Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][13] Core Insights - The company is expected to achieve a revenue of 55.39 billion with a year-on-year growth of 57.2% in 2024, and an adjusted net profit of 21.52 billion, reflecting a year-on-year increase of 46.5% [1][8] - The company has provided guidance for 2025, anticipating a revenue growth rate of 25-28% and a net profit of 25-25.5 billion, which represents a year-on-year increase of 21-24% [1][8] - The company continues to strengthen its market position in the collagen protein sector, supported by a robust product matrix and ongoing new product launches [4][13] Financial Performance - In 2024, the company achieved a gross profit margin of 82.1% and a net profit margin of 37.2%, with both margins showing a decline compared to the previous year [3][11] - The company’s revenue from its main brand, 可复美, reached 45.42 billion, marking a year-on-year increase of 62.9%, contributing to 82% of total revenue [2][9] - The company’s online sales channels have shown significant growth, with direct-to-consumer (DTC) sales increasing by 66.5% and e-commerce sales by 112.5% [2][9] Revenue Breakdown - The revenue from functional skincare products was 43.02 billion, reflecting a year-on-year growth of 62.5%, while medical dressings generated 12.18 billion, up 41.5% year-on-year [2][9] - The company has expanded its distribution channels, achieving revenue from DTC, e-commerce, offline, and distribution of 35.87 billion, 3.77 billion, 1.70 billion, and 14.05 billion respectively, with all channels showing positive growth [2][9] Future Projections - The company has slightly adjusted its net profit projections for 2025-2027, now estimating 25.49 billion, 30.92 billion, and 36.73 billion respectively, with corresponding price-to-earnings (PE) ratios of 26, 21, and 18 [4][13] - The company is expected to maintain its competitive edge in product quality and market presence despite rising costs associated with online platforms and increased marketing expenditures for new products [4][13]
巨子生物（02367）：024年经调净利润同比增长47%，大单品势能持续强劲