Core Viewpoint - CICC has downgraded the profit forecast for Giant Bio (02367) for 2025-2026 by 25% and 33% to 1.91 billion and 2.14 billion yuan respectively, reflecting short-term pressure on cosmetics sales. The current stock price corresponds to a P/E of 20x for 2025 and 18x for 2026. The target price has been reduced by 20% to 56 HKD, indicating a potential upside of 41% based on the adjusted profit forecast [1]. Company Current Situation - On December 2, the company announced a plan to repurchase up to 104 million shares, accounting for 10% of the issued shares, and communicated its strategic plans for 2026 regarding product matrix expansion, brand operation, and channel development. This repurchase reflects management's confidence, and the company is expected to improve operations through optimized product structure and timely operational adjustments [2][3]. Share Repurchase Plan - The company plans to use its own funds to repurchase up to 104 million shares, which may be canceled or held as treasury stock. This repurchase plan is seen as a demonstration of management's long-term confidence in the company's growth and is expected to enhance earnings per share and shareholder returns [3]. Product Matrix and Channel Expansion Planning - For 2026, the company has a rich reserve of new products, including four key new products from the core collagen stick marketing and pricing strategy. Additionally, the company plans to upgrade its product lines and expand channel coverage, including online influencer marketing and offline distribution channels. The second-tier products are expected to contribute to healthy growth in the cosmetics business [4]. Medical Aesthetics Second Curve Progress - The company's medical aesthetics team is expanding, with successful commercialization preparations based on previous experience in developing star products. The company maintains strong R&D capabilities, brand recognition, and team cohesion, suggesting a broad growth space as the cosmetics market recovers and the medical aesthetics segment contributes additional revenue [5].
中金：维持巨子生物(02367)跑赢行业评级 下调目标价至56港元