智通财经APP讯，巨子生物(02367)发布截至2024年12月31日止年度业绩，该集团期内取得收入55.39亿 元(人民币，下同)，同比增加57.2%;归属于母公司持有者盈利20.62亿元，同比增加42.1%;每股基本盈利 2.1元;拟派发末期股息每股0.6021元及特别股息每股0.5921元。 公告称，公司以科学技术为发展基石，持续加大研发投入，全方位牢筑技术护城河。报告期内，公司研 发支出达到人民币1.07亿元，同比增长42.1%，研发支出占收入比例1.9%。截至报告期末，集团拥有188 项在研项目。截至报告期末，公司已获授权及申请中专利达到167项，其中报告期内新增74项。 巨子生物(02367)发布年度业绩 股东应占溢利20.62 亿元 同比增加42.1% 持续加大研发投入 可复美品牌在"皮肤有问题，就找可复美"的定位之下，继续强化"械妆协同"的发展思路，持续完善产品 系列矩阵。截至报告期末，可复美已形成一大医疗器械系列+四大功效护肤系列的产品组合，致力于为 各类场景和皮肤问题提供专业有效的解决方案。报告期内，可复美品牌实现收入人民币45.4亿元，同比 增长62.9%。 医疗器械系列中，可复美重组胶 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GIANT BIOGENE HOLDING CO., LTD 巨子生物控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 獲 豁 免 有 限 公 司） （股 份 代 號：2367） 截 至2024年12月31日止年度業績公告 財務摘要 | | | | | | | | 至12月31日止年度 | 截 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 2024年 2023年 變 動 | | | | | | | | | 人民幣百萬元 | 人民幣百萬元 | | | 收 入 | | | | | | | 5,538.8 3,524.1 57.2% | | | 毛 利 | | | | | | | 4,546.9 2,947.1 54.3% | | | 稅前利潤 | ...

巨子生物、润本股份更新 20250321 摘要 • 高端美妆估值普遍提升，巨子生物作为行业龙头，受益于重组胶原蛋白市 场需求端渗透率提升，通过科研、认证及合作强化市场地位，预计财报小 幅超预期，具备投资机会。 • 巨子生物医用敷料业务稳健增长，功效护肤品业务产品结构优化，大单品 培育和渠道运营超预期。可复美胶原棒表现突出，有望达 20 亿量级，皮 肤亚健康系列产品效果超预期。 • 可复美 2024 年销售额达 2 亿，预计 2025 年达 4-5 亿，增速 25%。可丽 金品牌心智提升、产品迭代及渠道转型后，2024 年增速超 30%，预计 2025 年延续 25%增长。 • 巨子生物医疗器械合规化加速，敬鹏产品获优先审评，骨修复材料获三类 证。预计 2025 年 1-2 个医美产品落地，配合公立医院渠道，重组胶原蛋 白技术应用前景广阔。 • 润本股份 2025 年 Q1 营收和利润预计增长 30%，利润率同比持平，显示 利润增长质量较高。驱蚊产品创新（定时+童锁）和婴童护理（防晒、青 少年洗护）是新增长点。 Q&A 巨子生物在美妆板块的表现如何？其估值和业绩确定性有哪些方面值得关注？ 巨子生物在美妆板块的表 ...

Summary of the Conference Call for Juzi Biotechnology Industry Overview - The new consumption sector, particularly in the beauty industry, has shown strong performance recently, with Juzi Biotechnology identified as a company with significant potential in this space [3][4]. Key Points and Arguments - Juzi Biotechnology's current valuation is approximately 27 times earnings, with a growth expectation of 25% for the year 2025, indicating room for improvement [4]. - The collagen market, a crucial component of functional skincare products, is rapidly growing with a high ceiling. The penetration rate of functional skincare products in China is about 15%, compared to a global average of 30%, highlighting substantial market potential [4][5]. - Juzi Biotechnology is recognized as a pioneer in the industry, with production capacity 20 times higher than its competitors, providing a significant competitive advantage [4]. - Recombined collagen is more suitable for Asian skincare habits, offering comprehensive benefits such as collagen replenishment, whitening, and anti-aging, which enhances the penetration rate of functional skincare products in China [5]. - The company has over two products with sales exceeding 1 billion yuan, indicating ongoing growth potential. Additionally, the introduction of new ingredients like ginsenoside in essence products has been well-received by consumers [4][6]. - The cream series achieved approximately 300 million yuan in sales last year, with expectations to reach around 500 million yuan this year. The cream market constitutes 25% of China's 600 billion yuan skincare market, suggesting significant growth potential due to higher average transaction values and usage frequency [4][6]. - Juzi Biotechnology anticipates synchronized growth in revenue and profit this year, with the medical beauty business serving as a crucial catalyst. Although this segment has not yet fully impacted the company's market value, it is expected to contribute positively in the first half of the year [4][7]. - The launch of the bottled essence series, with increased pricing and average transaction values, is expected to further drive the company's performance. Long-term projections suggest that Juzi Biotechnology has the potential to reach a market capitalization of 100 billion yuan, encouraging investors to monitor its developments closely [4][7]. Additional Important Insights - The company is leading in the commercialization of recombined collagen in China, which is ahead of international markets, providing a first-mover advantage [5]. - Continuous innovation in product offerings, such as the introduction of new ingredients and product lines, is a key strategy for sustaining growth [4][6].

Core Viewpoint - Debon Securities has raised revenue and profit expectations for Juzhi Biotechnology, highlighting three major discrepancies in market perception regarding collagen products, product matrix, and medical beauty products, while emphasizing the company's long-term growth potential due to its ingredient advantages, new product layout, and channel resources [1][2]. Group 1: Collagen Product Market - The report indicates that despite some views suggesting limited growth potential for collagen stick products, data shows that the GMV for Kefu Beauty collagen sticks on Tmall and Douyin is expected to approach 2.4 billion yuan in 2024, with sales volume reaching 5.29 million units, a significant increase from 900 million yuan and 200,000 units in 2023 [1]. - Compared to other brands like Proya and Han Shu, the market ceiling for collagen sticks remains high, and Debon Securities believes that the collagen protein ingredient market is still in its growth phase, positioning Juzhi Biotechnology to benefit from market expansion [1]. Group 2: Product Matrix and New Products - Addressing concerns about the perceived singularity of Kefu Beauty's product matrix, the report highlights strong performance from new products, with a focus cream launched in 2024 achieving an online GMV of 277 million yuan in just seven months, and surpassing 100 million yuan in GMV for October alone, contributing an average of about 8% monthly [2]. - Additionally, Kefu Beauty and Keli Jin are continuously launching new products to enhance their product layout, such as the Frame Domain Repair Series set to launch in February 2025, which will be the first to apply IV-type thermoplastic collagen, providing new growth momentum for the brand [1][2]. Group 3: Medical Aesthetics Market Potential - The report analyzes Juzhi Biotechnology's potential in the medical aesthetics sector, noting that despite intense market competition, the company is accelerating its layout in Class III medical devices, with a bone repair material registration certificate expected in December 2024 and four new medical beauty products in the pipeline [2]. - With a comprehensive indication layout and channel advantages, Juzhi Biotechnology is anticipated to achieve rapid growth in the medical aesthetics market [2]. Group 4: Revenue and Profit Forecast - Based on the analysis, Debon Securities has adjusted Juzhi Biotechnology's revenue forecasts for 2024-2026 to 5.379 billion yuan, 6.951 billion yuan, and 8.790 billion yuan, respectively, while the net profit forecasts are set at 2.060 billion yuan, 2.609 billion yuan, and 3.213 billion yuan [2].

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The report highlights that despite pressures, the company has potential for growth through its focus on collagen products, new product launches, and advantages in medical channels [6][41]. - The collagen protein market is still in its growth phase, providing significant opportunities for the company as a market leader [9][30]. Summary by Sections Market Performance - The company's stock has shown a relative increase compared to the Hang Seng Index, with absolute growth rates of 5.37% over one month and 7.46% over two months [4]. Financial Data and Forecasts - Total revenue is projected to grow from 5.379 billion HKD in 2024 to 8.790 billion HKD in 2026, with year-on-year growth rates of 41.88%, 26.65%, and 23.17% respectively [5][41]. - Net profit is expected to increase from 2.060 billion HKD in 2024 to 3.213 billion HKD in 2026, with corresponding growth rates [5][41]. Investment Highlights - The report identifies three key areas of expectation: 1. **Collagen Product Ceiling**: Concerns exist regarding the sales ceiling of the collagen stick product, but the collagen market is still growing, indicating potential for expansion [6][9]. 2. **New Product Pipeline**: The company is expanding its product lineup, with new launches expected to contribute to revenue growth [12][18]. 3. **Medical Aesthetics Market**: The company is well-positioned in the medical aesthetics sector, with recent approvals for new products that could capture significant market share [30][39]. Product Performance - The collagen stick product has achieved significant sales, with projected sales of nearly 2.4 billion HKD in 2024, indicating strong market demand [6][7]. - New products, such as the focus cream, have exceeded expectations in early sales, contributing positively to the overall revenue [18][19]. Competitive Landscape - The report notes that while competition in the collagen market is increasing, the company’s established position and product offerings provide a competitive edge [23][30]. - The medical aesthetics market is characterized by high growth potential, with the company’s recent product approvals enhancing its market position [30][31].

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company has received exclusive patent approval for recombinant human type IV collagen, which is expected to significantly enhance its medical beauty business prospects [1][2]. - The recombinant human type IV collagen exhibits outstanding efficacy in skin repair and soothing, with proven biological activities such as enhancing barrier-related proteins and inhibiting inflammatory factors [1][2]. - The company is actively expanding its application of recombinant human type IV collagen, solidifying its position as a global leader in recombinant collagen [2]. - The company's medical beauty products have received priority approval, indicating strong growth potential for its recombinant collagen-related business [3]. - The company is expected to achieve adjusted net profits of 2.13 billion, 2.70 billion, and 3.24 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 45.1%, 26.6%, and 20.1% [3][4]. Financial Forecast - Revenue is projected to grow from 3.52 billion RMB in 2023 to 8.76 billion RMB in 2026, with growth rates of 49.0%, 50.6%, 33.6%, and 23.6% for the respective years [4][6]. - Adjusted net profit is forecasted to increase from 1.47 billion RMB in 2023 to 3.24 billion RMB in 2026, with growth rates of 39%, 45%, 27%, and 20% [4][6]. - The earnings per share (EPS) based on adjusted net profit is expected to rise from 1.42 RMB in 2024 to 3.13 RMB in 2026 [4][6].

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Viewpoints - The company has received exclusive patent approval for recombinant human type IV collagen, which opens new applications in the medical beauty sector [1][2]. - The recombinant human type IV collagen exhibits significant efficacy in skin repair and soothing, enhancing barrier-related proteins and inhibiting inflammatory factors [1][2]. - The company is actively expanding its product offerings and has established a strong position as a global leader in recombinant collagen [2][3]. - The medical beauty products have received priority approval, indicating strong growth potential for the company's collagen-related business [3]. - The company is expected to achieve adjusted net profits of 2.13 billion, 2.70 billion, and 3.24 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 45.1%, 26.6%, and 20.1% [3][4]. Financial Forecasts - Revenue projections are 5.31 billion, 7.09 billion, and 8.76 billion RMB for 2024, 2025, and 2026, reflecting growth rates of 50.6%, 33.6%, and 23.6% respectively [4][6]. - The earnings per share (EPS) based on adjusted net profit are forecasted to be 2.06, 2.60, and 3.13 RMB for 2024, 2025, and 2026 [4][6]. - The price-to-earnings (P/E) ratios are projected to be 26x, 21x, and 17x for the same years [4][6].

Investment Rating - Maintains a "Buy" rating with a target price of HKD 66 0, implying a potential upside of 23 8% from the current price of HKD 53 3 [1][4] Core Views - The company's management has raised the 2024 full-year performance guidance, expecting revenue growth of around 50% and net profit growth of around 40% [1] - The company's main brand, Kefumei, achieved a GMV growth of 78 1% in 2024, driven by strong performance during the "Double 11" shopping festival and new product launches [1] - The company has raised its 2024 performance guidance three times, reflecting strong confidence in achieving its targets [2] - The company is expected to maintain high growth in 2025, driven by the expansion of key products and improved brand strength of its two major brands, Kefumei and Kelijing [2] - The company's medical aesthetic products are expected to be approved as scheduled, with the injection recombinant collagen product for eye wrinkles expected to be approved in Q1 2025 [3] Financial Performance and Forecasts - Revenue for 2024E is expected to reach RMB 5,377 million, a 52 6% YoY increase, with net profit expected to reach RMB 2,044 million, a 40 8% YoY increase [9] - The company's gross margin is expected to remain stable at around 82 3% in 2024E, with an operating margin of 42 4% [10] - The company's ROE is expected to be 34 7% in 2024E, gradually declining to 32 4% by 2026E [9] - The company's PE ratio is expected to decrease from 24 6x in 2024E to 15 0x in 2026E, reflecting strong earnings growth [9] Product and Brand Performance - Kefumei's GMV grew by 78 1% in 2024, with a growth rate of over 80% during the "Double 11" period [1] - Kelijing's GMV grew by over 150% during the "Double 11" period, driven by core products such as the Pong Pong Essence and Collagen Series [1] - The new product, Focus Cream, launched in 2024, has contributed to Kefumei's growth, providing a new growth driver beyond the Collagen Stick [1] Market and Industry Context - The company's stock price has shown strong performance, with a 52-week range of HKD 28 5 to HKD 58 0, and a current market capitalization of HKD 54,804 million [4] - The company's daily average trading volume over the past three months was HKD 164 2 million, indicating strong market interest [4] - The company is part of the cosmetics industry, with peers such as Proya and Shanghai Jahwa also showing strong performance [15]

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 69.19, up from HKD 66.15, indicating a potential upside of 33.8% from the current price of HKD 51.70 [1][3]. Core Insights - The company has shown impressive online growth in 2024, with a projected revenue increase of over 50% and a net profit growth of around 40%. The GMV for its brands, 可复美 and 可丽金, reached RMB 5.4 billion, a year-on-year increase of 57% across major online platforms [1][6]. - The report highlights the strong performance of 可复美 on Tmall and Taobao, with a GMV growth of 42%, ranking second in the market. The anticipated approval of a new collagen injection product is expected to further drive growth in 2025 [1][6]. - 可丽金 is also experiencing rapid growth, with a GMV of RMB 660 million in 2024, reflecting a 103% year-on-year increase, driven by key product launches [1][6]. Financial Summary - The company’s revenue is projected to grow from RMB 3,524 million in FY23 to RMB 5,406 million in FY24, representing a growth rate of 53.4%. The adjusted net profit is expected to increase from RMB 1,451.8 million in FY23 to RMB 2,108.6 million in FY24, a growth of 45.2% [2][36]. - The report provides a detailed financial outlook, with revenue estimates for FY25 and FY26 at RMB 7,288 million and RMB 9,729 million, respectively, indicating continued strong growth [2][36]. - The company’s net debt ratio is projected to increase, reflecting a shift towards a more leveraged capital structure as it invests in growth opportunities [2][36].