Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Viewpoints - The company has received exclusive patent approval for recombinant human type IV collagen, which opens new applications in the medical beauty sector [1][2]. - The recombinant human type IV collagen exhibits significant efficacy in skin repair and soothing, enhancing barrier-related proteins and inhibiting inflammatory factors [1][2]. - The company is actively expanding its product offerings and has established a strong position as a global leader in recombinant collagen [2][3]. - The medical beauty products have received priority approval, indicating strong growth potential for the company's collagen-related business [3]. - The company is expected to achieve adjusted net profits of 2.13 billion, 2.70 billion, and 3.24 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 45.1%, 26.6%, and 20.1% [3][4]. Financial Forecasts - Revenue projections are 5.31 billion, 7.09 billion, and 8.76 billion RMB for 2024, 2025, and 2026, reflecting growth rates of 50.6%, 33.6%, and 23.6% respectively [4][6]. - The earnings per share (EPS) based on adjusted net profit are forecasted to be 2.06, 2.60, and 3.13 RMB for 2024, 2025, and 2026 [4][6]. - The price-to-earnings (P/E) ratios are projected to be 26x, 21x, and 17x for the same years [4][6].
巨子生物：事件点评：独家专利重组人Ⅳ型胶原蛋白获批，医美业务未来可期