Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in H1 2024, with revenue of 2.54 billion yuan, a year-on-year increase of 58.2%, and a net profit attributable to shareholders of 983 million yuan, up 47.4% year-on-year [3] - The company is a leader in the restructured collagen market, with strong brand and product capabilities, and is expected to expand its skin rejuvenation offerings [4] Financial Performance Summary - Revenue and Profit Forecasts: - Total revenue for 2022A was 2.375 billion yuan, increasing to 3.526 billion yuan in 2023A, and projected to reach 5.018 billion yuan in 2024E, representing a year-on-year growth of 42.32% [2] - Net profit attributable to shareholders was 1.002 billion yuan in 2022A, expected to grow to 1.955 billion yuan in 2024E, reflecting a year-on-year increase of 34.66% [2] - Earnings Per Share (EPS) is projected to rise from 1.41 yuan in 2023A to 1.90 yuan in 2024E [9] - The company maintains a high gross margin of 82.4% in H1 2024, slightly down from the previous year due to product type expansion [3] Channel Performance Summary - E-commerce direct sales showed impressive growth, with DTC online sales increasing by 64.1% and online direct sales by 143.3% in H1 2024 [3] - The company has expanded its offline OTC presence, entering approximately 1,500 public hospitals and 2,700 private hospitals and clinics by H1 2024 [3] Brand Performance Summary - The brand "Kefumei" continues to experience high growth, with revenue increasing by 68.6% in H1 2024, while "Keli Jin" grew by 23.6% [3] - The company has launched new products targeting skin sub-health, with the "Focus Series" performing well in the market [3] Profitability Metrics - The company’s sales net profit margin was 38.6% in H1 2024, impacted by stock incentive expenses [3] - The company’s operating profit is projected to grow significantly, with estimates of 2.27 billion yuan in 2024E and 2.91 billion yuan in 2025E [8]
巨子生物：2024年半年报点评：业绩超预期，重组胶原蛋白龙头地位稳固