Jinwu Financial News | Minsheng Securities Research Report said that on March 13, '24, Giant Biotech (02367) disclosed research progress on the recombinant collagen tri-helix structure, achieving a technical breakthrough in CHO cells to efficiently express high-temperature, tight three-helix recombinant human collagen. At the same time, the Kalijin brand launched a new recombinant collagen containing active, firming, and anti-wrinkle essence cream.
According to the bank, relying on deep R&D strength, the company continues to build a multi-brand matrix. The functional skincare product matrix continues to be rich, and the medical and aesthetic product pipeline can be expected in the future; through continuous investment in R&D technology, first-mover advantage and refined operation, while successfully building large individual products while continuing to enrich the product pipeline and strengthen publicity efforts to continuously enhance brand influence. The bank expects adjusted net profit to the mother in 23-25 to be 13.7/17.3/2.10 billion yuan, a year-on-year growth rate of 36./ 26.2%/21.4%. The current stock price corresponds to PE28x and 21.4% in 23-25, respectively. 22x, 18x, maintaining a “recommended” rating.