金吾财讯 | 华泰证券发研报指，17日巨子生物(02367)公众号披露获得首个III类医疗器械注册证，为骨修复材料。此外，另一款III类医疗器械“注射用重组胶原蛋白填充剂”（用于颈纹）“列入国家重点研发计划的医疗器械”，近日列入优先审批通道，产品上市时间有望缩短；此外该行预计其用于眼部细纹填充的医美产品有望于25Q1获批，或为公司医美领域III类首证。此前市场对于公司医美领域III类医疗器械的获批节奏存在担忧，近期公司在该领域的积极进展彰显公司研发实力、具积极信号意义，公司医美产品报批节奏仍有条不紊。参考锦波生物、爱美客（24Q1-Q3营收9.9/23.8亿，主要为医美收入，净利率53%/67%），后续公司眼部细纹、颈纹产品若能获批可能会带来较大业绩增量。该行预计24-26年归母净利润至19.98/25.10/30.78亿元（维持），可比公司Wind一致盈利预测25PE均值26倍，考虑医美产品若获批可能有较大业绩释放潜力，给予25年28倍PE，目标价HKD73.96元（港元兑人民币0.9238），前值HKD59.89元（基于24年28XPE），维持买入。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.