Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The approval of the first type I recombinant collagen for medical aesthetics opens new growth opportunities for the company, with expectations for performance recovery in 2026 [1] - The company reported a total revenue of 55.19 billion yuan in 2025, a slight decrease of 0.37% year-on-year, and a net profit attributable to shareholders of 19.15 billion yuan, down 7.15% year-on-year [8] - The company has adjusted its profit forecasts for 2026 and 2027 downwards due to increased industry competition and short-term impacts on sales, with new profit estimates of 19.8 billion yuan and 22.7 billion yuan respectively [1] Financial Performance Summary - Revenue projections for the company are as follows: 2024A: 55.39 billion yuan, 2025A: 55.19 billion yuan, 2026E: 60.34 billion yuan, 2027E: 69.17 billion yuan, 2028E: 82.92 billion yuan [1] - Net profit projections are: 2024A: 20.62 billion yuan, 2025A: 19.15 billion yuan, 2026E: 19.78 billion yuan, 2027E: 22.70 billion yuan, 2028E: 26.58 billion yuan [1] - The company's earnings per share (EPS) are projected to be: 2024A: 1.93 yuan, 2025A: 1.79 yuan, 2026E: 1.85 yuan, 2027E: 2.12 yuan, 2028E: 2.48 yuan [1] - The price-to-earnings (P/E) ratios for the current price and latest diluted EPS are: 2024A: 14.10, 2025A: 15.19, 2026E: 14.70, 2027E: 12.81, 2028E: 10.94 [1]
巨子生物（02367）：胶原医美获批打开成长新空间，期待26年业绩回暖