金吾财讯 | 高盛发布研报指出，巨子生物控股(02367)在2024年双十一期间实现了强劲的GMV增长，其中Mia Gu和Collgene品牌的GMV分别实现了80%+和150%+的同比增长。尽管产品退货率上升和渠道费用增加，但公司通过提高产品混合和利用抖音/KOL直播带货，实现了稳定的折扣和价格控制。此外，新推出的Luminous Facial Cream（焦点面霜）在双十一期间的销售额超出预期，公司将其2024年的销售目标从1亿元人民币上调至2亿元人民币。
高盛对美妆行业的整体看法保持积极。随着消费者对美妆产品的需求不断增长，以及线上购物习惯的普及，巨子生物控股通过不断创新和优化产品线，巩固了其在美妆市场的领先地位。公司通过精准的市场定位和有效的营销策略，成功吸引了大量新客户，显示出强大的品牌吸引力和市场竞争力。
高盛根据最新的业绩情况和市场环境，将巨子生物控股2024至2026财年的收入预测分别上调至22.5%、26.9%和31.3%。同时，考虑到公司在行业中的领导地位和良好的增长前景，该行将目标价从50.10港元上调至56港元，并维持“买入”评级。
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