Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported strong performance in the first half of 2024, with revenue of 2.54 billion HKD, a year-on-year increase of 58.2%, and a net profit of 980 million HKD, up 47.4% [5][6] - The product structure continues to optimize, with a significant increase in the revenue share of functional skincare products [6][8] - The company is enhancing its brand presence and expanding its offline retail footprint, which is expected to drive future growth [8] Financial Performance - The company's total revenue for the first half of 2024 was 2.54 billion HKD, with a year-on-year growth of 58.2% [5] - The adjusted net profit for the same period was 1.03 billion HKD, reflecting a 51.8% increase year-on-year [5] - The gross margin decreased by 1.7 percentage points to 82.4% due to changes in product sales structure [7] Product and Brand Development - The company's flagship brand, 可复美, achieved revenue of 2.07 billion HKD in the first half of 2024, a 68.6% increase year-on-year [6] - The company has launched new products that have gained significant market traction, including the 可复美焦点面霜 and 可丽金胶卷眼霜 [8] - The company has opened approximately 10 offline stores in key cities, enhancing its brand positioning [8] Sales Channels - Direct-to-consumer (DTC) online sales reached 1.6 billion HKD, up 64.1% year-on-year, while e-commerce platform sales grew by 143.3% [6] - Offline direct sales also saw substantial growth, with a 82.2% increase to 0.7 billion HKD [6] Future Outlook - Revenue forecasts for 2024-2026 have been adjusted upwards to 5.26 billion HKD, 7.34 billion HKD, and 9.66 billion HKD, reflecting increases of 8%, 14%, and 18% respectively [8] - The company is expected to maintain its competitive edge in the collagen beauty product market, with a focus on R&D and product innovation [8]
巨子生物：2024年中报点评：上半年业绩表现超预期，公司产品结构持续优化