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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has demonstrated strong growth potential through its dual beauty brands, with significant increases in GMV during the 618 sales event. Specifically, the brand "可复美" saw a GMV growth of over 60% year-on-year, while "可丽金" achieved over 100% growth [3] - The company is expected to accelerate new product launches in the beauty segment, with successful new products already released, including a face cream that ranked top in sales on major platforms [3] - The medical beauty pipeline is anticipated to grow rapidly due to channel and customer reuse, with a significant number of medical channels already established [3] - Revenue projections for the company are optimistic, with expected revenues of 49.9 billion, 64.3 billion, and 79.5 billion RMB for 2024, 2025, and 2026 respectively, alongside net profits of 19.9 billion, 25.3 billion, and 31.2 billion RMB for the same years [3] Financial Summary - The company reported a revenue of 3,524 million RMB for 2023, with a projected revenue of 4,994 million RMB for 2024, reflecting a growth rate of 41.72% [4] - The net profit for 2023 was 1,452 million RMB, with projections of 1,993 million RMB for 2024, indicating a net profit growth rate of 37.25% [4] - The company's earnings per share (EPS) is expected to increase from 1.49 RMB in 2023 to 1.94 RMB in 2024 [4] - The price-to-earnings (PE) ratio is projected to decrease from 21.98 in 2023 to 20.46 in 2024, indicating improving valuation metrics [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 52.0, indicating a potential upside of 20.1% from the current price of HKD 43.3 [2][5]. Core Insights - The company, 巨子生物, reported impressive performance during the 618 shopping festival, with its brands 可复美 and 可丽金 achieving GMV growth of over 60% and 100% respectively. This strong performance led the management to raise the full-year earnings guidance, reflecting increased earnings certainty [2][3]. - The management has revised the 2024 revenue growth forecast to 35%-40% (previously around 30%) and adjusted net profit growth to 30%-35% (previously 22%-24%). The mid-year guidance also indicates a revenue increase of 40%-45% and net profit growth of 35%-40% [3][4]. - The report highlights the company's strong online presence and the successful performance of its core brands as key drivers for sustained growth in the second half of 2024 [3][4]. Financial Summary - The company's revenue is projected to grow from RMB 3,524 million in 2023 to RMB 4,910 million in 2024, representing a year-on-year increase of 39.3% [4][9]. - The net profit is expected to rise from RMB 1,452 million in 2023 to RMB 1,894 million in 2024, reflecting a growth rate of 30.5% [4][9]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and net profit over the next few years, with revenue reaching RMB 8,397 million by 2026 [4][9].

Investment Rating - The investment rating for the company is "Outperform" [1][6]. Core Insights - The company reported impressive performance during the 618 promotional event, with its brand Kefu Mei achieving over 60% year-on-year growth in GMV across all online channels, while Keli Jin saw a 100%+ increase [3][4]. - The strong brand momentum and the successful launch of new products are expected to drive steady growth in the cosmetics business, with the approval of medical aesthetic injection products anticipated to contribute to long-term growth [6][8]. - The company's net profit forecasts for 2024-2026 have been revised upwards to 1.837 billion, 2.318 billion, and 2.778 billion yuan, respectively, with corresponding P/E ratios of 24, 19, and 16 times [6][10]. Performance Summary - Kefu Mei's performance during the 618 event included a 60%+ increase in GMV, with significant growth across various platforms: Tmall (+50%), Douyin (+65%), JD (+100%), and Vipshop (+200%) [4][5]. - Keli Jin also experienced rapid growth, with a 100%+ increase in GMV during the same period, driven by strong sales of its classic products and new launches [4][5]. - The company has established a strong brand identity in the collagen market, which is expected to continue benefiting from the industry's growth [6][8]. Financial Projections - Revenue growth is projected at 37.4% for 2024, up from the previous estimate of 33.2%, reflecting the strong performance of both brands during the promotional period [7]. - The gross margin is expected to improve to 82.9% in 2024, indicating enhanced product strength and the positive impact of new product launches [7][10]. - The company's total revenue is forecasted to reach 4.843 billion yuan in 2024, with a steady increase to 7.571 billion yuan by 2026 [10].

证券研究报告 | 公司点评 巨子生物(02367.HK) 2024 年 06 月 25 日 买入(维持) 所属行业:美容护理 当前价格(港币):43.40 元 证券分析师 易丁依 资格编号:S0120523070004 邮箱:yidy@tebon.com.cn 市场表现 巨子生物 恒生指数 -40% -20% 0% 20% 40% 60% 2023-06 2023-10 2024-02 | 恒生指数对比 | 1M | 2M | 3M | |------------------|--------|--------|-------| | 绝对涨幅 (%) | -11.41 | -7.72 | 3.50 | | 相对涨幅 (%) | -8.28 | -12.52 | -5.77 | | | | | | 相关研究 1.《巨子生物:23 年业绩超预期,静 待妆字新品放量 + 医 美 获 批 》, 2024.3.26 2.《巨子生物:23H1 收入、利润均超 预期,渠道转型+产品矩阵完善,巩固 胶原护肤龙头地位》,2023.8.29 3.《巨子生物(2367.HK)22 年报点 评:2022 年收入、利润略超预期,重 组 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 60.83, indicating a potential upside of 32.5% from the current price of HKD 45.90 [3][27]. Core Insights - The company has demonstrated strong online sales growth during the "618" shopping festival, with its brand "可复美" achieving over 60% year-on-year growth in GMV, while "可丽金" saw over 100% growth [1][11]. - The report highlights the successful performance of key products, particularly the collagen sticks and new focus cream, which have significantly contributed to the overall growth of the brand [1][11]. - The company is expected to continue its growth trajectory, especially with the anticipated approval of injectable collagen products within the year [1][27]. Financial Performance Summary - Sales revenue is projected to grow from RMB 4,636 million in FY24 to RMB 7,682 million in FY26, reflecting a compound annual growth rate (CAGR) of approximately 30% [2][27]. - The net profit is expected to increase from RMB 1,738 million in FY24 to RMB 2,791 million in FY26, indicating a strong profitability outlook [2][27]. - The gross margin is forecasted to remain stable around 83% over the next few years, showcasing the company's strong pricing power and cost management [2][27]. Market Positioning - The company ranks 11th in the Tmall fast-moving consumer goods sales ranking and 9th in the Douyin beauty list during the "618" festival, indicating a strong market presence among domestic brands [1][9][10]. - The report notes that the company's core products have maintained top positions in their respective categories on major e-commerce platforms, further solidifying its competitive advantage [1][11]. Valuation Metrics - The target price corresponds to a 23.2x adjusted P/E ratio for FY24 and an 18.8x adjusted P/E ratio for FY25, suggesting that the stock is attractively valued relative to its growth prospects [1][27]. - The DCF analysis indicates a fair value of HKD 60.83 per share, based on a WACC of 10.6% and a perpetual growth rate of 3.0% [24][27].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5][7]. Core Views - The recombinant collagen industry is experiencing high demand, with significant growth potential in market penetration. The medical dressing and functional skincare markets are projected to grow substantially, with expected CAGRs of 28.8% and 55.0% from 2022 to 2027, respectively [3][4]. - The company is a leader in recombinant collagen, having successfully developed and mass-produced recombinant collagen products. Its flagship brands, Kefu Mei and Keli Jin, are key revenue drivers, with a revenue CAGR of 38.5% from 2019 to 2023 [3][4][19]. - The company's competitive advantage is built on a robust product, channel, and R&D strategy, with a strong focus on professional skincare and a well-established sales network [4][9]. Summary by Sections Company Overview - The company is the first globally to achieve mass production of recombinant collagen products, focusing on functional skincare, medical devices, and special medical foods. It has eight brands and over 100 SKUs [15][19]. - The management team is experienced, with a strong background in biotechnology and a proven track record in the industry [16][17]. Market Potential - The recombinant collagen market is expected to grow significantly, with the medical dressing and functional skincare markets projected to reach $25.5 billion and $64.5 billion by 2027, respectively [3][4][25]. - The company is well-positioned to capitalize on this growth due to its innovative products and strong market presence [9][28]. Financial Performance - The company achieved a revenue of 35.3 billion yuan in 2023, with a year-on-year growth of 48.5%. The net profit attributable to shareholders was 13.7 billion yuan, reflecting a 41.7% increase [19][20]. - The report forecasts revenues of 47.0 billion, 60.8 billion, and 75.6 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 18.6 billion, 23.1 billion, and 28.2 billion yuan [5][7]. Product and R&D Strategy - The company has a diverse product matrix, with a strong focus on high-demand skincare products. The flagship brands are performing well, contributing to a 99.5% revenue share from professional skincare products in 2023 [22][23]. - The R&D efforts are robust, with 93 patents filed and a strong pipeline of new products expected to drive future growth [4][8].