Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.38 HKD, based on a 22x PE valuation for 2024 [2][4][6]. Core Insights - The company reported a revenue of 2.54 billion, a year-on-year increase of 58.2%, and a net profit attributable to shareholders of 980 million, up 47.4%, exceeding market expectations [1]. - The brand "可复美" showed significant growth, with a revenue increase of 68.6% in H1 2024, driven by strong sales of its collagen products and successful new product launches [1]. - Direct sales revenue grew by 69.7%, with online direct-to-consumer (DTC) sales increasing by 64.1% and offline sales by 82.2% [1]. - The company's gross margin decreased by 1.7 percentage points to 82.4%, attributed to an increase in product types and sales costs [1]. - The report indicates that the company's strong performance in H1 reflects its brand momentum and product strength, with a focus on clinical approvals for medical devices in the future [1]. Financial Summary - Revenue (in million) for the years 2022A to 2026E is projected as follows: 2,364, 3,524, 5,115, 6,526, and 8,134, with year-on-year growth rates of 52.3%, 49.0%, 45.1%, 27.6%, and 24.6% respectively [3]. - Net profit attributable to shareholders (in million) is forecasted to be 1,002, 1,452, 1,980, 2,461, and 2,997 for the same period, with growth rates of 21.0%, 44.9%, 36.4%, 24.3%, and 21.8% [3]. - The company's earnings per share (EPS) are expected to be 0.97, 1.41, 1.93, 2.39, and 2.92 for the years 2022A to 2026E [3].
巨子生物：业绩超预期，可复美品牌势能持续提升