Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 52.0, indicating a potential upside of 20.1% from the current price of HKD 43.3 [2][5]. Core Insights - The company, 巨子生物, reported impressive performance during the 618 shopping festival, with its brands 可复美 and 可丽金 achieving GMV growth of over 60% and 100% respectively. This strong performance led the management to raise the full-year earnings guidance, reflecting increased earnings certainty [2][3]. - The management has revised the 2024 revenue growth forecast to 35%-40% (previously around 30%) and adjusted net profit growth to 30%-35% (previously 22%-24%). The mid-year guidance also indicates a revenue increase of 40%-45% and net profit growth of 35%-40% [3][4]. - The report highlights the company's strong online presence and the successful performance of its core brands as key drivers for sustained growth in the second half of 2024 [3][4]. Financial Summary - The company's revenue is projected to grow from RMB 3,524 million in 2023 to RMB 4,910 million in 2024, representing a year-on-year increase of 39.3% [4][9]. - The net profit is expected to rise from RMB 1,452 million in 2023 to RMB 1,894 million in 2024, reflecting a growth rate of 30.5% [4][9]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and net profit over the next few years, with revenue reaching RMB 8,397 million by 2026 [4][9].
巨子生物：618大促表现亮眼，管理层上调指引，业绩确定性提升