Investment Rating - Maintains a "Buy" rating with a target price of HKD 48.84 [1] Core Views - The online sales growth of Juzi Bio's key brand, ClassiFace, continues to show strong momentum, with a 140.5% YoY increase in January 2024 across major e-commerce platforms [1] - ClassiFace's sales on Tmall and Douyin grew by 160.5% and 185.8% YoY, respectively, in January 2024 [1] - The brand KeLiJin also demonstrated robust growth, with a 65.7% YoY increase in sales across platforms, driven by strong performance on Douyin (646.5% YoY growth) [1] - Juzi Bio is expected to launch 2 new injectable collagen products in 2024, which could further boost its performance [1] Financial Performance - Revenue is projected to grow from RMB 3,375 million in FY23E to RMB 5,590 million in FY25E, with a CAGR of 28.3% [2] - Net profit is expected to increase from RMB 1,305 million in FY23E to RMB 1,972 million in FY25E [2] - Gross margin remains stable at around 83.7%-83.8% from FY23E to FY25E [2] E-commerce Performance - In January 2024, the beauty and skincare industry saw a 7.9% YoY growth on Tmall and Taobao, while Douyin experienced an 80.0% YoY increase [1] - ClassiFace's facial serums and creams showed exceptional growth, with sales up 431% and 1,161% YoY on Tmall and Taobao, respectively [1] - KeLiJin's facial serums and creams also grew significantly, with sales up 916% and 486% YoY on Tmall and Taobao [1] Product Pipeline - Juzi Bio launched new skincare products in late 2023 and early 2024, including the ClassiFace Order Essence and KeLiJin Collagen Eye Cream [1] - The company has 4 injectable collagen products in development, with 2 expected to be approved in 2024 [1] Valuation - The target price of HKD 48.84 is based on a 9-year DCF model with a WACC of 11.4% and a terminal growth rate of 3.0% [1] - The stock offers a potential upside of 35.9% from the current price of HKD 35.95 [3]
线上销售数据跟踪：1月可复美增速延续强势