Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant increase in stock price relative to the benchmark index over the next six months [7][11]. Core Insights - The company achieved a revenue of 3.52 billion yuan in 2023, representing a 49% year-on-year increase, with a net profit of 1.45 billion yuan, up 44.9% [4][7]. - The growth was primarily driven by the "可复美" brand, which saw a revenue increase of 72.9% to 2.79 billion yuan, supported by the expansion of online and offline sales channels [4][5]. - The company's gross margin decreased by 0.8 percentage points to 83.6%, while the net profit margin remained high at 41.2% despite a 1.9 percentage point decline [6][7]. Revenue Breakdown - In 2023, the revenue from "可复美" was 2.79 billion yuan, "可丽金" remained stable at 620 million yuan, and other brands contributed 100 million yuan, marking a 14.2% increase [4]. - The effectiveness of skincare products saw a 69.52% increase to 2.65 billion yuan, accounting for 66% of total revenue, while medical dressings grew by 13.25% to 860 million yuan [4][6]. Channel Performance - Online direct sales revenue reached 2.15 billion yuan, up 77.5%, accounting for 61.2% of total sales, driven by platforms like Tmall and Douyin [5]. - Offline direct sales increased by 39.6% to 90 million yuan, supported by the growth of chain pharmacies and cosmetic stores [5]. Profitability Forecast - The company forecasts net profits of 1.76 billion yuan, 2.11 billion yuan, and 2.54 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 22x, 19x, and 15x [7][8].
巨子生物（HK2367）可复美带动收入业绩高增，净利率保持高位