Core Viewpoint - 招银国际 maintains a "Buy" rating for 巨子生物 (02367) with a target price of HKD 58.35, despite a weak online sales performance for 可复美 during the first phase of Double Eleven sales [1] Group 1: Financial Performance - 可复美's online revenue is estimated to decline by 10% year-on-year in 2H25, leading to an overall online revenue growth rate of approximately 5% for the year [1] - 可丽金 is expected to achieve a high growth rate of about 40% in online revenue for the year [1] - The company's revenue growth forecast for 2025 is expected to slow down to 12% [1] - The CAGR for 可复美's revenue growth from 2025E to 2027E has been revised down from 26% to 14.5% due to short-term pressures on online sales [1] Group 2: Product Development - 巨子生物's first injectable recombinant collagen product, recombinant type I α1 collagen lyophilized fiber, has been approved for use in facial dermal tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1] - The approval marks the completion of the company's product matrix layout for aesthetic injections, post-surgical recovery (dressing), and functional skincare [1] - The company is progressing with the commercialization of injectable products [1] Group 3: Upcoming Products - The company has two additional injectable collagen products in the approval stage: 1. Injectable recombinant collagen filler for moderate to severe neck wrinkles, prioritized for medical device approval by December 2024 [2] 2. Recombinant collagen implant, submitted for registration as a drug-device combination by August 2025, currently under review [2] - The approval of these products will further enrich the company's aesthetic product matrix, covering a range of anti-aging scenarios from forehead to neck and improving skin texture [2]
招银国际：维持巨子生物“买入”评级 目标价58.35港元