Core Viewpoint - The approval of the recombinant type I α1 collagen freeze-dried fiber product by Juzi Bio marks a significant milestone as it is the first recombinant type I natural sequence collagen facial injection product in China, with potential for over 1 billion in sales in the long term [1] Group 1: Product Approval and Market Potential - Juzi Bio's recombinant type I collagen product is primarily aimed at facial dermal tissue filling to correct dynamic wrinkles, including forehead and crow's feet [1] - The product's long-term sales potential is estimated to exceed 1 billion, with a notable profit margin, referencing Jinbo Biotech's net profit margin of 45.66% in 1H25 [1] - The current market for injectable recombinant collagen is limited, with Jinbo Biotech focusing on recombinant type III humanized collagen products, which have shown significant revenue growth [1] Group 2: Brand Performance and Sales Growth - The Q3 performance of the 可复美 (Kefumei) brand shows a recovery in online sales, with GMV reaching 615 million and a year-on-year increase of 20% [2] - The brand's promotional activities, including collaborations with influencers, have contributed to restoring brand visibility and sales [2] - The company has expanded its international presence, with Kefumei products entering 13 Watsons stores in Singapore [2] Group 3: Financial Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 26.00 billion, 32.03 billion, and 38.12 billion, respectively, with corresponding EPS of 2.53, 3.11, and 3.71 [2] - The target price is set at 85.0 HKD, based on a 31x PE for 2025, reflecting the company's leading position in the medical aesthetics sector and resilient sales performance [2]
巨子生物(2367.HK)：获批重组I型胶原蛋白冻干纤维