Investment Rating - The investment rating for the company is "Outperform the Market" [1][14]. Core Views - The approval of the company's first injectable recombinant collagen type I medical device marks a significant breakthrough in the aesthetic medicine sector, opening a new growth curve for the company [2][3]. - Despite short-term sales fluctuations due to market reactions to the Double 11 shopping festival, the company is expected to perform well in the latter half of the event, supported by its established offline medical institution channels and brand influence [2][14]. - The management's continuous share buybacks signal strong long-term confidence in the company's prospects [2][13]. Summary by Sections Company Overview - The company announced on October 23, 2025, that its self-developed "Recombinant Type I α1 Collagen Freeze-Dried Fiber" received the Class III medical device registration certificate from the National Medical Products Administration (NMPA) [2][3]. - This product is the first approved drug-device combination in the company's Class III medical device pipeline, indicating a strategic expansion into the high-barrier aesthetic injection device market [3]. Product Details - The product is a white or off-white sponge-like solid composed of recombinant type I α1 collagen, with various specifications ranging from 10mg to 24mg per bottle [5]. - It is indicated for facial dermal tissue filling to correct dynamic wrinkles, including forehead lines, glabellar lines, and crow's feet [5]. Market Potential - The domestic market currently has 12 approved Class III collagen medical devices, with only four related to recombinant collagen, highlighting the uniqueness of the company's product [4]. - The collagen injection market is projected to reach approximately 9.8 billion by 2025, indicating significant growth potential for the company [7]. Financial Projections - The company is expected to achieve net profits of 2.549 billion, 3.092 billion, and 3.673 billion for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 12, and 10 [2][14]. - The management's share buybacks have increased their stake to 54.66%, reflecting confidence in the company's future performance [13]. Competitive Landscape - The company's recombinant type I collagen differs from competitors' type III collagen, suggesting a non-direct competition scenario that could enhance its market position [7]. - The approval of additional products in the pipeline is anticipated to accelerate, further strengthening the company's market presence [8].
巨子生物（02367）：械三证落地打开新增长曲线，管理层持续增持彰显长期信心