Investment Rating - The report maintains a "BUY" rating for Giant Biogene, indicating a potential return of over 15% over the next 12 months [3][12]. Core Insights - Giant Biogene reported strong performance in 2024, with revenue increasing by 57% year-over-year (YoY) to RMB 5.5 billion. Revenue from skincare products and medical dressing rose by 62.5% YoY and 41.5% YoY, respectively [1][2]. - The gross profit margin (GPM) declined from 83.6% in 2023 to 82.1% in 2024 due to the increased revenue proportion from skincare products and rising marketing costs [1]. - Online revenue surged by 70% YoY, contributing 71.6% to total revenue, which led to an increase in the selling expense ratio by 3.2 percentage points to 36.3% in 2024. Consequently, the attributable net profit margin (NPM) decreased by 4 percentage points to 37.2% [1][2]. Financial Summary - For FY24, revenue is projected at RMB 5,539 million, with a YoY growth of 57.2%. The adjusted net profit is expected to be RMB 2,152 million, reflecting a YoY growth of 48.2% [2][13]. - The earnings estimates for FY25, FY26, and FY27 are RMB 7,138 million, RMB 9,320 million, and RMB 11,944 million, respectively, with corresponding YoY growth rates of 28.9%, 30.6%, and 28.2% [2][13]. - The price-to-earnings (P/E) ratio is projected to decrease from 42.4x in FY23 to 30.0x in FY24, indicating improved valuation metrics as earnings grow [2][13]. Target Price and Valuation - The target price for Giant Biogene is set at HK$ 79.96, representing an upside of 18.5% from the current price of HK$ 67.45 [3][10]. - The valuation is based on a discounted cash flow (DCF) model with a weighted average cost of capital (WACC) of 10.9% and a terminal growth rate of 3.0% [8][10]. Share Performance - The market capitalization of Giant Biogene is approximately HK$ 69.87 billion, with a 52-week high of HK$ 72.80 and a low of HK$ 35.70 [3][4]. - The stock has shown strong performance, with a 1-month increase of 5.8% and a 6-month increase of 39.6% [5].

Investment Rating - The report maintains a "Buy" rating for the company [11][18]. Core Views - The company achieved a revenue of 5.539 billion yuan in 2024, representing a year-on-year increase of 57.17%, with a net profit of 2.062 billion yuan, up 42.02% [1][4]. - The strong performance is driven by the core product lines, particularly the effective skincare products and medical dressings, which continue to show robust growth [2][4]. - The company is focusing on enhancing brand recognition through scientific marketing and expanding its product matrix in skincare and medical aesthetics [4][17]. Financial Performance - In 2024, the revenue breakdown shows effective skincare products generated 4.302 billion yuan (77.68% of total revenue, +62.52%), medical dressings contributed 1.218 billion yuan (21.99%, +41.51%), and health foods accounted for 0.018 billion yuan (0.33%, +15.0%) [2][14]. - The company’s gross margin for 2024 was 82.09%, slightly down by 1.54 percentage points, while the net profit margin was 37.22%, down by 3.97 percentage points [16][19]. - The company plans to distribute a cash dividend of 1.19 yuan per share [1][13]. Future Projections - Revenue forecasts for 2025-2027 are set at 7.056 billion yuan, 8.790 billion yuan, and 10.568 billion yuan, respectively, with net profits projected at 2.538 billion yuan, 3.189 billion yuan, and 3.867 billion yuan [4][17]. - The expected price-to-earnings (PE) ratios for the same period are 25x, 20x, and 17x [4][18]. Marketing and Sales Strategy - The company increased its sales expenses to 2.008 billion yuan in 2024, reflecting a 72.46% increase, primarily due to enhanced online marketing efforts [3][15]. - Direct sales accounted for 4.134 billion yuan (74.64% of total revenue), with significant contributions from both online and offline channels [2][14]. Research and Development - The company continues to invest in R&D, with expenses reaching 1.06 billion yuan in 2024, representing a 42.06% increase [3][15]. - The product pipeline includes over 180 projects across various fields, ensuring long-term growth potential [16][19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to achieve impressive performance in 2024, with a revenue growth of 57.2% and a net profit growth of 42.1% [6] - The company's flagship brands are showing strong momentum, with significant contributions from key products like collagen sticks and new launches in the skincare segment [6] - The company is well-positioned in a high-growth sector, with a clear growth path and strong medium to long-term earnings visibility [6] Financial Performance Summary - Revenue for 2024 is projected at 55.4 billion RMB, with a year-on-year growth of 57.2% [6] - Net profit for 2024 is expected to be 20.6 billion RMB, reflecting a 42.1% increase [6] - The company anticipates continued growth in net profit for 2025-2027, with estimates of 27.5 billion RMB, 34.1 billion RMB, and 40.4 billion RMB respectively, representing growth rates of 33.4%, 23.9%, and 18.6% [6][7] Revenue and Profit Forecast - Revenue projections for the next few years are as follows: - 2025: 7,477.13 million RMB (35.0% growth) - 2026: 9,170.26 million RMB (22.6% growth) - 2027: 10,731.91 million RMB (17.0% growth) [5][7] - The company's gross margin is expected to remain high, around 81.8% in 2025 [7] Brand Performance - The brand "可复美" contributed 45.4 billion RMB in revenue for 2024, with a growth of 62.9%, accounting for 82% of total revenue [6] - The brand "可丽金" generated 8.4 billion RMB in revenue, growing by 36.3% and representing 15% of total revenue [6] Market Strategy - The company employs a multi-channel strategy, combining online and offline sales to effectively reach consumers [6] - It has expanded its presence in both public and private healthcare institutions, with products available in approximately 1,700 public hospitals and 3,000 private clinics [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company reported a revenue of 5.539 billion yuan for 2024, representing a year-on-year growth of 57.2%. The net profit attributable to shareholders for the same period is projected at 2.062 billion yuan, a 42% increase [2][4]. - The company has adjusted its profit forecasts for 2025 and 2026 upwards, with expected net profits of 2.567 billion yuan and 3.142 billion yuan respectively, reflecting growth rates of 24% and 22% [4][7]. - The report highlights a strong performance in direct-to-consumer (DTC) channels, with revenue from DTC stores and e-commerce platforms growing by 66% and 112% respectively [8]. Financial Performance - For 2024, the company expects a gross margin of 82.1%, slightly down from the previous year, with a sales expense ratio increasing to 36.26% due to higher online marketing investments [8]. - The company has entered approximately 1,700 public hospitals and 3,000 private hospitals, indicating a robust expansion strategy [8]. - The revenue from key products, such as 可复美 and 可丽金, reached 4.542 billion yuan and 841 million yuan respectively, with growth rates of 63% and 36% [8]. Profitability Metrics - The diluted earnings per share for 2024 is projected at 1.99 yuan, with a return on equity (ROE) of 29.01% [7][8]. - The company’s price-to-earnings (P/E) ratio is expected to be 25.06 for 2024, decreasing to 17.36 by 2027, indicating a favorable valuation trend [7][8]. Market Position and Strategy - The company is focusing on enhancing brand strength through scientific skincare communication and product innovation, with a strong emphasis on proprietary research and development [8]. - The report notes that the company is well-positioned in the medical dressing market, with leading market share and a healthy customer structure [8].

上 市 公 司 美容护理 2025 年 03 月 27 日 巨子生物 (02367) ——归母净利润高增 42%，护肤业务高基数高增长 买入（维持） | 市场数据： | 2025 年 03 月 27 日 | | --- | --- | | 收盘价（港币） | 67.45 | | 恒生中国企业指数 | 8677.68 | | 52 周最高/最低（港币） | 75.20/35.00 | | H 股市值（亿港币） | 698.72 | | 流通 H 股（百万股） | 1,035.90 | | 汇率（人民币/港币） | 1.0835 | 一年内股价与基准指数对比走势： -14% 36% 86% HSCEI 巨子生物 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 报告原因：有业绩 ...

证券研究报告 | 公司点评报告 2025 年 03 月 27 日 巨子生物（02367.HK） 公司发布 2024 年业绩，全年收入+57%、归母净利润+42%。明星单品&新品矩 阵&全域营销驱动可复美品牌持续高增，直销渠道在线上精细化运营强化、精准 破圈&线下渠道持续拓展驱动下同样快速增长。但 2024 年毛利率受新品扩充等 影响略有下降，且销售费用率提升较快致净利率下滑。展望 2025 年，公司明星 单品地位稳固、新品扩张放量，渠道稳步拓展，同时肌肤焕活产品储备丰富， 增长驱动力较强。预计 2025-2027 年归母净利润分别为 25.11 亿元、29.11 亿 元、32.66 亿元，同比增速分别为 22%、16%、12%，3 月 27 日收盘价对应 25PE25.7X，维持"强烈推荐"评级。 ❑ 公司发布 2024 年业绩，全年收入利润高速增长。2024 年实现营收 55.4 亿元， 同比+57.2%；归母净利润 20.6 亿元，同比+42.1%；经调整净利润 21.5 亿元， 同比+46.5%。公司拟派发末期股息 0.6021 元/股，特别股息 0.5921 元/股。 ❑ 可复美品牌&直销渠道依旧保持 ...

业绩持续高增，美妆龙头强者恒强 华泰研究 年报点评 2025 年 3 月 27 日│中国香港 零售 2024 年营收 yoy55.39 亿/yoy57.2%（超出我们预期，H1/H2 为 58%/56%）， 归母净利 20.62 亿/yoy42.1%（H1/H2 为 47%/38%），经调整净利 21.52 亿 元/yoy46.5%。董事会提议每股派息 0.6021 元，特别派息 0.5921 元。公司 24H2 延续强劲增长势头，可复美第一大单品胶原棒势能仍强劲，我们预计 25 年仍有望维持 20%左右增长；焦点面霜等新品有望快速起量贡献新增长。 可丽金线上渠道收入占比已过半，25 年胶卷系列等产品有望继续引领线上 渠道快增。25 年医美产品若获批有望贡献新增量。维持买入评级。 证券研究报告 巨子生物 (2367 HK) 港股通 可复美胶原棒势能强劲，可丽金 24H2 增长提速 可复美 24 年营收 45.4 亿元/yoy62.9%（H1/H2 分别为 69%/58%），我们预 估 24 年胶原棒收入占比已低于 30%，焦点系列等更多新品逐渐起量，有望 25 年贡献更多增长；24 年全国首个品牌旗舰店于重庆 ...

大单品引领品牌势能提升，多品线、品牌储备 巨子生物(2367) ——巨子生物 2024 年报点评 家庭及个人用品 [Table_Industry] 海 外 公 司 | [table_Authors] 訾猛(分析师) | 闫清徽(分析师) | 杨柳(分析师) | | | | --- | --- | --- | --- | --- | | | | | [当前价格 Table_CurPrice] (港元)： | 68.00 | | 021-38676442 | 021-38031651 | 021-38038323 | | | | zimeng@gtjas.com | yanqinghui@gtjas.com | yangliu@gtjas.com | [Table_Market] 交易数据 | | | 登记编号 S0880513120002 | S0880522120004 | S0880521120001 | | | 本报告导读： 票 公司 2024 年业绩高增符合预期，受益可复美胶原棒放量、焦点系列等新品爬坡以及 可丽金明星产品增长，公司化妆品业务多款新品储备、关注后续放量节奏。 投资要点： 风险提示：行业失 ...

智通财经APP讯，巨子生物(02367)发布截至2024年12月31日止年度业绩，该集团期内取得收入55.39亿 元(人民币，下同)，同比增加57.2%;归属于母公司持有者盈利20.62亿元，同比增加42.1%;每股基本盈利 2.1元;拟派发末期股息每股0.6021元及特别股息每股0.5921元。 公告称，公司以科学技术为发展基石，持续加大研发投入，全方位牢筑技术护城河。报告期内，公司研 发支出达到人民币1.07亿元，同比增长42.1%，研发支出占收入比例1.9%。截至报告期末，集团拥有188 项在研项目。截至报告期末，公司已获授权及申请中专利达到167项，其中报告期内新增74项。 巨子生物(02367)发布年度业绩 股东应占溢利20.62 亿元 同比增加42.1% 持续加大研发投入 可复美品牌在"皮肤有问题，就找可复美"的定位之下，继续强化"械妆协同"的发展思路，持续完善产品 系列矩阵。截至报告期末，可复美已形成一大医疗器械系列+四大功效护肤系列的产品组合，致力于为 各类场景和皮肤问题提供专业有效的解决方案。报告期内，可复美品牌实现收入人民币45.4亿元，同比 增长62.9%。 医疗器械系列中，可复美重组胶 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GIANT BIOGENE HOLDING CO., LTD 巨子生物控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 獲 豁 免 有 限 公 司） （股 份 代 號：2367） 截 至2024年12月31日止年度業績公告 財務摘要 | | | | | | | | 至12月31日止年度 | 截 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 2024年 2023年 變 動 | | | | | | | | | 人民幣百萬元 | 人民幣百萬元 | | | 收 入 | | | | | | | 5,538.8 3,524.1 57.2% | | | 毛 利 | | | | | | | 4,546.9 2,947.1 54.3% | | | 稅前利潤 | ...