Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [7]. Core Views - The company reported a revenue of 2.54 billion yuan for the first half of 2024, representing a year-on-year growth of 58.2%. The net profit attributable to the parent company was 983 million yuan, up 47.4%, with adjusted net profit reaching 1.03 billion yuan, a 51.8% increase. The diluted EPS was 0.97 yuan [7][8]. Summary by Sections Financial Performance - In 1H24, the company achieved a revenue of 2.54 billion yuan, a 58.2% increase year-on-year. The net profit attributable to the parent company was 983 million yuan, up 47.4%, and the adjusted net profit was 1.03 billion yuan, reflecting a 51.8% growth. The gross margin decreased by 1.7 percentage points to 82.4% due to product type expansion and increased sales costs [4][6]. Revenue Breakdown - By product category, professional skin care products generated 2.53 billion yuan in revenue, with functional skin care products contributing 1.94 billion yuan (62.0% growth), accounting for 76.4% of main business revenue. Medical dressings brought in 592 million yuan (48.9% growth), making up 23.3% of main business revenue. Health food and others saw a decline of 21.1% to 9 million yuan [8]. - By sales channel, direct sales accounted for 1.84 billion yuan (69.7% growth), representing 72.4% of main business revenue. Online direct sales through DTC stores reached 1.60 billion yuan (64.1% growth), while e-commerce platforms saw a 143.3% increase to 167 million yuan. Offline direct sales grew by 82.2% to 68 million yuan. Distribution channels generated 702 million yuan (34.4% growth) [4][6]. Marketing and Product Development - The company launched new products in various categories, with the collagen stick becoming a top seller in multiple online platforms. The new "Focus Series" was introduced to address skin issues caused by lifestyle factors, achieving significant sales during promotional events [6][7]. - Marketing efforts included collaborations with influencers and participation in major consumer expos, enhancing brand visibility and consumer engagement [6][7]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 5.04 billion yuan, 6.61 billion yuan, and 8.36 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 42.9%, 31.3%, and 26.5% [7][8]. - The adjusted net profit forecasts for the same period are 1.98 billion yuan, 2.41 billion yuan, and 2.94 billion yuan, with growth rates of 34.6%, 21.9%, and 22.1% [7][8].
巨子生物：公司半年报点评：1H24业绩超预期，单品势能稳定，可复美延续高增长