Core Viewpoint - 招银国际 has downgraded the target price for 巨子生物 (02367) by 8% from HKD 58.35 to HKD 53.89 while maintaining a "Buy" rating due to short-term pressures on 可复美's sales performance [1] Group 1: Financial Forecasts - The revenue growth forecast for the company for 2025/26 has been adjusted to -3.5% and 13.6% [1] - The sales during the "Double Eleven" period were under pressure, primarily due to underperformance in 达播's sales [1] Group 2: Strategic Adjustments - The company is actively adjusting its channel strategy, reflecting overall competitive pressures in the industry [1] - Management is maintaining strategic focus amidst industry changes, aiming to protect pricing and consumer experience while increasing the proportion of self-broadcast channels [1] Group 3: Future Growth Prospects - The company plans to launch several key new products next year to drive a new growth phase [1] - The company has been approved to repurchase up to 104 million shares, representing 10% of its total share capital, demonstrating confidence in long-term development [1] Group 4: Risk Mitigation - Short-term growth for 可复美 is expected to slow due to the decline in traffic benefits and intensified competition [1] - However, the steady growth of 可丽金 and the commercialization of medical beauty products in 2026 may offset the risks associated with the slowdown of 可复美 [1] - The company is projected to return to a growth trajectory by 2027, driven by a dual engine of "skincare + medical beauty" [1]
招银国际：降巨子生物目标价至53.89港元 料可复美短期受压