Core Viewpoint - Guojin Securities maintains a "buy" rating for Juzhi Biotechnology (02367), citing breakthroughs in the medical aesthetics business and steady growth in medical dressings and functional skincare products, alongside the gradual dissipation of short-term public sentiment impacts. The forecasted EPS for 2025-2027 is 2.35/2.83/3.38 yuan [1]. Group 1: Regulatory Approval and Product Development - The approval of the solid lyophilized fiber preparation marks a significant breakthrough in regulatory barriers for the company, being the first approved drug-device combination product in its Class III medical device pipeline [1]. - The approved product utilizes a human-derived sequence with 753 amino acids, 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 comprehensive competitiveness in the field of recombinant collagen [1]. Group 2: Technological Differentiation and Market Positioning - The company has established a diverse library of over 50 recombinant collagen molecules, achieving extensive layout in type development, including full-length chains and truncated segments [2]. - The approved Type I collagen fills a market gap in the injection field, creating clear differentiation 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 comprehensive technical accumulation and product layout capabilities across multiple indications [2]. Group 3: Commercial Prospects and Financial Performance - The approval of the Class III medical device 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 achieve price increases based on existing Class II products, driving gross margin improvements [3]. - The existing Class II product, Keli Gold Star Bottle, has an average terminal price of 2000 yuan/4ml, validating the market's high willingness to pay and brand recognition for the company's recombinant collagen products [3]. - With established channel foundations and market recognition for recombinant collagen, the company's new injection products are anticipated to rapidly gain acceptance and commercialize faster than the industry average, driving overall performance and valuation upward [3].