Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in its core products, with the launch of injection products imminent [1] - The brand "可复美" has matured in the medical dressing market, continuing to drive sales growth [1] - The company is leading the standardization of recombinant collagen protein, which is expected to benefit from a healthy competitive environment [1] - The upcoming launch of injection products is anticipated to accelerate the market penetration of its three-helix feature products [1] Financial Performance - In 2023, the company achieved revenue of 35.24 billion HKD, a year-on-year increase of 49.0%, and a net profit of 14.52 billion HKD, up 44.9% [1] - Adjusted net profit reached 14.69 billion HKD, reflecting a growth of 39.0% [1] - The core brand "可复美" generated revenue of 27.88 billion HKD, a 72.9% increase, accounting for 79.1% of total revenue [1] - The company expects continued high growth in net profit for 2024-2026, with projections of 19.22 billion HKD, 24.21 billion HKD, and 30.16 billion HKD respectively, representing year-on-year growth rates of 32%, 26%, and 25% [2][3] Product Development - The company has successfully launched multiple new products, including "可复美胶原乳" and "可复美次抛," which have received positive market feedback [1] - The company plans to obtain medical device certifications for two Class III products in mid-2024 and early 2025 [1] Market Position - The company holds a leading position in the recombinant collagen protein market, benefiting from its strong brand recognition and diverse product matrix [2] - The company's two main brands, "可复美" and "可丽金," accounted for over 96% of total revenue in 2023, indicating a strong dual-driver strategy for performance enhancement [1]

浦银国际研究 公司研究 | 消费行业 巨子生物（2367.HK）：品牌及渠道调整 桑若楠，CFA 驱动 2024 年高速增长 浦 消费分析师 银 serena_sang@spdbi.com 在线上渠道布局愈加完善以及可复美收入大幅扩张的背景下，巨子生 国 (852) 2808 6439 物 2023 年收入与净利润增速均高于市场预期。此外，公司首次派息， 际 综合派息率高达 61%。尽管面临高基数的压力中，我们认为公司在可 林闻嘉 丽金品牌调整完毕、线上渠道占比继续提升以及“以爆带新”的经营策 首席消费分析师 略下，公司在2024年仍将保持超指引的高速增长。巨子生物是我们在化 richard_lin@spdbi.com 妆品行业中首选，维持“买入”评级，并上调目标价至52港元。 (852) 2808 6433 公  线上渠道布局与线上营销相辅相成：2023 年，公司大力推进线上渠道 司 2024年3月27日 转化和线上营销运作，带动全年收入和净利润分别同比增长 49%和 研 45%，超市场预期。其中，线上直营收入占比同比提升近10pct 至68.7%。 究 这离不开成功的线上营销的辅助，使主力品牌可复美录得 ...

公司研 究 证 券研究 报 告 日用化学品 2024年03月28日 巨 子生物（02367.HK）2023年报点评 推 荐 （维持） 目标价：50.4港币 大单品方法论初显，看好妆械协同发展 当前价：42.55港元 事项： 华创证券研究所  23年公司实现营收35.24亿元，同比增长49.0%；实现归母净利润14.52亿元， 证券分析师：王薇娜 同比增长44.9%，实现经调整净利润14.69亿元，同比增长39.0%。23年公司 毛利率83.6%，同比略降0.8pct，归母净利率41.2%，同比略降1.0pct，仍维持 电话：010-66500993 相对高位。公司拟派发股息 0.44 元人民币/股（含税），特别股息 0.45 元人民 邮箱：wangweina@hcyjs.com 币/股（含税），综合派息率为61%。 执业编号：S0360517040002 证券分析师：吴晓婵  23下半年营收占比54.4%为19.2亿元，同比增长39.1%；归母净利润7.85亿 元，同比增长39.0%，毛利率83.2%，归母净利率41.6%。 邮箱：wuxiaochan@hcyjs.com 执业编 号：S036052307 ...

公司研究 | 动态跟踪 巨子生物 02367.HK 买入（维持） 业绩超预期，可复美明星单品表现强劲 股价（2024年03月27日） 42.55港元 目标价格 53.16港元 52周最高价/最低价 49.4/28.4港元 总股本/流通H股（万股） 99,500/99,500 H股市值（百万港币） 42,337 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司发布2023年业绩公告，实现营业收入35.2亿，同比增长49%，实现归母净利 报告发布日期 2024年03月28日 润14.5亿，同比增长44.9%，其中23H2收入和归母净利润分别增长39.1%和 39%，超市场预期。 1周 1月 3月 12月 ⚫ 明星单品表现优异，可复美品牌驱动业务收入高增。分品牌来看，2023年可复美/ 绝对表现% 1.55 18.52 26.26 -18.64 可丽金/其他品牌收入同比增长72.9%、-0.3%和14.3%，可复美为主要增长驱动， 相对表现% 2.46 20.89 27.66 -2.42 具体来看：1）渠道方面，公司持续拓展线上和线下销售渠道，优化运营策略，使得 恒生指数% -0.91 -2.37 -1.4 - ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown strong growth in its effective skincare product segment, with revenue reaching 3.508 billion yuan in 2023, a year-on-year increase of 51.1%. The effective skincare products alone generated 2.647 billion yuan, up 69.5%, accounting for 75.1% of total revenue, reflecting a 9.1 percentage point increase [5] - The direct-to-consumer (DTC) online sales channel achieved revenue of 2.155 billion yuan, a 77.5% increase year-on-year, indicating robust brand building and operational capabilities [6] - The company has successfully expanded its collagen product lines and is positioned to benefit from the high growth potential in the collagen market, with projected revenues of 4.869 billion yuan and 6.428 billion yuan for 2024 and 2025, respectively [8] Revenue Performance - In 2023, the company achieved total revenue of 3.524 billion yuan, a 49.0% increase year-on-year, with a net profit of 1.452 billion yuan, up 44.9% [7] - The effective skincare segment's revenue growth is supported by a significant increase in online sales, particularly through platforms like Tmall and Douyin [6] Financial Metrics - The company's gross margin decreased slightly by 0.8 percentage points to 83.6% due to increased sales costs and product line expansion [8] - The adjusted net profit for 2023 was 1.469 billion yuan, reflecting a 39.0% year-on-year growth [7] Market Position - The company is strategically positioned in the high-growth collagen market, with expectations for its medical-grade business to increase its revenue share [8] - The report anticipates that the company will achieve a comprehensive product coverage in the medical beauty sector with the approval of two new medical device products in 2024 [8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant increase in stock price relative to the benchmark index over the next six months [7][11]. Core Insights - The company achieved a revenue of 3.52 billion yuan in 2023, representing a 49% year-on-year increase, with a net profit of 1.45 billion yuan, up 44.9% [4][7]. - The growth was primarily driven by the "可复美" brand, which saw a revenue increase of 72.9% to 2.79 billion yuan, supported by the expansion of online and offline sales channels [4][5]. - The company's gross margin decreased by 0.8 percentage points to 83.6%, while the net profit margin remained high at 41.2% despite a 1.9 percentage point decline [6][7]. Revenue Breakdown - In 2023, the revenue from "可复美" was 2.79 billion yuan, "可丽金" remained stable at 620 million yuan, and other brands contributed 100 million yuan, marking a 14.2% increase [4]. - The effectiveness of skincare products saw a 69.52% increase to 2.65 billion yuan, accounting for 66% of total revenue, while medical dressings grew by 13.25% to 860 million yuan [4][6]. Channel Performance - Online direct sales revenue reached 2.15 billion yuan, up 77.5%, accounting for 61.2% of total sales, driven by platforms like Tmall and Douyin [5]. - Offline direct sales increased by 39.6% to 90 million yuan, supported by the growth of chain pharmacies and cosmetic stores [5]. Profitability Forecast - The company forecasts net profits of 1.76 billion yuan, 2.11 billion yuan, and 2.54 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 22x, 19x, and 15x [7][8].

Investment Rating - Buy | Maintain [2] Core Views - The company's full-year performance exceeded expectations, with significant optimization in H2 sales expense ratio [3] - The product matrix continues to enrich, with strong growth in key brands and new product launches [4] - The company maintains a leading position in the recombinant collagen protein market, supported by strong R&D capabilities and industry standards [3][4] Financial Performance - 2023 revenue reached 3,524 million RMB, a year-on-year increase of 49.05% [3] - Net profit attributable to the parent company was 1,452 million RMB, up 44.88% year-on-year [3] - Gross margin was 83.63%, a slight decrease of 0.76 percentage points, while net margin was 41.19%, down 0.98 percentage points [3] - Sales expense ratio was 33.04%, up 3.17 percentage points, but showed significant optimization compared to H1 [3] - Management expense ratio decreased by 1.95 percentage points to 2.74%, while R&D expense ratio increased by 0.26 percentage points to 2.13% [3] Product and Brand Performance - Key brand "Kefumei" achieved revenue of 2,788 million RMB, a year-on-year increase of 72.86% [4] - "Kefumei" collagen repair series saw strong growth, with GMV during Double 11 increasing by over 200% [4] - New products such as "Collagen Milk" and "Collagen Soothing Patch" frequently appeared on Tmall and Douyin bestseller lists [4] - "Keling" brand revenue remained stable at 617 million RMB, with star products continuing to perform well [4] Channel and Operational Strategy - Direct sales channels accounted for 68.7% of total revenue, with online direct sales contributing 61.2%, up 77.5% year-on-year [4] - Distribution channels accounted for 31.3% of revenue, up 14.6% year-on-year [4] - The company expanded its offline presence, opening its first "Kefumei" standard store in Xi'an and three "Keling" specialty stores [4] - Production capacity increased with the completion of new recombinant collagen protein fermentation workshops and additional production lines [4] Future Outlook and Profit Forecast - The company is expected to achieve net profit attributable to the parent company of 1,721 million RMB in 2024, 2,196 million RMB in 2025, and 2,743 million RMB in 2026 [5] - Corresponding P/E ratios are projected at 23x, 18x, and 14x for 2024-2026 [5] - The company is positioned as a leader in the professional skincare market, with a strong focus on R&D and brand expansion [5]

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 美容护理 | 公司研究 业绩高增印证核心技术优越性，24 胶原大年巨子乘风起 2024年3月26日 巨子生物 (02367.HK) 公司发布 23 年年报，营收净利润逆势高增，略超市场预期。据公司公告（下同），1）公司发布 买入 23年年报，营收增速亮眼。23年营收35.2亿元，同增49%；归母净利润14.5亿元，同增45%； 经调整净利润14.7亿，同增45%。在相对高基数下，业绩增长持续耀眼，业绩高增得益于公司深 维持 耕20年建立的重组胶原蛋白强消费心智，以及对产品类型的持续扩充以及线上线下渠道的拓展。2） 公司重视股东回馈，预计合计派息8.8亿人民币，建议末期股息0.44元每股，特别股息0.45元每 市场数据：2024年3月25日 股。 收盘价（港币） 43.30 品类结构调整致毛利率略降，销售投放增加致净利润略滑，预计 24 年还将延续盈利能力略降的趋 恒生指数 16473.64 势。公司2023年毛利率略降0.76pct至83.6%，主要由产品类型扩充及拓展新渠道所 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.51 HKD, indicating an expected upside of over 20% in the next six months [4][12]. Core Insights - The company reported a 45% year-on-year increase in profit for 2023, with revenue reaching 3.524 billion RMB, a 49% increase. The adjusted net profit is projected at 1.8 billion RMB for 2024, reflecting strong growth potential in the recombinant collagen market [1][2]. - The company is well-positioned in the high-growth recombinant collagen sector, with a robust product pipeline and successful commercialization strategies [2][4]. Financial Performance - In 2023, the company achieved a revenue of 3.524 billion RMB, up 49% year-on-year, and a net profit of 1.452 billion RMB, up 45% year-on-year. The gross margin was 83.6%, and the net margin was 41.2% [1][3]. - Revenue projections for 2024, 2025, and 2026 are 4.598 billion RMB, 5.942 billion RMB, and 7.251 billion RMB, respectively, with corresponding net profits of 1.733 billion RMB, 2.204 billion RMB, and 2.753 billion RMB [3][10]. Market Position and Product Development - The company has successfully developed a comprehensive product matrix, with significant sales growth in its flagship brand, Kefu Mei, which saw a 73% increase in revenue [1][2]. - The company is advancing its research and development efforts, with over 40 types of recombinant collagen products in the pipeline, expected to receive regulatory approval in the near future [2][4]. Shareholder Returns - The company announced a special dividend and final dividend totaling 880 million RMB, marking a 61% payout ratio, which is the first since its listing [1][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of HKD 42.55 [3]. Core Insights - In 2023, the company achieved revenue of CNY 3.524 billion, representing a year-on-year increase of 49.05%, and an adjusted net profit of CNY 1.469 billion, up 39.04% year-on-year [2]. - The professional skincare product revenue grew by 51.1% year-on-year, driven by strong sales of the flagship product and improvements in the Keli Jin brand [2]. - The company expects adjusted net profits for 2024-2026 to be CNY 1.814 billion, CNY 2.277 billion, and CNY 2.823 billion, with growth rates of 23.5%, 25.5%, and 24.0% respectively [2]. Revenue Breakdown - Total revenue for 2023 was CNY 3.524 billion, with professional skincare products contributing CNY 3.508 billion, a 51.1% increase year-on-year [2]. - The flagship brand, Kefu Mei, generated CNY 2.788 billion in revenue, a 72.86% increase, while Keli Jin saw a slight decline of 0.29% to CNY 617 million [2]. - Direct sales revenue increased by 72.7% to CNY 2.421 billion, with significant growth in online channels such as Douyin [2]. Profitability Metrics - The company's gross margin for 2023 was 83.6%, with an adjusted net profit margin of 41.7% [2]. - The adjusted net profit for 2023 was CNY 1.469 billion, reflecting a decrease of 3.0 percentage points in net profit margin compared to the previous year [2]. - The report highlights an increase in sales expense ratio to 33.04% due to the expansion of online direct sales channels [2]. Future Outlook - The company is expected to continue leveraging its strong R&D capabilities and multi-brand strategy to enhance its product offerings and brand influence [2]. - The report projects a price-to-earnings ratio of 21x, 17x, and 14x for 2024-2026, indicating a favorable valuation outlook [2].