Core Viewpoint - UBS has downgraded the net profit forecast for Giant Bio (02367) for 2025 to 2027 by 4-10%, primarily due to a revision in revenue growth expectations for the Comfy business, although this impact is offset by an improvement in sales expense ratio [1] Group 1: Financial Performance - The target price for Giant Bio has been reduced from HKD 93.1 to HKD 79.5 while maintaining a "Buy" rating [1] - The company's revenue showed a robust growth of 23% year-on-year, driven mainly by online sales rather than distributor channels [1] - The net profit margin reached 38%, with the marketing expense ratio decreasing by 1.1 percentage points to 34% year-on-year [1] Group 2: Brand and Market Position - Despite earlier concerns related to allegations of fraud affecting the Comfy brand's collagen bars, it still contributes nearly 30% to brand sales [1] - Management has reiterated ongoing collaborations with top influencers to enhance consumer education and is on track with preparations for the Double 11 shopping festival [1] Group 3: Future Guidance - The company maintains its guidance for a sales growth of 25% to 28% year-on-year and a profit target of RMB 2.5 billion to 2.55 billion for 2025 [1]
瑞银：降巨子生物(02367)目标价至79.5港元 维持“买入”评级