Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The approval of three types of medical devices opens up growth opportunities in the medical beauty sector [2] - The company has successfully obtained NMPA approval for its recombinant type I α1 collagen freeze-dried fibers, marking a significant advancement in its product offerings [5] - The company is expected to see substantial profit growth, with projected net profits of 2.52 billion, 3.16 billion, and 3.81 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 22.2%, 25.3%, and 20.5% [5] Financial Forecast and Valuation - Closing price as of October 24, 2023, is HKD 41.68, with a market capitalization of HKD 44.64 billion [4] - Revenue projections are as follows: 3,524.1 million RMB in 2023, 5,538.8 million RMB in 2024, 6,997.89 million RMB in 2025, 8,693.63 million RMB in 2026, and 10,420.60 million RMB in 2027, with corresponding growth rates of 49.0%, 57.2%, 26.3%, 24.2%, and 19.9% [4] - The company’s return on equity (ROE) is projected to decline from 33.3% in 2023 to 23.0% in 2027, while the price-to-earnings (P/E) ratio is expected to decrease from 21.81 in 2023 to 10.7 in 2027 [4]
巨子生物（02367）：三类械成功获批打开医美增长曲线