Investment Rating - The report maintains a "Strong Buy" rating for the company [1][8]. Core Views - The company achieved significant growth in 2024, with revenue increasing by 57% to 5.54 billion CNY and net profit rising by 42% to 2.06 billion CNY, driven by strong brand performance and effective marketing strategies [1][8]. - Despite a slight decline in gross margin due to new product expansions and increased sales expenses, the company is expected to maintain robust growth in the coming years, with projected net profits of 2.51 billion CNY, 2.91 billion CNY, and 3.27 billion CNY for 2025 to 2027, representing year-on-year growth rates of 22%, 16%, and 12% respectively [1][8]. Revenue Breakdown - The company's revenue is segmented by product categories, with functional skincare products generating 4.30 billion CNY (up 62.5%), medical dressings at 1.22 billion CNY (up 41.5%), and health foods at 0.18 billion CNY (up 15.0%) [2]. - By brand, the company's flagship brand, 可复美, achieved revenue of 5.32 billion CNY (up 62.9%), while 可丽金 and other brands also showed significant growth [2]. - In terms of sales channels, direct sales revenue reached 4.13 billion CNY (up 70.8%), with online direct sales through DTC stores contributing 3.59 billion CNY (up 66.5%) and e-commerce platforms showing a remarkable increase of 112.5% [3]. Financial Performance - The company's gross margin for 2024 was 82.1%, a decrease of 1.5 percentage points year-on-year, primarily due to increased product costs and new product introductions [8]. - The net profit margin for 2024 was 37.2%, down 3.9 percentage points from the previous year, influenced by rising sales expenses [8]. - The company plans to distribute a final dividend of 0.6021 CNY per share and a special dividend of 0.5921 CNY per share [1]. Future Projections - The company is expected to continue its growth trajectory with a strong product lineup and effective channel expansion, projecting revenues of 7.09 billion CNY, 8.69 billion CNY, and 10.27 billion CNY for 2025 to 2027, with respective growth rates of 28%, 23%, and 18% [10]. - The earnings per share (EPS) is projected to increase from 2.01 CNY in 2024 to 3.15 CNY by 2027 [12].
巨子生物（02367）：2024年业绩延续高增，品牌势能持续向上