M N 2024 年 3 月 27 日 招银国际环球市场 | 睿智投资 | 公司更新 巨子生物 (2367 HK) 业绩超预期，持续发力线上渠道 目标价 57.14港元 2023年，巨子生物实现收入35.2亿元，同比增长49.0%，超出彭博一致预期3%， (此前目标价 48.84港元) 主要得益于可复美品牌的强劲增长；实现归母净利润14.5亿元，同比增长44.9%， 潜在升幅 34.4% 超出彭博一致预期 6%，我们认为主要得益于良好的费用率控制。分类别看，公司 当前股价 42.50港元 功效性护肤品收入同比增长 69.5%至 26.5 亿元，收入占比增加 9.1 个百分点至 中国医药 75.1%；医用敷料销售稳健增长 13.2%至 8.6 亿元，收入占比降至 24.4%。由于销 武 煜, CFA 售结构的改变，公司毛利率下降 0.8 个百分点至 83.6%。此外，公司进行了首次派 (852) 3900 0842 息，计划派发末期股息人民币0.44元/股，派发特别股息0.45元/股，综合派息率高 jillwu@cmbi.com.hk 达61%。 王云逸  可复美延续强劲增长，可丽金逐渐度过调整期。2023 ...

[Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 巨子生物 (2367.HK)公司点评报 2024年03月27日 告 [Table全_Tit年le] 业绩超预期，产品矩阵持续丰富 [Table_Inves 买t] 入|维持 ——巨子生物（2367.HK）2023 年年报点评 [事Ta件ble：_S ummary] [ Table_TargetPr ice] 公司发布2023年年报。 [ Table_Base] 点评：  全年业绩超预期，H2销售费用率明显优化 2023 年公司实现营业收入 35.24 亿元，同比增长 49.05%，实现归属母公 司净利润 14.52 亿元，同比增长 44.88%。盈利能力方面，2023 年公司毛 利率为83.63%，同比下降0.76pct，主要系销售成本增加及产品类型扩充； 净利率为41.19%，同比下降0.98pct。费用端来看，2023公司销售费用率 [相Ta关bl研e_究Do报cR告ep ort] 为 33.04%，同比提升 3.17pct，较 H1 的 34.6%有明显优化，系线上直销 渠道扩张致线上营销费用增加所致；管理费用率为 2.74% ...

巨子生物（2367.HK）2023年年报点评 23 年收入业绩高增，明星单品势能强劲，专业护肤业务表现亮眼 2024年03月27日 ➢ 事件：巨子生物披露2023年业绩。23年，公司实现营收35.24亿元，yoy+49.05%； 推荐 维持评级 经调整净利润（剔除股份支付费用）为14.69亿元，yoy+39.04%。23H2，公司实现营 收19.18亿元，yoy+39.07%；经调整净利润7.92亿元，yoy+33.56%。 当前价格： 42.55港元 ➢ 23年专业皮肤护理产品收入同比+51.1%，可复美明星单品放量持续高增，可丽金 改善可期。23年公司实现总收入35.24亿元，同比+49.05%，其中：1）专业皮肤护理产 品实现收入 35.08 亿元，同比+51.10%，其中功效性护肤品收入 26.47 亿元，同比 [Table_Author] +69.52%，主要系公司持续加强全渠道营销活动、大单品收入稳健增长及明星单品的高速 增长；医用辅料收入8.61亿元，同比+13.25%；分品牌来看：①可复美：23年实现营收 27.88亿元，同比+72.86%，主要系持续拓展线上及线下销售渠道，优化运营策略，品牌 ...

业绩简评  3.25 公告23 年营收35.24 亿元、同增49%，归母净利14.52 亿元、同增 44.9%、略超预期，净利率 41.2%、同比- 1.2PCT、降幅环比上一年度（-11PCT）大幅收窄，主要为随 着“线下向线上+敷料向护肤”的持续升级、公司销售费用 率升幅及毛利率降幅进入 22H2 以来持续收窄，以及进入 2023 年上市相关费用影响消除、行政开支费用率环比持续下 降、2H23 的 2.6%已经恢复至历史低位。  分品牌，23 年可复美营收27.88 亿元、同比+73%（H1/H2 同 比+101%/+56%），可丽金营收 6.17 亿元、同比-0.3%（H1/H2 港币(元) 成交金额(百万元) 同比+6.4%/-6.7%）、系创客村渠道拖累。分渠道，DTC 店铺/ 59.00 1,000 电商平台/线下直销/经销营收 21.55/1.78/0.89/11.04 亿 54.00 800 49.00 元，同比+77%/+43%/+40%/+15%，DTC 占比升10PCT 至 61%。 600 44.00 经营分析 400 39.00  护肤：大单品能力得验证，明星成分持续储备助力产 ...

美容护理/医疗美容 公 司 研 巨子生物（02367.HK） 2023 年归母净利润+45%，重组胶原龙头再创佳绩 究 2024年03月26日 ——港股公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 杨柏炜（联系人） huangzepeng@kysec.cn yangbowei@kysec.cn 证 书编号：S0790519110001 证书编号：S0790122040052 日期 2024/3/26 港 当前股价(港元) 42.500  事件：2023年归母净利润+44.9%，重组胶原蛋白龙头展现强α 股 一年最高最低(港元) 54.950/28.400 公司发布年报：2023年实现营收35.24亿元（同比+49.0%，下同），归母净利润 公 司 总市值(亿港元) 422.88 14.52 亿元（+44.9%），行业承压背景下增长亮眼。考虑公司股权激励摊销，我 信 流通市值(亿港元) 422.88 们下调 2024-2025 年并新增 2026 年盈利预测，预计公司 2024-2026 年归母净利 息 总股本(亿股) 9.95 润为 17.48（-0.01）/21.98（-0.86）/26.7 ...

股 票 研 究 [Table_industryInfo] 家庭及个人用品 [ Table_Main[巨I Tnaf 子bol]e 生_Ti物tle]（ 2367） [评Tab级le_：Inv est] 增持 当前价格（港元）： 43.30 业绩超预期，明星单品放量助力 2024.03.26 海 ——巨子生物2023 年报点评 [ 交Ta易bl数e_M据a rket] 外 訾猛(分析师) 闫清徽(分析师) 杨柳(分析师) 52周内股价区间（港元） 29.30-52.30 当前股本（百万股） 995 公 021-38676442 021-38031651 021-38038323 当前市值（百万港元） 43,084 司 zimeng@gtjas.com yanqinghui@gtjas.com yangliu@gtjas.com 证书编号 S0880513120002 S0880522120004 S0880521120001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 23年公司营收、归母35.2、14.5亿元，同比+49%、45%超预期，受益可复美明星单 巨子生物 恒生指 ...

证券研究报告·海外公司点评·化妆品 巨子生物（02367.HK） 2023 年年报点评：全球重组胶原领导者，核 2024年 03月 26日 心单品持续放量 证券分析师 吴劲草 买入（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 张家璇 执业证书：S0600520120002 营业总收入（百万元） 2,364 3,524 4,599 5,774 7,009 zhangjx@dwzq.com.cn 同比 52.3% 49.0% 30.5% 25.5% 21.4% 归母净利润（百万元） 1,002 1,452 1,723 2,157 2,561 股价走势 同比 21.0% 44.9% 18.7% 25.2% 18.7% 巨子生物 恒生指数 EPS-最新摊薄（元/股） 1.01 1.46 1.73 2.17 2.57 6% P/E（现价&最新摊薄） 39 27 23 18 15 1% -4% -9% [关Ta键bl词e_：Ta#g一] 体化 -14% -19% ...

[Table_Title] 证券研究报告 巨子生物(2367.HK) 23 年年报点评：收入& 公司研究 业绩超预期，23H2 销售费率明显下降 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年3月26日 [T巨ab子le生_S物toc(k2A3n6d7R.anHkK]) [T➢a ble公_S司um公ma告ry：] 23 年营业收入 35.24 亿元/yoy+49%，净利润 14.48 亿元 投资评级 买入 /yoy+45%，经调整后净利润 14.69 亿元/ yoy+39%；23H2 营业收入 上次评级 买入 19.18亿元/yoy+39%，净利润7.82亿元/ yoy+39%。 [T刘ab嘉le仁_A u社th零or&]美 护首席分析师 ➢ 化妆品运营能力及新品推广能力得到持续验证。 23年行业β偏弱、超 执业编号：S1500522110002 头流量承压的情况下，可复美/可丽金 618 大促期间线上全渠道 GMV 联系电话：15000310173 同比分别 165%+/70%+，双 11 大促期间线上全渠道 GMV 同比分别 邮 箱：liujiaren@ ...

Revenue and Profit Growth - Revenue increased by 49.0% to RMB 3,524.1 million in 2023 compared to RMB 2,364.4 million in 2022[2] - Gross profit rose by 47.7% to RMB 2,947.1 million in 2023 from RMB 1,995.2 million in 2022[2] - Net profit attributable to owners of the parent company grew by 44.9% to RMB 1,451.8 million in 2023 from RMB 1,002.0 million in 2022[2] - Adjusted net profit (non-IFRS measure) increased by 39.0% to RMB 1,468.7 million in 2023 compared to RMB 1,056.4 million in 2022[2] - Basic earnings per share increased by 50.5% to RMB 1.49 in 2023 from RMB 0.99 in 2022[2] - Sales revenue reached RMB 3,524.1 million in 2023, a year-on-year increase of 49.0%[51] - Net profit for the year reached RMB 1,448.2 million, a year-on-year increase of 44.6%[51] - Total revenue for 2023 reached RMB 3,524.1 million, a 49.0% increase compared to RMB 2,364.4 million in 2022, driven by product expansion and enhanced marketing efforts[66] - Gross profit increased by 47.7% to RMB 2,947.1 million in 2023, with a gross margin of 83.6%, down from 84.4% in 2022[81] - Net profit for 2023 was RMB 1,448.2 million, a 44.6% increase compared to RMB 1,001.6 million in 2022[84] - Basic earnings per share increased by 50.5% to RMB 1.49 in 2023, compared to RMB 0.99 in 2022[84] Financial Position and Assets - Total assets increased to RMB 4,442.5 million in 2023 from RMB 2,857.3 million in 2022[5] - Cash and cash equivalents grew to RMB 2,503.9 million in 2023 from RMB 1,330.9 million in 2022[5] - Inventory levels rose to RMB 200,440 thousand in 2023, up from RMB 183,895 thousand in 2022, with a notable increase in finished goods from RMB 111,906 thousand to RMB 150,590 thousand[38] - Trade receivables and bills increased to RMB 102,029 thousand in 2023 from RMB 69,420 thousand in 2022, with trade receivables growing from RMB 56,247 thousand to RMB 81,690 thousand[39] - Prepayments, other receivables, and other assets decreased to RMB 53,835 thousand in 2023 from RMB 87,496 thousand in 2022, with a significant reduction in prepayments from RMB 63,245 thousand to RMB 29,248 thousand[42] - Financial assets measured at fair value through profit or loss increased to RMB 1,274,776 thousand in 2023 from RMB 865,973 thousand in 2022, reflecting a growth in financial product investments[43] - Cash and cash equivalents surged to RMB 2,503,999 thousand in 2023, nearly doubling from RMB 1,330,951 thousand in 2022, with RMB-denominated cash and bank balances reaching RMB 1,891,140 thousand[44] - The company's liquidity as of December 31, 2023, was RMB 2,504.0 million, an 88.1% increase compared to RMB 1,331.0 million as of December 31, 2022[90] - The company held RMB 2,250 thousand in fixed-income products from China Merchants Wealth Management, representing 0.05% of total assets[88] - Non-principal-guaranteed floating income wealth management products from Xi'an Bank and Chang'an Bank accounted for 6.47% and 6.47% of total assets, respectively, with fair values of RMB 321,996 thousand and RMB 321,712 thousand[88] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.44 per share and a special dividend of RMB 0.45 per share[2] - The proposed final dividend for 2023 is RMB 0.44 per ordinary share, and a special dividend of RMB 0.45 per ordinary share is also proposed[33] - The company plans to pay a final dividend of RMB 0.44 per share and a special dividend of RMB 0.45 per share for the year ended December 31, 2023, subject to shareholder approval at the annual general meeting[105] - The record date for determining eligibility for the proposed final and special dividends is June 21, 2024, with share transfer registration suspended from June 19 to June 21, 2024[106] R&D and Product Development - R&D expenditure was RMB 75.0 million, a year-on-year increase of 70.5%, accounting for 2.1% of revenue[52] - The company has over 40 types of collagen molecules in its recombinant collagen protein library, leading the industry[52] - The company launched several self-developed raw materials, including rare ginsenoside CK monomer and a specialized collagen repair ingredient group[52] - The company plans to increase R&D investment in 2024 to advance new product development and expand its product portfolio, focusing on medical-grade skincare products[65] - The company's research on C5HA recombinant collagen protein was published in December 2023, using advanced technologies such as laser scanning confocal microscopy and two-photon excitation[59] Sales and Marketing Performance - Revenue from customer contracts increased to RMB 3,524,143 thousand in 2023, up from RMB 2,364,445 thousand in 2022[21] - Revenue from professional skincare products grew significantly, with functional skincare contributing RMB 2,647.3 million (75.1% of total revenue), up from RMB 1,561.6 million (66.0%) in 2022[68] - Online direct-to-consumer (DTC) sales through the company's own stores generated RMB 2,154.5 million, a 77.5% increase from 2022, accounting for 61.2% of total revenue[71] - Revenue from sales to distributors increased by 14.6% to RMB 1,103.6 million, representing 31.3% of total revenue in 2023[74] - Revenue from online sales through third-party e-commerce platforms grew by 42.7% to RMB 177.5 million, accounting for 5.0% of total revenue[72] - Offline direct sales increased by 39.6% to RMB 88.5 million, driven by expanded retail presence and enhanced in-store marketing activities[73] - The company's online and offline channel layout has expanded, with products entering approximately 1,500 public hospitals, 2,500 private hospitals and clinics, 650 chain pharmacy brands, and 6,000 CS/KA stores in China[60] - The company's direct sales channel revenue reached RMB 2,420.5 million, accounting for 68.7% of total revenue, with a year-on-year increase of 9.4 percentage points[61] - The company's e-commerce channels achieved rapid growth, with GMV growth rates for Kefumei and Kelijing exceeding 165% and 70% respectively during the 618 shopping festival, and exceeding 100% and 50% respectively during the Double 11 shopping festival[61] Brand Performance - The Kefumei brand achieved revenue of RMB 2,788.3 million, a year-on-year increase of 72.9%[56] - The Keliji brand achieved revenue of RMB 616.6 million, flat compared to the same period in 2022[57] - Revenue from the Kefumei brand reached RMB 2,788.3 million, a 72.9% increase year-over-year, accounting for 79.1% of total revenue in 2023[77] - Revenue from the Kelijing brand was RMB 616.6 million, remaining stable compared to 2022, accounting for 17.5% of total revenue in 2023[78] - Other brands generated RMB 103.2 million in revenue, a 14.2% increase year-over-year, accounting for 2.9% of total revenue in 2023[78] - Health food and other products revenue decreased by 62.4% to RMB 16.0 million, accounting for 0.5% of total revenue in 2023[79] Operational and Financial Commitments - Capital commitments for buildings and plant machinery increased to RMB 490,223 thousand in 2023, compared to RMB 335,563 thousand in 2022[50] - Capital commitments for the year ending December 31, 2023, totaled RMB 490.2 million, primarily for factory buildings, machinery, and equipment[91] - Capital expenditures for the year ending December 31, 2023, amounted to RMB 229.6 million, mainly for new factory construction and production line equipment purchases[91] - The company completed the expansion of its recombinant collagen protein fermentation workshop, adding 2 new production lines for recombinant collagen protein, 4 new production lines for cosmetic products, and 2 new production lines for medical device products[62] Corporate Governance and Compliance - The financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) and the disclosure requirements of the Hong Kong Companies Ordinance, using the historical cost convention except for financial assets measured at fair value through profit or loss[10] - The consolidated financial statements include the financial statements of the company and its subsidiaries for the year ended December 31, 2023, with subsidiaries' financial statements prepared using consistent accounting policies[11] - The company has adopted new and revised IFRS standards for the current year's financial statements, including amendments to IAS 1 and IAS 8, which clarify the distinction between changes in accounting estimates and changes in accounting policies[13] - The company has disclosed significant accounting policies in the financial statements, with no impact on the measurement, recognition, or presentation of any items in the financial statements due to the amendments[13] - No major financial impact is expected from the adoption of revised International Financial Reporting Standards (IFRS) in the future[16] - The company has no significant deferred tax assets or liabilities related to the International Accounting Standards (IAS) 12 amendments[14] - The company has consistently adhered to the Corporate Governance Code, except for a deviation from Code Provision C.2.1, where the roles of Chairman and CEO are not separated, currently held by Mr. Yan Jianya[99][100] - The company has fully complied with the Standard Code for Securities Transactions by Directors during the reporting period and up to the date of the results announcement[101] - The annual general meeting is scheduled for June 13, 2024, with share transfer registration suspended from June 7 to June 13, 2024[106] - The financial data in the performance announcement has been verified by the auditor, Ernst & Young, but no assurance opinion is provided[107] - The audit committee, composed of independent non-executive directors, has reviewed the annual results for the year ended December 31, 2023[108] - The annual results announcement and annual report are available on the Hong Kong Stock Exchange website and the company's website[109] - The board of directors includes executive directors and independent non-executive directors as of March 25, 2024[109] Other Income and Expenses - Government subsidies increased to RMB 53,864 thousand in 2023, compared to RMB 44,871 thousand in 2022[25] - Interest income rose significantly to RMB 47,491 thousand in 2023 from RMB 13,159 thousand in 2022[25] - Other income, including government subsidies and interest income, totaled RMB 102,963 thousand in 2023, up from RMB 68,712 thousand in 2022[25] - Foreign exchange gains in 2023 amounted to RMB 1,091 thousand, compared to a loss of RMB 14,446 thousand in 2022[27] - The fair value gain on financial assets measured at fair value through profit or loss was RMB 29,329 thousand in 2023, compared to a loss of RMB 8,281 thousand in 2022[27] - Total other income or net loss for 2023 was RMB 30,927 thousand, a significant improvement from a net loss of RMB 23,378 thousand in 2022[27] - Pre-tax profit for 2023 was RMB 1,745,089 thousand, up from RMB 1,177,749 thousand in 2022[32] - Government subsidies in 2023 totaled RMB 53,864 thousand, compared to RMB 44,871 thousand in 2022[28] - Employee benefits expenses increased to RMB 115,492 thousand in 2023 from RMB 75,777 thousand in 2022[28] - Total tax expenses for 2023 were RMB 296,887 thousand, up from RMB 176,163 thousand in 2022[31] Product and Market Performance - The company operates as a single business segment focused on the development, manufacturing, and sale of beauty and health products based on bioactive ingredients[17] - Revenue from sales of goods is recognized at the point when control of the asset is transferred to the customer, typically upon delivery[24] - The company has no major customers contributing more than 10% of total revenue in 2023[20] - The company led the drafting and release of industry standards for recombinant collagen protein in 2023, including the first group standard for cosmetic use[53] - The company has over 100 product SKUs as of the end of the reporting period[54] - The collagen dressing product maintained its position as the top-selling product in the wound dressing category on Tmall and the medical beauty category on JD during the 618 and Double 11 promotions[54] - The collagen stick product achieved a GMV growth of over 700% during the 618 promotion and over 200% during the Double 11 promotion[55] - The collagen stick ranked first in the annual essence gold list on Douyin and the family care category on JD during the 618 promotion[55] - The collagen stick ranked first in the facial essence category on Tmall and the family care single product category on JD during the Double 11 promotion[55] - The collagen milk product ranked first in the Tmall new product list for lotions from March to April and in the top 3 of the Tmall repair lotion list from August to September[55] - The collagen milk product ranked first in the Douyin repair essence lotion list and eighth in the Douyin cream hot-selling list during the Double 11 promotion[55] - The collagen soothing patch product was awarded the Douyin Top 100 Beauty Products Gold List - Home Beauty Salon 2023 Gold List Single Product[55] Corporate Social Responsibility and Awards - The company donated over RMB 1 million worth of supplies to nearly 20,000 educators in March 2023 as part of its corporate social responsibility initiatives[64] - The company was awarded the title of "National Quality Integrity Benchmark Enterprise" and "National Recombinant Collagen Protein Industry Quality Leading Enterprise" in October 2023[63] - The company was recognized as a "Shaanxi Province Green Factory" for its achievements in green manufacturing and sustainable development[63] Employee and Shareholder Plans - The company had 1,164 full-time employees as of December 31, 2023, with 33.8% in production, 14.2% in R&D, 33.5% in sales and marketing, and 18.5% in general and administrative roles[94] - The company adopted a Restricted Stock Unit (RSU) plan in December 2021, with a maximum of 19,000,000 shares, representing approximately 1.91% of the total issued share capital[96] - The 2023 Share Option Plan and 2023 Share Award Plan allow for the issuance of up to 99,500,000 shares, representing 10% of the total issued shares[96] Financial and Operational Risks - The company had no outstanding bank loans or borrowings as of December 31, 2023, resulting in a capital-to-debt ratio of 0%[85] - As of December 31, 2023, the company had no significant contingent liabilities[91] - The company did not engage in any purchase, sale, or redemption of its listed securities during the reporting period[97] Global Offering and Proceeds Utilization - Global offering net proceeds amounted to approximately HKD 573.7 million, allocated as follows: 11% for R&D investment, 28% for production capacity expansion, 46% for sales and distribution network enhancement, 5% for operational and information system upgrades, and 10% for working capital and general corporate purposes[102] - As of December 31, 2023, the company has utilized HKD 383.6 million of the net proceeds, with HKD 173.4 million remaining, expected to be fully utilized by December 31, 2027[104] Market Expansion and Retail Presence - The company launched its first offline standard store for Kefumei in Xi'an in November 2023, and opened 3 Kelijing stores in Xi'an from May to December 2023[60] - The company's story film "Component China" achieved a total exposure of over 500 million across all platforms[59] - The company conducted over 1,000 training and exchange activities for hospitals and pharmacies during the reporting period[60]

事件简评  公司股价3.11 收涨8.47%（主要买入方为外资席位，港股通 净增174万股），3.10-3.14累计上涨16.53%，基本面向好、 情绪面回暖，重申推荐逻辑。 经营分析  3.8大促可复美&可丽金线上增速靓丽，可复美大单品势能延 续、可丽金加速向上。据炼丹炉、飞瓜数据，1.1-3.8 可复 美&可丽金猫旗+抖音销售额同增90%+，可复美同比+98%，可 丽金同比+84%。估算1-2月猫旗胶原棒销量9.3w+、GMV 3935 万元、占比 37%，柔肤水销量 4.8w+、GMV 713 万元、占比 港币(元) 成交金额(百万元) 6.65%；胶原大膜王销量 1.3w+、GMV 294.9 万元、占比 61.00 1,000 6.29%，胶卷眼霜销量1790、GMV 56.9 万元 、占比 1.21%。 800 53.00  大单品打造能力已得到验证，大单品矩阵逐步成型。可复美 600 早期凭借胶原蛋白敷料出圈，2 年时间成功打造大单品次抛 45.00 400 精华（估算23 年收入8 亿元左右）。24年可复美聚焦大单品 37.00 200 胶原棒社交声量的提升&进一步破圈&产品升级迭代，胶 ...