Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown strong performance in the first half of 2024, with revenue reaching 2.54 billion (+58.2%) and net profit at 983 million (+47.4%), both exceeding market expectations [5][6] - The gross margin is reported at 82.4%, slightly down by 1.7 percentage points, influenced by product category expansion and increased sales costs [5] - The company is focusing on expanding its product matrix and enhancing its brand presence through direct sales and e-commerce channels, with significant growth in both areas [5][6] Financial Performance Summary - Revenue and profit forecasts for 2024-2026 have been revised upwards to 5.03 billion, 6.57 billion, and 8.19 billion respectively, with net profits adjusted to 1.95 billion, 2.55 billion, and 3.17 billion [5][6] - The company’s P/E ratios for the next three years are projected at 19.54X, 14.98X, and 12.06X, indicating a favorable valuation trend [5][6] - The company has a strong market position with its flagship products performing well in major e-commerce events, such as the 618 shopping festival, where it ranked among the top brands [5][6] Market Position and Strategy - The company is leveraging its dual-brand strategy, with "可复美" and "可丽金" showing robust growth, particularly in online sales channels [5][6] - The direct-to-consumer (DTC) sales channel has seen a revenue increase of 64% in the first half of 2024, driven by high growth on platforms like Tmall and Douyin [5][6] - The medical aesthetics segment is expected to contribute significantly to future growth, with several collagen injection products in the pipeline [5][6]
巨子生物：24H1超预期，长期关注平台型企业转型