Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The report highlights that despite pressures, the company has potential for growth through its focus on collagen products, new product launches, and advantages in medical channels [6][41]. - The collagen protein market is still in its growth phase, providing significant opportunities for the company as a market leader [9][30]. Summary by Sections Market Performance - The company's stock has shown a relative increase compared to the Hang Seng Index, with absolute growth rates of 5.37% over one month and 7.46% over two months [4]. Financial Data and Forecasts - Total revenue is projected to grow from 5.379 billion HKD in 2024 to 8.790 billion HKD in 2026, with year-on-year growth rates of 41.88%, 26.65%, and 23.17% respectively [5][41]. - Net profit is expected to increase from 2.060 billion HKD in 2024 to 3.213 billion HKD in 2026, with corresponding growth rates [5][41]. Investment Highlights - The report identifies three key areas of expectation: 1. Collagen Product Ceiling: Concerns exist regarding the sales ceiling of the collagen stick product, but the collagen market is still growing, indicating potential for expansion [6][9]. 2. New Product Pipeline: The company is expanding its product lineup, with new launches expected to contribute to revenue growth [12][18]. 3. Medical Aesthetics Market: The company is well-positioned in the medical aesthetics sector, with recent approvals for new products that could capture significant market share [30][39]. Product Performance - The collagen stick product has achieved significant sales, with projected sales of nearly 2.4 billion HKD in 2024, indicating strong market demand [6][7]. - New products, such as the focus cream, have exceeded expectations in early sales, contributing positively to the overall revenue [18][19]. Competitive Landscape - The report notes that while competition in the collagen market is increasing, the company’s established position and product offerings provide a competitive edge [23][30]. - The medical aesthetics market is characterized by high growth potential, with the company’s recent product approvals enhancing its market position [30][31].
巨子生物的三大预期差