金吾财讯 | 国证国际发研报指，巨子生物(02367)2024年实现收入55.4亿元，同比增长57.2%，主要得益于全渠道营销活动的持续加强，胶原棒的稳健增长，以及新品可复美焦点面霜、可丽金胶卷面霜、敷料等成功推出。公司2024年实现归母净利润20.6亿元，同比增长42.1%。公司毛利率较2023年下滑1.5个百分点，降至82.1%。值得注意的是，旗舰品牌可复美同比增长62.9%，可丽金同比增长36.3%，线上直销收入同比增长70.0%。该行表示，丰富产品系列，多款产品蝉联榜单TOP1。可复美：在2024年双十一大促期间，胶原棒延续2024年618大促的强劲表现，蝉联天猫面部精华类目TOP1、液态精华类目TOP1以及修复精华类目TOP1，并荣登抖音液态精华类目TOP1。2024年4月上市的可复美焦点面霜，在双十一大促中位列天猫修复面霜热卖榜国货TOP2以及抖音品牌胶原蛋白霜好评榜TOP1。可丽金：胶卷面霜荣登天猫抗皱面霜热销榜国货TOP2、抖音涂抹面霜爆款榜TOP2和滋养面霜爆款榜TOP1；胶卷眼霜荣登抖音精华眼霜超值爆款榜国货TOP2。该行预计公司2025-2027年收入分别为70.1亿元/87.3亿元/108.1亿元，归母净利润分别为25.1亿元/30.7亿元/38.1亿元，维持“买入”评级。
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