Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The approval of the first Class III medical device, recombinant type I collagen, opens new growth avenues in the medical aesthetics sector [7] - The company is a leader in the recombinant collagen field in China, with strong brand and product capabilities, supported by a core technology platform and channel expansion [7] - The company has four additional recombinant collagen injection products under application, with the latest approval expected to catalyze growth [7] - Continuous innovation in research and development is expanding the application boundaries of technology, with recent patent grants enhancing the company's product offerings [7] - Financial forecasts indicate a robust growth trajectory, with projected net profits of 2.57 billion, 3.21 billion, and 4.05 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24%, 25%, and 26% [7] Financial Summary - Total revenue is projected to grow from 5.54 billion yuan in 2024 to 11.62 billion yuan in 2027, with year-on-year growth rates of 57.17%, 28.60%, 27.20%, and 28.23% respectively [1][8] - The latest diluted EPS is expected to increase from 1.93 yuan in 2024 to 3.78 yuan in 2027, with corresponding P/E ratios decreasing from 19.47 to 9.92 [1][8] - The company maintains a low debt ratio of 18.58%, indicating strong financial health [6]
巨子生物（02367）：首款Ⅰ型重组胶原三类械获批，打开医美成长新曲线