Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant increase in net profit attributable to shareholders, rising by 42% year-on-year, driven by strong performance in its skincare business [7] - The company achieved a revenue of 5.54 billion RMB in 2024, reflecting a year-on-year growth of 57.2% [7][8] - The adjusted net profit for 2024 was 2.15 billion RMB, marking a 46.5% increase compared to the previous year [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 3.524 billion RMB - 2024: 5.539 billion RMB - 2025E: 7.066 billion RMB - 2026E: 8.842 billion RMB - 2027E: 10.691 billion RMB - Year-on-year growth rates for revenue are projected at 49% for 2023, 57% for 2024, and 28% for 2025E [6] - Net profit attributable to shareholders is forecasted as follows: - 2023: 1.452 billion RMB - 2024: 2.062 billion RMB - 2025E: 2.537 billion RMB - 2026E: 3.119 billion RMB - 2027E: 3.726 billion RMB - The net profit growth rates are expected to be 45% for 2023, 42% for 2024, and 23% for 2025E [6][15] Business Performance Highlights - The company's flagship skincare brand, 可复美, generated revenue of 4.54 billion RMB in 2024, a 62.9% increase, accounting for 82% of total revenue [7] - The direct sales channel saw a robust growth of 70.8%, contributing 41.3 billion RMB to total revenue [7] - The company plans to introduce new products in 2025, including 大膜王 3.0 and 胶卷面霜, which are expected to drive further revenue growth [7]
巨子生物（02367）：归母净利润高增42%，护肤业务高基数高增长