Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% [6][11]. Core Insights - The company reported a strong performance in the first half of 2024, with revenue reaching 2.54 billion yuan, a year-on-year increase of 58.2%, and a net profit of 980 million yuan, up 47.4% [4][6]. - The company's gross margin is at 82.4%, slightly down by 1.7 percentage points, attributed to increased sales costs and a higher proportion of lower-margin products [5][10]. - The company is positioned well in the collagen market, with significant growth expected in both skincare and medical applications, projecting net profits of 1.91 billion, 2.42 billion, and 2.92 billion yuan for 2024, 2025, and 2026 respectively [6][11]. Revenue and Profit Forecast - Revenue projections for the company are as follows: 4.95 billion yuan in 2024, 6.48 billion yuan in 2025, and 8.07 billion yuan in 2026, with corresponding growth rates of 40%, 31%, and 25% [4][11]. - The net profit forecast shows a growth trajectory with expected increases of 32%, 26%, and 20% for the years 2024, 2025, and 2026 respectively [6][11]. Sales Performance - The company's direct sales revenue reached 1.84 billion yuan, a 69.7% increase, with online direct sales contributing significantly to this growth [5][10]. - The brand "可复美" (Kefumei) achieved revenue of 2.07 billion yuan, growing 69%, while "可丽金" (Kelin) reported 400 million yuan, a 24% increase [5][10]. Market Positioning - The company is expanding its product matrix and enhancing brand visibility through strategic marketing, which has led to substantial growth in both online and offline sales channels [5][6]. - The report highlights the company's focus on innovation and product development, particularly in the collagen segment, which is expected to drive future growth [6][11].
巨子生物：收入利润均超预期，期待肌肤焕活产品落地