Core Viewpoint - Company maintains a "buy" rating for Giant Bio (02367) based on breakthroughs in its medical aesthetics business and steady growth in medical dressings and functional skincare products, with EPS forecasts for 2025-2027 at 2.35, 2.83, and 3.38 yuan respectively [1] Group 1: Regulatory Approval and Product Development - The approval of the recombinant type I α1 collagen freeze-dried fiber medical device marks a significant regulatory breakthrough for the company, opening new growth avenues in the medical aesthetics sector [1] - The approved product utilizes a human-derived sequence, demonstrating excellent biocompatibility and safety, suitable for facial dermal tissue filling to correct dynamic wrinkles [1] - The company is expanding its product matrix with liquid, gel, and cross-linked gel formulations, enhancing its competitive edge in the recombinant collagen field [2] Group 2: Technological Differentiation and Market Position - The company has developed a diverse molecular library of over 50 types of recombinant collagen, achieving extensive coverage in type research, including full-length chains and truncated segments [2] - The approved type I collagen product fills a market gap in the injection field, differentiating itself from existing type III collagen products [2] - The company is also advancing type IV and type XVII collagen for applications in thermal injury repair and hair regeneration, showcasing its comprehensive technical accumulation and product layout capabilities [2] Group 3: Commercial Prospects and Financial Impact - The approval will elevate the company's medical device business from class II auxiliary materials to class III injections, significantly boosting revenue in this segment [3] - Future injection products are expected to see price increases based on existing class II products, driving gross margin improvements [3] - The existing class II product, Collagen Star Light Bottle, has a terminal price of approximately 2000 yuan for 4ml, indicating strong market willingness to pay and brand recognition for the company's recombinant collagen products [3] - With established channel foundations and market recognition, the company's new injection products are anticipated to gain rapid acceptance and commercialization, driving overall performance and valuation upward [3]