Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [2]. Core Insights - The company reported a significant revenue increase of 58.2% year-over-year (YoY) for the first half of 2024, with a net profit of 9.8 billion RMB, reflecting a 51.8% YoY growth [2]. - The growth is driven by strong performance in key products and the successful launch of new items, particularly in the skincare segment, which has seen a 68.6% increase in revenue [2]. - The company is expanding its offline channels while optimizing online operations, resulting in a 69.7% increase in offline sales and a 34.3% increase in online sales [2]. Financial Performance - Revenue for the first half of 2024 reached 18.4 billion RMB, with a gross margin of 40.4%, slightly down by 1.7 percentage points YoY [2]. - The adjusted net profit for the same period was 10.3 billion RMB, with a net profit margin of 82.4% [2]. - The company expects continued revenue growth with projected annual increases of 34.5%, 33.5%, and 29.7% for 2024 to 2026 [2]. Product and Market Strategy - The company is focusing on expanding its product matrix and enhancing brand influence through targeted marketing strategies [2]. - Key products such as collagen sticks and new skincare items have shown strong market performance, contributing significantly to revenue growth [2]. - The company is also increasing its presence in private hospitals and clinics, with approximately 2,700 locations targeted by the end of the first half of 2024 [2].
巨子生物：2024年半年报点评：业绩超预期，核心单品持续放量，期待后续增长