Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has demonstrated strong growth potential through its dual beauty brands, with significant increases in GMV during the 618 sales event. Specifically, the brand "可复美" saw a GMV growth of over 60% year-on-year, while "可丽金" achieved over 100% growth [3] - The company is expected to accelerate new product launches in the beauty segment, with successful new products already released, including a face cream that ranked top in sales on major platforms [3] - The medical beauty pipeline is anticipated to grow rapidly due to channel and customer reuse, with a significant number of medical channels already established [3] - Revenue projections for the company are optimistic, with expected revenues of 49.9 billion, 64.3 billion, and 79.5 billion RMB for 2024, 2025, and 2026 respectively, alongside net profits of 19.9 billion, 25.3 billion, and 31.2 billion RMB for the same years [3] Financial Summary - The company reported a revenue of 3,524 million RMB for 2023, with a projected revenue of 4,994 million RMB for 2024, reflecting a growth rate of 41.72% [4] - The net profit for 2023 was 1,452 million RMB, with projections of 1,993 million RMB for 2024, indicating a net profit growth rate of 37.25% [4] - The company's earnings per share (EPS) is expected to increase from 1.49 RMB in 2023 to 1.94 RMB in 2024 [4] - The price-to-earnings (PE) ratio is projected to decrease from 21.98 in 2023 to 20.46 in 2024, indicating improving valuation metrics [4]
巨子生物：胶原龙头基本面持续向好，建议把握估值低位