Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 55.72 HKD per share, compared to the current price of 50.85 HKD [4]. Core Insights - The company has received priority approval for its injectable recombinant collagen filler, which is part of a key national R&D program in medical devices. This product specifically targets neck wrinkles [1]. - The company has a diverse pipeline in the medical aesthetics sector, with four products under development, including liquid and solid formulations of recombinant collagen for various skin concerns [1]. - The brand's performance on social media platforms like Douyin shows significant growth, with year-on-year increases of 57% and 615% for its key products in November [1]. - The company's current market capitalization corresponds to a PE ratio of 23x for 2024 and 18x for 2025, with expectations for steady growth in its cosmetics business and additional upside from its medical aesthetics segment [1]. Financial Summary - The company’s projected revenue for 2024 is 5,398 million RMB, with a growth rate of 53.2%. By 2026, revenue is expected to reach 8,348 million RMB, with a growth rate of 20.1% [2]. - The forecasted net profit attributable to shareholders for 2024 is 2,120 million RMB, with a growth rate of 46.0%, increasing to 3,174 million RMB by 2026 [2]. - The earnings per share (EPS) is projected to be 2.06 RMB in 2024, rising to 3.09 RMB by 2026 [2]. - The company maintains a strong return on equity (ROE) of 39.0% in 2024, slightly decreasing to 38.0% by 2026 [2].
巨子生物：注射用重组胶原蛋白获优先审批，医美管线再添重磅产品