Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][13]. Core Insights - The company reported revenue of 2.54 billion yuan for 1H24, a year-on-year increase of 58% and a quarter-on-quarter increase of 32%. The net profit attributable to shareholders was 983 million yuan, up 47% year-on-year and 25% quarter-on-quarter, exceeding expectations [3]. - The company is focusing on expanding its product categories and enhancing its online presence, which has led to a slight decline in gross margin and an increase in sales expense ratio, but overall profitability remains manageable [3]. - The performance of key products, particularly the collagen stick, continues to drive growth, with a revenue of 2.07 billion yuan for the "Kefumei" brand, reflecting a 69% year-on-year increase [3][4]. Revenue and Profit Forecast - The report revises the profit forecast upwards due to the strong performance in 1H24, projecting adjusted net profits of 2.03 billion, 2.52 billion, and 3.01 billion yuan for 2024-2026, representing growth rates of 38%, 24%, and 20% respectively [4]. - The net profit attributable to shareholders is expected to reach 1.94 billion, 2.43 billion, and 2.92 billion yuan for the same period, with growth rates of 34%, 25%, and 21% respectively [4]. Financial Metrics - The company’s revenue for 2023 is projected at 5.21 billion yuan, with a growth rate of 47.89%, and net profit is expected to be 1.94 billion yuan, reflecting a growth rate of 34% [7]. - The report highlights a decrease in gross margin by 1.7% year-on-year and a net profit margin of 38.7%, down 2.8% year-on-year [3][4]. Product Performance - The DTC (Direct-to-Consumer) channel has shown significant growth, with revenue from DTC stores increasing by 64% year-on-year, contributing to 63.1% of total revenue [3]. - The focus on new product launches, particularly in the skincare segment, is expected to enhance brand recognition and drive future sales [4].
巨子生物：1H24收入与利润均超预期，持续发力品类拓展+多单品矩阵