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 16x for 2025 and 13x for 2026. The target price is set at HKD 70, reflecting 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 the approval of its "Recombinant Type I α1 Collagen Lyophilized Fiber" as a Class III medical device, marking it as China's first recombinant Type I natural sequence collagen facial injection product. This approval is expected to enhance the company's long-term growth potential in the medical beauty sector [2][3]. Product Approval and Market Potential - The approved recombinant collagen product is indicated for facial tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet. The medical beauty injection market is still considered a blue ocean, and the company is expected to benefit from first-mover advantages, with projected revenues potentially reaching CNY 1 billion in the long term [3]. Commercialization Readiness - The company has made substantial preparations for commercialization, including team building and initial communications with doctors and institutions. As of the first half of 2025, the company has established a presence in approximately 1,700 public hospitals and 3,000 private hospitals and medical beauty clinics, leveraging its existing sales experience 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 under registration, crosslinked neck wrinkle products with 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 product launches expected to broaden its growth trajectory. Additionally, the cosmetics business is anticipated to improve gradually with the recovery of promotional activities [5].
中金：维持巨子生物跑赢行业评级 目标价70港元