Investment Rating - The investment rating for the company is "Outperform" [1][6]. Core Insights - The company reported impressive performance during the 618 promotional event, with its brand Kefu Mei achieving over 60% year-on-year growth in GMV across all online channels, while Keli Jin saw a 100%+ increase [3][4]. - The strong brand momentum and the successful launch of new products are expected to drive steady growth in the cosmetics business, with the approval of medical aesthetic injection products anticipated to contribute to long-term growth [6][8]. - The company's net profit forecasts for 2024-2026 have been revised upwards to 1.837 billion, 2.318 billion, and 2.778 billion yuan, respectively, with corresponding P/E ratios of 24, 19, and 16 times [6][10]. Performance Summary - Kefu Mei's performance during the 618 event included a 60%+ increase in GMV, with significant growth across various platforms: Tmall (+50%), Douyin (+65%), JD (+100%), and Vipshop (+200%) [4][5]. - Keli Jin also experienced rapid growth, with a 100%+ increase in GMV during the same period, driven by strong sales of its classic products and new launches [4][5]. - The company has established a strong brand identity in the collagen market, which is expected to continue benefiting from the industry's growth [6][8]. Financial Projections - Revenue growth is projected at 37.4% for 2024, up from the previous estimate of 33.2%, reflecting the strong performance of both brands during the promotional period [7]. - The gross margin is expected to improve to 82.9% in 2024, indicating enhanced product strength and the positive impact of new product launches [7][10]. - The company's total revenue is forecasted to reach 4.843 billion yuan in 2024, with a steady increase to 7.571 billion yuan by 2026 [10].
巨子生物：618大促表现亮眼，品牌势能持续强化