Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company achieved a net profit of 2.15 billion, representing a year-on-year increase of 46%, which aligns with expectations [1] - Revenue for the year 2024 is projected to be 5.54 billion, a year-on-year increase of 57%, with a net profit of 2.06 billion, up 42% [1] - The company is expected to continue its growth trajectory, with revenue forecasts of 7.07 billion, 8.71 billion, and 10.45 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 28%, 23%, and 20% [5] Financial Performance - The adjusted net profit for 2024 is projected at 2.15 billion, a 46% increase year-on-year, which meets expectations [1] - The gross margin for 2024 is 82.1%, a decrease of 1.5 percentage points year-on-year, while the net profit margin is 37.2%, down 4 percentage points [2] - The company plans to distribute a total dividend of 1.19 per share, with a payout ratio of 60% [1] Business Segmentation - The main brand, Kefu Mei, generated revenue of 4.54 billion, a year-on-year increase of 63%, accounting for 82% of total revenue [3] - Online sales accounted for 72% of total revenue, with a year-on-year growth of 70% [3] - The second brand, Keli Jin, saw revenue of 840 million, a 36% increase year-on-year [3] Future Outlook - The company is positioned as a leader in the collagen protein sector, with strong growth in its main brand and accelerating growth in its second brand [5] - The company is expected to maintain a strong market presence with significant online sales growth and expansion into new retail locations [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][10]. Core Insights - The company is expected to achieve a net profit growth of 42% in 2024, driven by significant growth in online channels [5]. - The company reported a revenue of RMB 55.4 billion for 2024, representing a year-over-year increase of 57.2%, with a net profit of RMB 21.5 billion, up 42.1% year-over-year [7]. - The company plans to distribute a dividend of RMB 0.6021 per share, with a special dividend of RMB 0.5921, resulting in a dividend yield of approximately 2.1% based on the latest closing price [7]. Financial Performance - The company’s revenue for 2024 is projected to be RMB 30.0 billion for the second half, reflecting a year-over-year growth of 56.3%, with a net profit of RMB 10.8 billion, up 37.5% [7]. - The company’s gross margin for 2024 is reported at 82.1%, a slight decrease of 1.5 percentage points year-over-year, attributed to product category expansion and increased costs [7]. - The total revenue for the company is forecasted to reach RMB 72.9 billion by 2025, with net profits expected to grow to RMB 26.5 billion [9][12]. Product and Sales Performance - The company’s main brand, 可复美, achieved revenue of RMB 45.4 billion in 2024, marking a year-over-year increase of 62.9%, with strong sales during major promotional events [7]. - Online sales channels have become a significant growth driver, with the company reporting over 60% and 100% growth in GMV during the "618" and "Double Eleven" promotions, respectively [7]. - The company’s online direct sales revenue accounted for 72% of total revenue, an increase of 6 percentage points year-over-year [7]. Earnings Forecast - The company is projected to achieve net profits of RMB 32.9 billion and RMB 40.2 billion in 2026 and 2027, respectively, with corresponding EPS of RMB 3.20 and RMB 3.91 [9][12]. - The price-to-earnings (P/E) ratio is expected to decrease from 22X in 2025 to 15X in 2027, indicating a potentially undervalued stock [7][9].

2025 年 04 月 08 日 王睿哲 C0062@capital.com.tw 目标价(HKD) 75 公司基本资讯 | 产业别 | 美容护理 | | --- | --- | | H 股价(2025/04/07) | 60.90 | | 恒生指数(2025/04/07) | 19,828.3 | | 股价 12 个月高/低 | 72.8/35.7 | | 总发行股数(百万) | 1,035.90 | | H 股数(百万) | 1,035.90 | | H 市值(亿元) | 630.87 | | 主要股东 | 范代娣 (57.32%) | | 每股净值(元) | 6.91 | | 股价/账面净值 | 8.81 | | 一个月 三个月 | 一年 | | 股价涨跌(%) -12.12% 26.88% 46.25% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-09-26 | 39.95 | 买进 | | 产品组合 | | | --- | --- | | 功效性护肤品 | 78.6% | | 医用敷料 | 23.3% | | 保健品及其他 | 0 ...

医疗美容 可复美延续高增长，可丽金提速，胶原龙头潜力可期 巨子生物（02367.HK） 证券研究报告/公司研究简报 2025 年 04 月 07 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：郑澄怀 | | 营业收入（百万元） | | 3,526 | 5,539 | 7,056 | 8,893 | 11,021 | | | | 增长率 yoy% | | 48% | 57% | 27% | 26% | 24% | | 执业证书编号：S0740524040004 | | 归母净利润（百万元） | | 1,452 | 2,062 | 2,532 | 3,102 | 3,819 | | Email：zhengch@zts.com.cn | | 增长率 yoy% | | 109% | 42% | 23% | 23% | 23% | | | | 每股收益（ ...

Company Overview - The Shaanxi Provincial Government appointed Fan Daidi as the Vice President of Northwest University, effective April 1, 2025, with a one-year probation period [2] - Fan Daidi has a notable academic background, having obtained her PhD in Chemical Engineering and worked at various prestigious institutions, including MIT [2] - In 2000, Fan Daidi's research led to the development of a human-like collagen produced through genetic engineering, marking a significant milestone in her career [2][5] Company Formation and Growth - In 2000, Fan Daidi and her husband, Yan Jianya, co-founded Juzi Biotechnology, with Fan contributing patented technology as equity [3] - Juzi Biotechnology gained attention for its multiple research achievements and launched the "Keli Jin" brand in 2009, becoming the first company to mass-produce collagen skincare products [5] - The company later introduced the "Kefu Mei" brand in 2011, solidifying its brand structure [5] Investment and Financial Performance - Juzi Biotechnology completed its first round of financing in 2021, attracting notable investors such as GSUM XV HK Holdings Limited and CPE Collagen Investment Limited, with a pre-IPO valuation exceeding 19.3 billion RMB [6][7] - The company reported revenues of 5.539 billion RMB in 2024, a year-on-year increase of 57.17%, and a net profit of 2.062 billion RMB, up 42.36% [9] - Juzi Biotechnology has become the largest beauty and skincare company by market value in Hong Kong, surpassing 70 billion HKD [9] Ownership and Market Position - The ownership structure of Juzi Biotechnology primarily consists of Fan Daidi and Yan Jianya, who hold approximately 60% of the company through a family trust [6] - The couple ranked 196th on the 2024 Hurun Rich List with a combined wealth of 24.5 billion RMB, making them the third richest in Shaanxi [11] - Yan Jianya also leads another A-share listed company, Triangle Defense, which has a market value exceeding 10 billion RMB [10]

Core Viewpoint - Juzhibio (02367.HK) has surpassed Maogeping to become the largest beauty and skincare company by market capitalization in Hong Kong, reaching a market value of HKD 72.98 billion as of March 31, 2025 [1] Financial Performance - For the year 2024, Juzhibio reported revenue of CNY 5.539 billion, a year-on-year increase of 57.17%, and a net profit of CNY 2.062 billion, up 42.36% [1] - The adjusted net profit for 2024 was CNY 2.152 billion, reflecting a growth of 46.49% [2] - The gross profit margin slightly decreased to 82.09%, but the overall gross profit crossed CNY 4.5 billion, marking a 54.28% increase [2] Product Segmentation - The core revenue segment for Juzhibio is functional skincare products, which achieved revenue exceeding CNY 4 billion for the first time, growing 62.52% to CNY 4.302 billion [4] - The medical dressing business also saw significant growth, with revenue surpassing CNY 1 billion, reaching CNY 1.218 billion, a 41.51% increase [4] - The main brands, Kefu Mei and Keli Jin, showed different growth rates, with Kefu Mei generating CNY 4.542 billion in revenue, up 62.89%, while Keli Jin's revenue was CNY 0.841 billion, growing 36.31% [4] Market Dynamics - The market for recombinant collagen is experiencing explosive growth, with a projected market size of CNY 219.38 billion by 2030, reflecting a compound annual growth rate of 44.93% [7] - New entrants are emerging in the market, indicating a competitive landscape where technological innovation will be crucial for success [7] - Juzhibio's Kefu Mei brand has shown remarkable growth, with revenue increasing from CNY 0.289 billion in 2019 to CNY 2.788 billion in 2023, representing over a 15-fold increase in less than seven years [5] Innovation and R&D - Juzhibio's R&D expenditure for 2024 was CNY 106 million, a 42.1% increase, accounting for only 1.9% of total revenue, supporting 188 ongoing projects [12] - The company has a technological edge in the field of recombinant collagen, which is essential for maintaining its competitive advantage [7][12] Competitive Landscape - The industry is witnessing a shift from hyaluronic acid to collagen products, driven by changing consumer preferences and intensified competition [1] - The entry of new players and advancements in technology are challenging existing market leaders, emphasizing the need for continuous innovation [6][12]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 5.539 billion yuan in 2024, representing a year-on-year growth of 57.2%, and a net profit attributable to shareholders of 2.062 billion yuan, up 42.1% year-on-year [1]. - The gross margin for 2024 was 82.1%, a decrease of 1.54 percentage points compared to the previous year, primarily due to increased sales costs and product type expansion [1]. - The company is a leader in collagen protein skincare products in China, focusing on R&D and expanding into eight consumer brands [4]. Revenue and Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 2.575 billion yuan, 3.149 billion yuan, and 3.782 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 25, 21, and 17 [4][6]. Brand Performance - The brand "可复美" generated revenue of 4.54 billion yuan in 2024, marking a 62.9% increase year-on-year, with strong performance in the dressing category [2]. - The "焦点" series, targeting skin sub-health populations, has shown promising sales, with the core product achieving a GMV of 277 million yuan within nine months of launch [2]. Channel Strategy - In 2024, the direct sales channel accounted for 74.6% of total sales, with online direct sales revenue reaching 3.587 billion yuan, a 66.5% increase year-on-year [3]. - The company has expanded its offline presence, covering approximately 1,700 public hospitals and 3,000 private hospitals and clinics, along with 6,000 retail stores [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 5.539 billion yuan in 2024, representing a year-on-year growth of 57.2%, and a net profit of 2.062 billion yuan, up 42.1% year-on-year [2][4]. - The gross margin for 2024 was 82.1%, a decrease of 1.54 percentage points year-on-year, primarily due to increased sales costs and product type expansion [2][4]. - The company is a leader in collagen protein skincare products in China, focusing on R&D and expanding eight consumer brands [4]. Financial Performance - In 2024, the company reported a net profit of 2.062 billion yuan, with an adjusted net profit of 2.152 billion yuan, reflecting a growth of 46.5% year-on-year [2][4]. - The sales expense ratio increased by 3 percentage points year-on-year, attributed to the rapid expansion of online direct sales channels [2][4]. - The company expects net profits for 2025, 2026, and 2027 to be 2.575 billion yuan, 3.149 billion yuan, and 3.782 billion yuan, respectively, with corresponding P/E ratios of 25, 21, and 17 times [4][6]. Brand Performance - The brand "可复美" generated revenue of 4.54 billion yuan in 2024, marking a year-on-year increase of 62.9% [2][3]. - The "焦点" series, targeting skin sub-health populations, has shown promising sales, with the core product achieving a GMV of 277 million yuan within nine months of launch [2][3]. - The company is actively expanding its offline presence, having opened approximately 18 new stores in key cities [3]. Channel Strategy - In 2024, the direct sales channel accounted for 74.6% of total revenue, with online direct sales revenue reaching 3.587 billion yuan, a growth of 66.5% year-on-year [3]. - The company has strengthened its online operations, with the GMV on Douyin doubling to 1.8 billion yuan [3]. - The offline channel has expanded to cover around 1,700 public hospitals and 3,000 private hospitals and clinics [3].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a 2024 revenue of 5.54 billion yuan, representing a year-on-year growth of 57.2% - The net profit attributable to shareholders was 2.06 billion yuan, up 42.1% year-on-year, while the adjusted net profit reached 2.15 billion yuan, increasing by 46.5% [3][4]. Revenue Performance - The professional skincare products generated revenue of 5.52 billion yuan, a year-on-year increase of 57.4% - The efficacy skincare products accounted for 4.30 billion yuan in revenue, growing by 62.5% and representing 77.7% of total revenue, an increase of 2.6 percentage points - Medical dressings generated 1.22 billion yuan, up 41.5%, but its revenue share decreased by 2.4 percentage points [4]. Brand Performance - The company's flagship brand, 可复美, achieved revenue of 4.54 billion yuan, a 62.9% increase, making up 82.0% of total revenue, an increase of 2.9 percentage points - The 可丽金 brand generated 840 million yuan, growing by 36.3%, but its revenue share decreased by 2.3 percentage points [4]. Product and Channel Growth - The 可复美胶原棒 continued to see rapid growth, and new products received positive market feedback - During the "Double Eleven" sales event, 可复美's online GMV increased by over 80%, while 可丽金's online GMV surged by 150% [5][6]. - The DTC online sales channel generated 3.59 billion yuan, up 66.5%, while e-commerce platform sales reached 380 million yuan, growing by 112.5% [6]. Strategic Direction - The company is focused on brand building, channel expansion, and regulatory approval to ensure sustainable growth - New product launches and the opening of flagship stores are part of the strategy to enhance brand influence and expand online sales [7][8]. Financial Forecast - The company maintains its revenue and net profit forecasts for 2025, with an upward revision for 2026 net profit to 3.86 billion yuan, reflecting a 3% increase - New forecasts for 2027 are set at 12.75 billion yuan in revenue and 4.94 billion yuan in net profit [8][9].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][13] Core Insights - The company is expected to achieve a revenue of 55.39 billion with a year-on-year growth of 57.2% in 2024, and an adjusted net profit of 21.52 billion, reflecting a year-on-year increase of 46.5% [1][8] - The company has provided guidance for 2025, anticipating a revenue growth rate of 25-28% and a net profit of 25-25.5 billion, which represents a year-on-year increase of 21-24% [1][8] - The company continues to strengthen its market position in the collagen protein sector, supported by a robust product matrix and ongoing new product launches [4][13] Financial Performance - In 2024, the company achieved a gross profit margin of 82.1% and a net profit margin of 37.2%, with both margins showing a decline compared to the previous year [3][11] - The company’s revenue from its main brand, 可复美, reached 45.42 billion, marking a year-on-year increase of 62.9%, contributing to 82% of total revenue [2][9] - The company’s online sales channels have shown significant growth, with direct-to-consumer (DTC) sales increasing by 66.5% and e-commerce sales by 112.5% [2][9] Revenue Breakdown - The revenue from functional skincare products was 43.02 billion, reflecting a year-on-year growth of 62.5%, while medical dressings generated 12.18 billion, up 41.5% year-on-year [2][9] - The company has expanded its distribution channels, achieving revenue from DTC, e-commerce, offline, and distribution of 35.87 billion, 3.77 billion, 1.70 billion, and 14.05 billion respectively, with all channels showing positive growth [2][9] Future Projections - The company has slightly adjusted its net profit projections for 2025-2027, now estimating 25.49 billion, 30.92 billion, and 36.73 billion respectively, with corresponding price-to-earnings (PE) ratios of 26, 21, and 18 [4][13] - The company is expected to maintain its competitive edge in product quality and market presence despite rising costs associated with online platforms and increased marketing expenditures for new products [4][13]