Core Viewpoint - The approval of the first injectable recombinant collagen product by the company marks a significant milestone in its product matrix, which now includes aesthetic injection products, post-surgery repair dressings, and functional skincare [1] Group 1: Product Approval and Market Potential - The newly approved recombinant type I α1 collagen lyophilized fiber is intended for facial dermal tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1] - The Chinese aesthetic injection market is projected to reach CNY 147 billion by 2027, with the injectable collagen segment expected to grow to CNY 16.8 billion, indicating high growth potential [2] - Currently, there are four approved facial injectable recombinant collagen products in China, including the company's product and others from Jinbo Biotech [2] Group 2: Competitive Landscape and Channel Advantages - The company's product competes with Jinbo Biotech's offerings, which also target the dermal layer for wrinkle filling, suggesting future competition in eye and facial anti-aging scenarios [2] - The company has a strong channel advantage through its established brand recognition and deep distribution network in the aesthetic market, which is expected to enhance the market potential of the new injectable products [2] Group 3: Future Product Pipeline - The company has two additional injectable collagen products in the approval stage, with expected approval timelines in December 2024 and August 2025, which will further enrich its aesthetic product matrix [3] - These upcoming products will cover a range of anti-aging scenarios from dynamic wrinkle improvement to overall skin texture enhancement [3] Group 4: Financial Outlook and Ratings - The company maintains a "Buy" rating with a target price of HKD 58.35, despite a projected decline in online sales for its brand, which may affect overall revenue growth [4] - The company's revenue growth forecast for 2025 has been adjusted down to 12%, with a long-term CAGR for its brand's revenue growth revised from 26% to 14.5% [4]
巨子生物(2367.HK)：首款注射类医美产品获批 开启公司第二成长曲线