金吾财讯 | 招银国际发研报指，双十一收官，巨子生物(02367)两大核心品牌可复美与可丽金线上增速靓丽。可复美与可丽金的线上全渠道GMV分别同比增长超80%和超150%，较今年“618”均有提速。可复美和可丽金在抖音平台爆发式增长，双十一期间分别同比增长超100%和超500%。可复美胶原棒延续高增长，新品表现亮眼。可丽金新品发力，增长潜力快速释放。该行认为，不断丰富的产品矩阵将推动品牌长期增长。该行继续看好公司护肤品类的快速增长，预期注射类胶原蛋白产品将于1Q25E获批。该行小幅上调了公司FY24-26的盈利预测，基于DCF模型，上调目标价66.15港元（WACC：10.9%，永续增长率：3.0%；前值：62.07港元），目标价对应25xFY25E经调整市盈率，20xFY26E经调整市盈率。维持“买入”评级。
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