Investment Rating - The report maintains a "Buy" rating with a target price of HKD 58.35, down from a previous target of HKD 71.30, indicating a potential upside of 41.6% from the current price of HKD 41.20 [2][4]. Core Insights - The approval of the first injectable aesthetic product, recombinant type I α1 collagen, marks the beginning of a second growth curve for the company, expanding its product matrix in the aesthetic medicine sector [1][8]. - The Chinese aesthetic injection market is projected to reach RMB 147 billion by 2027, with the collagen injection segment expected to grow to RMB 16.8 billion, highlighting significant growth potential [8]. - The company has a strong channel advantage due to its established network and brand recognition in the aesthetic medicine market, which is expected to drive growth from the new injectable products [8]. Financial Summary - Sales revenue is projected to grow from RMB 3,524 million in FY23A to RMB 8,715 million in FY27E, with a CAGR of approximately 17.7% [3][13]. - Net profit is expected to increase from RMB 1,451.8 million in FY23A to RMB 2,820.5 million in FY27E, reflecting a growth rate of 13.5% [3][13]. - The company’s net debt ratio is projected to increase from (57.2%) in FY23A to (73.4%) in FY27E, indicating a shift towards higher leverage [3][13]. Product Development - The company has two additional injectable collagen products in the approval stage, which are expected to enhance its aesthetic product portfolio and address various anti-aging needs [8][9]. - The newly approved injectable product is designed for facial dermal filling to correct dynamic wrinkles, positioning the company competitively in the market [9]. Market Position - The company has established a comprehensive product matrix that includes injectable products, post-surgery recovery dressings, and functional skincare, allowing it to capture a broader market share [1][8]. - The competitive landscape includes several other approved products, but the company’s strong distribution channels and brand recognition are expected to provide a competitive edge [8][9].
巨子生物（02367）：首款注射类医美产品获批，开启公司第二成长曲线