Jinwu Financial News | According to Dongfang Wealth Securities Research, Giant Biotech (02367) achieved revenue of 3,524 billion yuan (+49%) in 2023; net profit to mother of 1,452 billion yuan (+44.9%); and adjusted net profit (excluding share payments) of 1,469 billion yuan (+39%). The final dividend of 2023 is 0.44 yuan/share, and the special dividend is 0.45 yuan/share, with a total dividend rate of 61%.
According to the bank, in 2023, the company can recover 2,788 billion yuan (+73%) of revenue, accounting for about 80% of revenue, and continue to expand categories such as essences, lotions, and masks. Among them, in '23, the celebrity single collagen stick essence accounted for nearly 30%. GMV increased by more than 700% and 200% respectively during the 618 and Double 11 periods, and more than doubled throughout the year; the company's Culijin revenue was 617 million yuan (-0.3%), mainly due to brand positioning, channel structure and product strategy adjustments. The new film series of eye creams was launched in early '24; the 38-section film king performed well; the brand is expected to achieve rapid growth under a low base in 23 years. Medicine and beauty: Currently, 4 recombinant collagen skin revitalization products are under development. Relying on its deep research and development capabilities in the field of recombinant collagen, the company has created a benchmark brand that can strengthen its professional skin care image. After brand positioning and channel brand adjustments, the company is expected to contribute to increased performance.
The bank said that the company's skin revitalization products under development are progressing steadily, and the terminal application space for collagen injections is broad. After adjusting 24-25 and adding a profit forecast for 26 years, the bank expects the company to achieve operating income of 45.9/57.5/6.99 billion yuan in 2024-26, up 30.4%/25.1%/21.6% year on year; net profit to mother increased 23.8%/18.9%/17.8% year on year, EPS was 1.81/2.15/2.53 yuan respectively, and corresponding PE was 21/17/15 times, respectively, maintaining the “increase” rating.