Group 1 - The core viewpoint of the report is that Giant Bio's performance in the first half of the year slightly exceeded expectations, with total revenue reaching 3.113 billion yuan, representing a year-on-year growth of 22.5% [1] - Based on the strong performance in the first half and robust online sales in July, the company has raised its revenue forecast for the Comfy brand, adjusting total revenue projections for 2025 to 2027 upwards by 1.9% [1] - The earnings per share forecasts have been increased by 2%, 1.7%, and 1.7% for the years 2025, 2026, and 2027 respectively [1] Group 2 - The target price for the company has been slightly raised from 79 Hong Kong dollars to 79.5 Hong Kong dollars, maintaining a "buy" rating [1] - The report highlights a high visibility of growth in the restructuring of collagen products [1]

Core Viewpoint - Bank of America Securities has raised the target price for Giant Bio (02367) to HKD 79.5, maintaining a "Buy" rating due to the strong visibility of growth in its collagen product restructuring [1][2]. Financial Performance - Giant Bio's revenue for the first half of the year reached RMB 3.113 billion, representing a year-on-year increase of 22.5% [2]. - The company has adjusted its revenue forecast for the Comfy brand upwards based on the strong performance in July [2]. Earnings Forecast - The total revenue forecasts for 2025 to 2027 have been increased by 1.9% each [2]. - Earnings per share forecasts for 2025, 2026, and 2027 have been raised by 2%, 1.7%, and 1.7% respectively [2]. Cost Structure - Due to a decrease in the contribution from live streaming revenue, the sales expense ratio for 2025 has been lowered [2].

美银证券发布研报称，巨子生物(02367)上半年业绩略超预期，总收入31.13亿元人民币，同比增长 22.5%。该行基于上半年表现及今年7月强劲的线上表现，上调公司旗下品牌可复美(Comfy)的收入预 测，并将2025至2027年的总收入预测各上调1.9%。此外，因巨子生物的直播收入贡献降低，下调2025 年销售费用比率;将2025至207年每股盈利预测分别上调2%、1.7%及1.7%。对其目标价由79港元微升至 79.5港元，重申"买入"评级，因为重组胶原蛋白产品的增长可见度高。 ...