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]
巨子生物（02367）：24年业绩表现亮眼，优质美妆国货持续高增