Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in the recombinant collagen sector, showing strong growth in revenue and profit, with a projected revenue of 5.54 billion yuan in 2024, representing a year-on-year increase of 57.1% [8] - The company's online and offline sales channels are experiencing significant growth, with direct-to-consumer (DTC) online sales increasing by 66.5% and offline direct sales doubling [8] - The core product lines, particularly the "Kefumei" brand, are performing exceptionally well, with a 62.9% increase in revenue [8] - The company's profitability remains robust, with a gross margin of 82.1% and a net profit margin of 37.2% [8] Financial Summary - Total revenue is projected to grow from 3.53 billion yuan in 2023 to 5.54 billion yuan in 2024, with a compound annual growth rate (CAGR) of 57.07% [1][9] - Net profit is expected to rise from 1.45 billion yuan in 2023 to 2.06 billion yuan in 2024, reflecting a year-on-year growth of 42.06% [1][9] - Earnings per share (EPS) is forecasted to increase from 1.40 yuan in 2023 to 1.99 yuan in 2024 [1][9] - The price-to-earnings (P/E) ratio is projected to decrease from 44.64 in 2023 to 31.42 in 2024, indicating a more attractive valuation over time [1][9]
巨子生物：2024年业绩点评：重组胶原蛋白龙头高歌猛进，业绩高增持续兑现-20250328