Jinwu Financial News | According to the Caitong Securities Research Report, Gizi Biotech (02367) announced its 23-year results. In '23, we achieved revenue of 3.52 billion yuan, up 49% year on year; realized net profit of 1.45 billion yuan, up 45% year on year; realized adjusted net profit of 1.47 billion yuan, up 39% year on year.
According to the bank, looking at the product side: 1) Kefu Mei: The position of dressing is stable, and collagen sticks remain high. During the 2023 618/Double 11 promotion period, the GMV of collagen sticks increased by more than 700%/200% year-on-year, and in 2023, new products are growing steadily; 2) Clarion: It is expected to achieve high growth in the context of strengthening collagen's anti-aging mentality. The new film series launched in '24 is expected to become a star product. From the channel side: 1) Tmall: improving repeat purchases and optimizing operational efficiency; 2) Douyin: comprehensive efforts in the field of self-broadcasting and focusing on the construction of a multi-level talent matrix. The growth rate of Kefu Mei/Kelijin's online omni-channel GMV exceeded 165%/70% during the 618 period, respectively, and exceeded 100%/50% during the Double Eleven period. In 2024, it is expected to further expand the volume of investment in brand marketing, continue to improve omni-channel operation efficiency, and do a good job in crowd operation and scenario creation.
On the medical and aesthetic side, the company's three collagen products are expected to be launched within the year, opening up a multi-level growth curve. The three types of device products are progressing steadily. At the same time, the company has now accumulated about 4,000 terminal channels, including about 1,500 public hospitals and about 2,500 private hospitals and clinics, which is expected to help the products quickly occupy market share.
The bank continued that as a leading restructuring collagen company, the main brand can be restored to the US to promote new products with high quality and strengthen brand mentality to achieve high growth, and the medical and aesthetic pipeline is expected to land and start a second curve within the year. The company is expected to achieve revenue of 45.8/57.7/7.12 billion yuan in 2024-2026, and achieve net profit of 18.1/22.4/2.74 billion yuan, corresponding to PE22/18/14X. Maintain an “Overweight” rating.