Jinwu Financial News | According to Guolian Securities Research Report, Juzi Biotech (02367) released its 2023 annual report: 2023 revenue of 3,524 billion yuan (+49.0% YoY), net profit to mother of 1,452 billion yuan (+44.9% YoY), and adjusted net profit of 1,469 billion yuan (YoY +39.0%). According to the bank, benefiting from the refined operation of multiple online platforms and the rapid release of Kefumei Collagen Stick Essence, online direct sales revenue increased 77.5% year-on-year in 2023/revenue share increased to 61.2%. In 2023, Klein is in a period of channel adjustment and product development, and revenue is basically the same as compared to the same period last year. Affected by adjustments in category structure and channel structure, the comprehensive gross margin in 2023 fell to 83.6% from 84.4% in 2022, and the net profit margin to mother fell from 42.4% to 41.2%. The overall decline is manageable. Continued effective skincare volume+ medical and aesthetic products are about to be approved, and high growth is expected to continue in 2024.
The bank expects the company's revenue in 2024-2026 to be 45.90/58.54/7.314 billion yuan, respectively, with corresponding growth rates of 30.2%/27.5%/24.9%; net profit to mother is 17.57/22.59/2,839 billion yuan, respectively, with corresponding growth rates of 21.1%/28.5%/25.7%; considering amortization of equity incentives, adjusted net profit is 18.43/22.93/2,862 billion yuan, respectively, with corresponding growth rates of 25.5%/24.4%/24.8%, respectively; EPS 1.77/2.27/2.85yuan/share, respectively. Referring to comparable company valuations, the company was given 30 times PE in 2024, with a target price of HK$61.29, maintaining a “buy” rating.