金吾财讯 | 广发证券发研报指，巨子生物(02367)旗下的“注射用重组胶原蛋白填充剂”获得优先审批，“该产品属于列入国家重点研发计划的医疗器械”。本次获批的为针对颈纹的重组胶原蛋白凝胶产品。该行表示，在医美领域，巨子生物目前的在研产品共有4款，分别是重组胶原蛋白液体制剂(水光)、重组胶原蛋白固体制剂(改善鱼尾纹)、重组胶原蛋白凝胶(针对中重度颈纹)和交联重组胶原蛋白凝胶(针对中重度法令纹)，医美矩阵丰富。该行续指，公司当前市值对应24/25年PE23/18倍，化妆品业务稳健，支撑当前市值，医美预期始终是额外期权。预计公司24-26年归母净利润21.20、26.58、31.74亿元，考虑重组胶原蛋白市场的强增势，给予公司24年25倍PE估值，对应合理价值55.72港元/股，维持“买入”评级。
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