 1,451.8 million in FY23 to RMB 2,108.6 million in FY24, a growth of 45.2% [2][36]. - The report provides a detailed financial outlook, with revenue estimates for FY25 and FY26 at RMB 7,288 million and RMB 9,729 million, respectively, indicating continued strong growth [2][36]. - The company’s net debt ratio is projected to increase, reflecting a shift towards a more leveraged capital structure as it invests in growth opportunities [2][36].

Investment Rating - The report maintains a "Buy" rating for the company Giant Bio (02367.HK) [2][4]. Core Insights - The National Medical Products Administration approved Giant Bio's bone repair materials as a Class III medical device, aligning with the previously expected timeline in the prospectus [3]. - The market for collagen-based biomedical materials has grown from 1 billion RMB in 2017 to 3.2 billion RMB in 2021, with a compound annual growth rate (CAGR) of 33.5%, projected to reach 19.9 billion RMB by 2027, with a CAGR of 35.1% from 2022 to 2027 [3]. - The report highlights the potential for hydroxyapatite in the aesthetic medicine sector, noting its advantages in bone defect filling and soft tissue injection, with a longer-lasting effect compared to traditional fillers [3]. - The company has adjusted its profit forecast upwards, expecting net profits of 2.09 billion RMB, 2.55 billion RMB, and 3.06 billion RMB for 2024-2026, representing year-on-year growth of 43%, 22%, and 20% respectively [4]. Summary by Sections Company Overview - Giant Bio's bone repair materials are designed for dental and alveolar bone defects, utilizing hydroxyapatite particles and macromolecular polysaccharides for effective bone regeneration [3]. Market Analysis - The report discusses the competitive landscape, noting that other companies like Aojing Medical Technology and Tianjin Sain Bio have also received approvals for similar composite bone repair materials [3]. - The aesthetic medicine market for hydroxyapatite is still developing, with no approved Class III products currently available in China, indicating potential growth opportunities [3]. Financial Projections - The report projects revenue growth from 2.36 billion RMB in 2022 to 5.36 billion RMB in 2024, with a growth rate of 52.16% [4]. - The expected return on equity (ROE) is projected to decline from 35.36% in 2022 to 25.20% by 2026, reflecting a strong but decreasing profitability trend [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 73.96 [8][9]. Core Insights - The company has received its first Class III medical device registration certificate for bone repair materials, indicating promising prospects [1]. - Another Class III medical device, "Injectable Recombinant Collagen Filler" for neck wrinkles, has entered a priority approval channel, potentially shortening its market launch time [1][3]. - The company is expected to receive approval for its eye wrinkle filler product in Q1 2025, which could significantly enhance its performance in the aesthetic medicine sector [1]. - Recent progress in the aesthetic medicine field alleviates market concerns regarding the approval timeline for the company's products, showcasing its R&D capabilities [1]. - The company’s revenue growth is projected to be robust, with expected net profits of RMB 1.998 billion, RMB 2.510 billion, and RMB 3.078 billion for 2024, 2025, and 2026 respectively [5][14]. Summary by Sections Medical Device Approvals - The company has obtained a Class III medical device registration certificate for bone repair materials, targeting dental and jawbone defects, with a market size of approximately RMB 2.67 billion for oral repair membranes and RMB 6.68 billion for bone powder in China [2]. - The injectable collagen filler for neck wrinkles is included in the national key R&D plan for medical devices, qualifying for expedited approval [3]. Financial Performance - The company’s revenue is projected to grow from RMB 2.364 billion in 2022 to RMB 8.385 billion in 2026, with a compound annual growth rate (CAGR) of 25.64% [7][14]. - The net profit is expected to increase from RMB 1.002 billion in 2022 to RMB 3.078 billion in 2026, reflecting a strong growth trajectory [7][14]. - The company maintains a favorable valuation with a projected PE ratio of 28 times for 2025, indicating significant potential for earnings growth [5][12]. Market Position - The company has demonstrated strong growth momentum, with notable GMV increases in its product lines, such as a 69% year-on-year increase for its product "可复美" and a 172% increase for "可丽金" on Douyin [4]. - The company’s aesthetic medicine products, if approved, are expected to contribute significantly to revenue growth, similar to competitors like 锦波生物 and 爱美客 [1][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 55.72 HKD per share, compared to the current price of 50.85 HKD [4]. Core Insights - The company has received priority approval for its injectable recombinant collagen filler, which is part of a key national R&D program in medical devices. This product specifically targets neck wrinkles [1]. - The company has a diverse pipeline in the medical aesthetics sector, with four products under development, including liquid and solid formulations of recombinant collagen for various skin concerns [1]. - The brand's performance on social media platforms like Douyin shows significant growth, with year-on-year increases of 57% and 615% for its key products in November [1]. - The company's current market capitalization corresponds to a PE ratio of 23x for 2024 and 18x for 2025, with expectations for steady growth in its cosmetics business and additional upside from its medical aesthetics segment [1]. Financial Summary - The company’s projected revenue for 2024 is 5,398 million RMB, with a growth rate of 53.2%. By 2026, revenue is expected to reach 8,348 million RMB, with a growth rate of 20.1% [2]. - The forecasted net profit attributable to shareholders for 2024 is 2,120 million RMB, with a growth rate of 46.0%, increasing to 3,174 million RMB by 2026 [2]. - The earnings per share (EPS) is projected to be 2.06 RMB in 2024, rising to 3.09 RMB by 2026 [2]. - The company maintains a strong return on equity (ROE) of 39.0% in 2024, slightly decreasing to 38.0% by 2026 [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company is expected to maintain high growth due to its diversified product matrix and channel advantages, with projected net profits for 2024-2026 at 20.82 billion, 27.33 billion, and 35.30 billion respectively, reflecting year-on-year growth rates of 43%, 31%, and 29% [4]. - The company has achieved significant growth in its core brands during the Double 11 shopping festival, with GMV growth rates exceeding 80% and 150% year-on-year [2]. - The company is leading the establishment of industry standards, having officially released the first group standard for fermented ginseng powder, which enhances the standardization in the industry [2][4]. Summary by Sections Financial Performance - The company reported a revenue of 3.524 billion in 2023, with projections of 5.064 billion, 6.803 billion, and 8.922 billion for 2024, 2025, and 2026 respectively, indicating a year-on-year growth of 49% in 2023 and expected growth rates of 44%, 34%, and 31% in the following years [5][9]. - The net profit attributable to the parent company is projected to be 1.452 billion in 2023, increasing to 2.082 billion, 2.733 billion, and 3.530 billion in 2024, 2025, and 2026, with corresponding year-on-year growth rates of 45%, 43%, 31%, and 29% [5][9]. Product Development and Innovation - The company continues to expand its product matrix and has launched new products, including the "Focus Series" cream and the "Order Series," which have received positive market feedback [2]. - The company has invested in R&D, with R&D expenses reaching 0.49 billion in 2024, a 43.2% increase year-on-year, and has obtained 40 new patents, including international invention patents [2][4]. Market Position and Strategy - The company employs a "dual-wheel drive" strategy with its two main brands, which has led to significant sales growth and a balanced revenue structure [2]. - The company is also focusing on the integration of R&D, production, and sales to leverage its technological advantages for long-term growth [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [5][20]. Core Views - The company has shown impressive growth during the "Double 11" shopping festival, with its two brands, Kefu Mei and Keli Jin, achieving significant year-on-year GMV growth of over 80% and 150% respectively [3][4]. - The target price has been raised to HKD 62.0, reflecting a potential upside of 26.3% from the current price of HKD 49.1 [5][7]. Financial Performance Summary - The company's revenue is projected to grow from RMB 3,524 million in 2023 to RMB 5,098 million in 2024, representing a year-on-year increase of 44.7% [10]. - The net profit attributable to shareholders is expected to rise from RMB 1,452 million in 2023 to RMB 1,940 million in 2024, indicating a growth of 33.6% [10]. - The report forecasts a consistent increase in revenue and net profit over the next few years, with revenue expected to reach RMB 9,025 million and net profit RMB 3,322 million by 2026 [10]. Market Performance - The company has maintained strong sales performance across various platforms during major promotional events, with Kefu Mei and Keli Jin ranking highly in multiple categories on platforms like Tmall and Douyin [4][18]. - The report highlights that Kefu Mei's collagen sticks and new product launches have contributed significantly to revenue growth, with Keli Jin also showing strong performance [5][18]. Valuation Metrics - The report provides a projected PE ratio decreasing from 30.9 in 2023 to 14.2 by 2026, indicating improving valuation as earnings grow [10]. - The return on equity (ROE) is expected to decline slightly from 40.3% in 2023 to 32.0% in 2026, reflecting a strong but stabilizing profitability [10].