Investment Rating - The report maintains a "Buy" rating for the company [5][20]. Core Views - The company has shown impressive growth during the "Double 11" shopping festival, with its two brands, Kefu Mei and Keli Jin, achieving significant year-on-year GMV growth of over 80% and 150% respectively [3][4]. - The target price has been raised to HKD 62.0, reflecting a potential upside of 26.3% from the current price of HKD 49.1 [5][7]. Financial Performance Summary - The company's revenue is projected to grow from RMB 3,524 million in 2023 to RMB 5,098 million in 2024, representing a year-on-year increase of 44.7% [10]. - The net profit attributable to shareholders is expected to rise from RMB 1,452 million in 2023 to RMB 1,940 million in 2024, indicating a growth of 33.6% [10]. - The report forecasts a consistent increase in revenue and net profit over the next few years, with revenue expected to reach RMB 9,025 million and net profit RMB 3,322 million by 2026 [10]. Market Performance - The company has maintained strong sales performance across various platforms during major promotional events, with Kefu Mei and Keli Jin ranking highly in multiple categories on platforms like Tmall and Douyin [4][18]. - The report highlights that Kefu Mei's collagen sticks and new product launches have contributed significantly to revenue growth, with Keli Jin also showing strong performance [5][18]. Valuation Metrics - The report provides a projected PE ratio decreasing from 30.9 in 2023 to 14.2 by 2026, indicating improving valuation as earnings grow [10]. - The return on equity (ROE) is expected to decline slightly from 40.3% in 2023 to 32.0% in 2026, reflecting a strong but stabilizing profitability [10].
巨子生物：“双11”亮眼表现，上调目标价