Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company has received approval for the world's first injectable recombinant collagen and hyaluronic acid composite solution, marking a significant milestone in its product offerings [8] - The company is expected to see a compound annual growth rate (CAGR) in revenue of 49.0% in 2023, followed by 57.2% in 2024, and a more moderate growth of 15.8% and 14.7% in 2026 and 2027 respectively [6][8] - The company has a strong pipeline in the aesthetic medicine sector, with two approved recombinant collagen products, which are anticipated to drive substantial revenue growth [8] Financial Summary - Closing price is HKD 35.40, with a market capitalization of HKD 37.91 billion [6][7] - Projected revenue for 2023 is RMB 3,524.14 million, increasing to RMB 7,428.23 million by 2027 [6] - Projected net profit for 2025-2027 is RMB 19.3 billion, RMB 22.6 billion, and RMB 25.4 billion respectively, with a notable decline of 6.3% in 2025 followed by growth in subsequent years [8] - The company maintains a low debt-to-asset ratio of 18.58% [7]
巨子生物（02367）：全球首个注射用重组胶原蛋白和透明质酸钠复合溶液获批