Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported steady growth in H1 2025, achieving revenue of 3.113 billion yuan (up 22.5% year-on-year) and a net profit of 1.182 billion yuan (up 20.2% year-on-year). As a leader in the collagen protein sector, the company is expected to continue delivering strong performance [4] - The company maintains its profit forecast, expecting net profits of 2.597 billion, 3.185 billion, and 3.834 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.51, 3.07, and 3.70 yuan. The current stock price corresponds to PE ratios of 19.7, 16.0, and 13.3 times for the respective years [4] Financial Summary and Valuation Metrics - Revenue for 2023 was 3.524 billion yuan, with projections of 5.539 billion for 2024, 7.186 billion for 2025, 9.022 billion for 2026, and 11.024 billion for 2027, reflecting year-on-year growth rates of 49.0%, 57.2%, 29.7%, 25.5%, and 22.2% respectively [8] - Net profit for 2023 was 1.452 billion yuan, with projections of 2.062 billion for 2024, 2.597 billion for 2025, 3.185 billion for 2026, and 3.834 billion for 2027, with year-on-year growth rates of 44.9%, 42.1%, 25.9%, 22.6%, and 20.4% respectively [8] - The gross margin for 2025 is projected to be 81.6%, with net margins of 36.1% and ROE of 28.8% [8] - The diluted EPS is expected to be 2.5 yuan for 2025, with P/E ratios decreasing from 35.2 in 2023 to 19.7 in 2025 [8]
巨子生物（02367）：港股公司信息更新报告：2025H1业绩稳健，大单品迭代与渠道拓展持续验证