Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a strong performance in the first half of 2024, achieving revenue of 2.54 billion yuan, a year-on-year increase of 58.2%, and a net profit of 983 million yuan, up 47.4% [3][4] - The brand "可复美" continues to show high growth momentum, contributing significantly to revenue, with a 68.6% year-on-year increase in sales [3][4] - The company is expanding its product matrix and has successfully launched several new products, enhancing its market presence [4] - The gross profit margin for the first half of 2024 was 82.4%, with a slight year-on-year decline of 1.7 percentage points, indicating effective cost control despite increased sales expenses [4] Summary by Sections Market Performance - As of August 19, 2024, the closing price was 40.35 HKD, with a market capitalization of 414.89 million HKD [1] Financial Performance - For the first half of 2024, the company achieved a revenue of 2.54 billion yuan and a net profit of 983 million yuan, with adjusted net profit reaching 1.03 billion yuan [3] - The revenue contribution from the brand "可复美" was 2.07 billion yuan, representing 81.5% of total revenue, while "可丽金" contributed 396 million yuan [3][4] Product and Channel Performance - The direct-to-consumer (DTC) channel showed remarkable growth, with revenue increasing by 64.1% year-on-year, accounting for 63.1% of total revenue [3][4] - The company has expanded its product offerings, with successful launches in various categories, including skincare and medical dressings [4] Profitability and Valuation - The company maintains a leading profitability level in the industry, with a net profit margin of 38.4% despite a slight decline [4] - Future profit forecasts for 2024-2026 have been raised, with expected net profits of 1.94 billion, 2.56 billion, and 3.18 billion yuan respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported strong performance in the first half of 2024, with revenue of 2.54 billion HKD, a year-on-year increase of 58.2%, and a net profit of 980 million HKD, up 47.4% [5][6] - The product structure continues to optimize, with a significant increase in the revenue share of functional skincare products [6][8] - The company is enhancing its brand presence and expanding its offline retail footprint, which is expected to drive future growth [8] Financial Performance - The company's total revenue for the first half of 2024 was 2.54 billion HKD, with a year-on-year growth of 58.2% [5] - The adjusted net profit for the same period was 1.03 billion HKD, reflecting a 51.8% increase year-on-year [5] - The gross margin decreased by 1.7 percentage points to 82.4% due to changes in product sales structure [7] Product and Brand Development - The company's flagship brand, 可复美, achieved revenue of 2.07 billion HKD in the first half of 2024, a 68.6% increase year-on-year [6] - The company has launched new products that have gained significant market traction, including the 可复美焦点面霜 and 可丽金胶卷眼霜 [8] - The company has opened approximately 10 offline stores in key cities, enhancing its brand positioning [8] Sales Channels - Direct-to-consumer (DTC) online sales reached 1.6 billion HKD, up 64.1% year-on-year, while e-commerce platform sales grew by 143.3% [6] - Offline direct sales also saw substantial growth, with a 82.2% increase to 0.7 billion HKD [6] Future Outlook - Revenue forecasts for 2024-2026 have been adjusted upwards to 5.26 billion HKD, 7.34 billion HKD, and 9.66 billion HKD, reflecting increases of 8%, 14%, and 18% respectively [8] - The company is expected to maintain its competitive edge in the collagen beauty product market, with a focus on R&D and product innovation [8]

美容护理/医疗美容 公 司 研 究 巨子生物（02367.HK） 2024 年 08 月 20 日 2024H1 归母净利润+47.4%，重组胶原龙头延续高增 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|---------------| | 日期 | 2024/8/19 | | 当前股价(港元) | 40.350 | | 一年最高最低(港元) | 54.400/28.750 | | 总市值(亿港元) | 414.89 | | 流通市值(亿港元) | 414.89 | | 总股本(亿股) | 10.28 | | 流通港股(亿股) | 10.28 | | 近 3 个月换手率(%) | 18.25 | 股价走势图 巨子生物 恒生指数 -40% -20% 0% 20% 40% 60% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《2023 年归母净利润+45%，重组胶原 龙头再创佳绩—港股公司信息更新报 告》-2024.3.26 《2023H1 营收同比+63%，重组胶原 蛋白龙头表现亮眼—港股公司信息更 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% [6][11]. Core Insights - The company reported a strong performance in the first half of 2024, with revenue reaching 2.54 billion yuan, a year-on-year increase of 58.2%, and a net profit of 980 million yuan, up 47.4% [4][6]. - The company's gross margin is at 82.4%, slightly down by 1.7 percentage points, attributed to increased sales costs and a higher proportion of lower-margin products [5][10]. - The company is positioned well in the collagen market, with significant growth expected in both skincare and medical applications, projecting net profits of 1.91 billion, 2.42 billion, and 2.92 billion yuan for 2024, 2025, and 2026 respectively [6][11]. Revenue and Profit Forecast - Revenue projections for the company are as follows: 4.95 billion yuan in 2024, 6.48 billion yuan in 2025, and 8.07 billion yuan in 2026, with corresponding growth rates of 40%, 31%, and 25% [4][11]. - The net profit forecast shows a growth trajectory with expected increases of 32%, 26%, and 20% for the years 2024, 2025, and 2026 respectively [6][11]. Sales Performance - The company's direct sales revenue reached 1.84 billion yuan, a 69.7% increase, with online direct sales contributing significantly to this growth [5][10]. - The brand "可复美" (Kefumei) achieved revenue of 2.07 billion yuan, growing 69%, while "可丽金" (Kelin) reported 400 million yuan, a 24% increase [5][10]. Market Positioning - The company is expanding its product matrix and enhancing brand visibility through strategic marketing, which has led to substantial growth in both online and offline sales channels [5][6]. - The report highlights the company's focus on innovation and product development, particularly in the collagen segment, which is expected to drive future growth [6][11].

证券研究报告：美容护理 | 公司点评报告 2024 年 8 月 20 日 股票投资评级 买入|维持 个股表现 0.7 0.8 0.9 1 1.1 1.2 1.3 1.4 1.5 1.6 2023-08-212023-09-072023-09-262023-10-132023-11-012023-11-172023-12-052023-12-212024-01-112024-01-292024-02-162024-03-052024-03-212024-04-112024-04-292024-05-172024-06-042024-06-212024-07-102024-07-262024-08-13 恒生指数 巨子生物 资料来源：ifind，中邮证券研究所 公司基本情况 最新收盘价（港元） 40.35 总股本/流通股本（亿股）10.28/ 10.28 总市值/流通市值（亿港 元）415/ 415 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 巨子生物 （HK2367) 敷料加速增长，收入业绩超预期 ⚫ 事件回顾 公司公布 24 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [2]. Core Insights - The company reported a significant revenue increase of 58.2% year-over-year (YoY) for the first half of 2024, with a net profit of 9.8 billion RMB, reflecting a 51.8% YoY growth [2]. - The growth is driven by strong performance in key products and the successful launch of new items, particularly in the skincare segment, which has seen a 68.6% increase in revenue [2]. - The company is expanding its offline channels while optimizing online operations, resulting in a 69.7% increase in offline sales and a 34.3% increase in online sales [2]. Financial Performance - Revenue for the first half of 2024 reached 18.4 billion RMB, with a gross margin of 40.4%, slightly down by 1.7 percentage points YoY [2]. - The adjusted net profit for the same period was 10.3 billion RMB, with a net profit margin of 82.4% [2]. - The company expects continued revenue growth with projected annual increases of 34.5%, 33.5%, and 29.7% for 2024 to 2026 [2]. Product and Market Strategy - The company is focusing on expanding its product matrix and enhancing brand influence through targeted marketing strategies [2]. - Key products such as collagen sticks and new skincare items have shown strong market performance, contributing significantly to revenue growth [2]. - The company is also increasing its presence in private hospitals and clinics, with approximately 2,700 locations targeted by the end of the first half of 2024 [2].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown strong performance in the first half of 2024, with revenue reaching 2.54 billion (+58.2%) and net profit at 983 million (+47.4%), both exceeding market expectations [5][6] - The gross margin is reported at 82.4%, slightly down by 1.7 percentage points, influenced by product category expansion and increased sales costs [5] - The company is focusing on expanding its product matrix and enhancing its brand presence through direct sales and e-commerce channels, with significant growth in both areas [5][6] Financial Performance Summary - Revenue and profit forecasts for 2024-2026 have been revised upwards to 5.03 billion, 6.57 billion, and 8.19 billion respectively, with net profits adjusted to 1.95 billion, 2.55 billion, and 3.17 billion [5][6] - The company’s P/E ratios for the next three years are projected at 19.54X, 14.98X, and 12.06X, indicating a favorable valuation trend [5][6] - The company has a strong market position with its flagship products performing well in major e-commerce events, such as the 618 shopping festival, where it ranked among the top brands [5][6] Market Position and Strategy - The company is leveraging its dual-brand strategy, with "可复美" and "可丽金" showing robust growth, particularly in online sales channels [5][6] - The direct-to-consumer (DTC) sales channel has seen a revenue increase of 64% in the first half of 2024, driven by high growth on platforms like Tmall and Douyin [5][6] - The medical aesthetics segment is expected to contribute significantly to future growth, with several collagen injection products in the pipeline [5][6]

证券研究报告 | 2024年08月20日 巨子生物（02367.HK） 优于大市 上半年营收同比增长 58%，可复美持续表现优异 依托强劲产品力和渠道快速扩张，公司业绩快速提升。公司上半年实现营业 收入 25.4 亿/yoy+58.2%，净利润 9.8 亿/yoy+47.2%，经调整利润为 10.3 亿 /yoy+51.8%。依托公司在胶原蛋白赛道多年积累的品牌势能，并通过全渠道 的精细化布局，整体业绩实现持续快速增长。 分品牌看，可复美实现营收 20.7 亿/yoy+69%，收入占比提升至 81.5%。其中 核心大单品胶原棒持续破圈，上半年收入增速达50%，占可复美收入比重30%， 成为业绩主要增长驱动。新品焦点面霜目前仍处于培育阶段，上半年预计销 售收入 5000 万，全年有望过亿。可丽金实现收入 4.0 亿/yoy+24%，占比下 降至 15.6%，目前仍处于渠道调整期，线上渠道收入增长超 60%+，占比约 60%， 第一大经销商创客村上半年收入双位数下滑，目前收入占比已不足 10%，预 计未来将进一步缩减。 分产品看，功效性护肤实现收入 19.4 亿/yoy+62%，医用敷料实现收入 5.9 亿/yo ...

海 外 公 司 （ 中 国 香 港 ） 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 业绩超预期，胶原棒高增、敷料渠道拓展 巨子生物(2367) 家庭及个人用品 [Table_Industry] [Table_Invest] 评级： 增持 ——巨子生物 2024H1 业绩点评 | --- | --- | --- | --- | |----------|------------------|----------------------|-------------------| | | 訾猛(分析师) | 闫清徽(分析师) | 杨柳(分析师) | | | 021-38676442 | 021-38031651 | 021-38038323 | | | zimeng@gtjas.com | yanqinghui@gtjas.com | yangliu@gtjas.com | | 登记编号 | S0880513120002 | S0880522120004 | S0880521120001 | 本报告导读： 公司 24H1 业绩超预期， ...

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 2,540.4 million, representing a 58.2% increase compared to RMB 1,605.7 million in the same period of 2023[2] - Gross profit for the same period was RMB 2,093.2 million, up 54.9% from RMB 1,351.0 million year-over-year[2] - Net profit attributable to shareholders was RMB 983.2 million, reflecting a 47.4% increase from RMB 666.9 million in the prior year[2] - Adjusted net profit (non-IFRS measure) for the period was RMB 1,026.6 million, a 51.8% increase compared to RMB 676.4 million in 2023[2] - Basic earnings per share increased to RMB 0.99, up 47.8% from RMB 0.67 in the previous year[4] - The total comprehensive income for the period was RMB 982.1 million, compared to RMB 666.0 million in the same period last year[4] - The company reported a pre-tax profit of RMB 1,155.2 million, which is a 49.0% increase from RMB 775.6 million in 2023[3] - The total tax expense for the period amounted to RMB 174.64 million, compared to RMB 109.56 million in the previous year[24] - Profit for the six months ended June 30, 2024, was RMB 980.6 million, representing a 47.2% increase from RMB 666.0 million for the same period in 2023[88] Assets and Liabilities - Non-current assets increased to RMB 1,092,431 thousand as of June 30, 2024, compared to RMB 837,999 thousand as of December 31, 2023, reflecting a growth of 30.4%[6] - Current assets rose significantly to RMB 6,688,210 thousand, up from RMB 4,135,079 thousand, marking an increase of 61.8%[6] - Total liabilities increased to RMB 1,805,793 thousand, up from RMB 1,061,228 thousand, indicating a rise of 70.0%[7] - The net asset value reached RMB 5,974,848 thousand, compared to RMB 4,371,050 thousand, showing an increase of 36.7%[7] - The company’s total equity increased to RMB 5,974,848 thousand, compared to RMB 4,371,050 thousand, indicating a growth of 36.7%[7] - The company’s non-current liabilities decreased to RMB 50,146 thousand from RMB 71,416 thousand, a reduction of 29.8%[7] Revenue Sources - Customer contract revenue for the six months ended June 30, 2024, was RMB 2,540,432 thousand, representing a 58% increase from RMB 1,605,698 thousand in the same period of 2023[17] - Revenue from professional skin care products reached RMB 1,939.6 million, accounting for 76.4% of total revenue, up from 74.5% in the previous year[63] - Revenue from health food and other products was RMB 8.6 million, representing 0.3% of total revenue, down from 0.7% in the previous year[63] - Revenue from the Kewemi brand was RMB 2,070.9 million, a 68.6% increase year-over-year, accounting for 81.5% of total revenue[73] - Revenue from the Keli Jin brand was RMB 396.1 million, a 23.6% increase year-over-year, representing 15.6% of total revenue[75] Expenses - Sales and distribution expenses for the period were RMB 892.0 million, compared to RMB 555.2 million in the previous year[3] - Research and development expenses for the period were RMB 1,338.0 million, reflecting the company's commitment to innovation[3] - The group reported a significant increase in employee benefits expenses, including salaries and wages, which rose to RMB 81,757 thousand from RMB 51,819 thousand in the previous year[21] - Administrative expenses for the six months ended June 30, 2024, were RMB 65.7 million, an increase of 38.3% compared to RMB 47.5 million for the same period in 2023, primarily due to increased employee compensation from a rise in management personnel[85] - Total sales cost for the six months ended June 30, 2024, was RMB 447.2 million, a 75.6% increase from RMB 254.7 million in the same period of 2023[78] Market Strategy and Development - The company plans to continue expanding its market presence and investing in new product development to sustain growth[2] - The company continues to focus on R&D for new technologies and products, aiming to expand its market presence and optimize channel operations[36] - The company is focused on developing a comprehensive skincare solution with a series of new products set to launch in the coming months[44] - The company has launched a new "Focus Series" targeting skin conditions caused by lifestyle factors, with the first product achieving top rankings in e-commerce during promotional events[44] - The company continues to enhance its product matrix and expand its market presence through innovative marketing strategies and new product launches[40] Corporate Governance and Compliance - The company has committed to high standards of corporate governance, adhering to all applicable codes except for a deviation regarding the separation of the roles of Chairman and CEO[109][111] - The company has confirmed compliance with the standard code for securities trading by all directors during the reporting period[112] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the reporting period[108] Social Responsibility - The company actively participates in social responsibility initiatives, donating over RMB 5 million in products to support education workers and medical personnel[58] - The company initiated a bottle recycling program to advocate for sustainable development and engage consumers in environmental protection[50] Future Plans and Investments - The company plans to enhance R&D efforts and expand product offerings in the second half of 2024, focusing on new products and marketing strategies[61] - There are no significant future plans for major investments or acquisitions as of June 30, 2024[95]