Core Viewpoint - CICC maintains the profit forecast for Giant Bio (02367) for 2025-2026, with the current stock price corresponding to a P/E of 16/13x for those years, and sets a target price of HKD 70, indicating a potential upside of 68% based on the approval of medical beauty products and the recovery of the cosmetics business [1] Company Status - On October 23, Giant Bio announced that its "Recombinant Type I α1 Collagen Lyophilized Fiber" medical device has been approved, marking it as China's first recombinant Type I natural sequence collagen facial injection product [2][3] Product Approval and Market Potential - The approved product is indicated for facial tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet. The market for recombinant collagen injectables is still considered a blue ocean, and the company is expected to benefit from first-mover advantages, with potential revenue from this product projected to reach around RMB 1 billion in the long term [3] Commercialization Preparation - The company has made substantial preparations for commercialization, including team building and initial communication with doctors and institutions. As of the first half of 2025, it has covered approximately 1,700 public hospitals and 3,000 private hospitals and medical beauty clinics, leveraging its existing sales experience and brand operation capabilities to enhance product visibility and market promotion [4] Future Pipeline and Growth Opportunities - The company has a rich pipeline of future products, including non-crosslinked hydrating products currently in the registration phase, crosslinked neck wrinkle products that have received priority review status, and crosslinked nasolabial fold products progressing smoothly. The approval of the first medical beauty product validates the company's technological leadership and safety, with further pipeline developments expected to broaden the growth trajectory. Additionally, the cosmetics business is anticipated to improve gradually with the recovery of promotional activities [5]
中金：维持巨子生物(02367)跑赢行业评级 目标价70港元