Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5][7]. Core Views - The recombinant collagen industry is experiencing high demand, with significant growth potential in market penetration. The medical dressing and functional skincare markets are projected to grow substantially, with expected CAGRs of 28.8% and 55.0% from 2022 to 2027, respectively [3][4]. - The company is a leader in recombinant collagen, having successfully developed and mass-produced recombinant collagen products. Its flagship brands, Kefu Mei and Keli Jin, are key revenue drivers, with a revenue CAGR of 38.5% from 2019 to 2023 [3][4][19]. - The company's competitive advantage is built on a robust product, channel, and R&D strategy, with a strong focus on professional skincare and a well-established sales network [4][9]. Summary by Sections Company Overview - The company is the first globally to achieve mass production of recombinant collagen products, focusing on functional skincare, medical devices, and special medical foods. It has eight brands and over 100 SKUs [15][19]. - The management team is experienced, with a strong background in biotechnology and a proven track record in the industry [16][17]. Market Potential - The recombinant collagen market is expected to grow significantly, with the medical dressing and functional skincare markets projected to reach $25.5 billion and $64.5 billion by 2027, respectively [3][4][25]. - The company is well-positioned to capitalize on this growth due to its innovative products and strong market presence [9][28]. Financial Performance - The company achieved a revenue of 35.3 billion yuan in 2023, with a year-on-year growth of 48.5%. The net profit attributable to shareholders was 13.7 billion yuan, reflecting a 41.7% increase [19][20]. - The report forecasts revenues of 47.0 billion, 60.8 billion, and 75.6 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 18.6 billion, 23.1 billion, and 28.2 billion yuan [5][7]. Product and R&D Strategy - The company has a diverse product matrix, with a strong focus on high-demand skincare products. The flagship brands are performing well, contributing to a 99.5% revenue share from professional skincare products in 2023 [22][23]. - The R&D efforts are robust, with 93 patents filed and a strong pipeline of new products expected to drive future growth [4][8].
重组胶原蛋白领军者 大单品增长势能强劲：巨子生物