《大行》招銀國際降鉅子生物(02367.HK)目標價至73.54元 銷售復甦在望
招銀國際發表研究報告,引述魔鏡數據指,鉅子生物(02367.HK)於今年5至6月,旗下可復美與可麗金品牌在天貓淘寶及抖音合計實現GMV約10.8億元人民幣,按年增長2%;得益於首四個月的強勁銷售,2025年上半年兩品牌在天貓淘寶、抖音的合計GMV仍實現按年38%的快速增長。儘管受輿情影響短期線上銷售增長勢頭減弱,但招銀認爲5至6月份的銷售表現體現了在極端環境下,公司仍有較強的銷售韌性。展望未來,招銀認爲可復美和可麗金的強大的產品力,優秀的使用體驗是銷售復甦的基礎。
招銀國際認爲,鉅子生物隨着公司逐步恢復達播頻次、加大推廣力度,銷售額將逐步復甦。此外,豐富的產品品類以及雙品牌戰略也加大了公司的抗風險能力。招銀又認爲,作爲中國首家規模化生產重組膠原蛋白護膚品的企業,公司在膠原蛋白領域擁有深厚的技術積累,其強大的產品力和技術積累是銷售復甦的基石。
招銀保守估計,2025年下半年,鉅子生物旗下的可復美及可麗金的線上收入將分別按年增長10%及35%,全年可復美線上收入增速約爲20%,可麗金約爲60%。線下業務保持穩健。招銀預計公司2025年收入增速預測將放緩至23%。基於現金流折現法(DCF)模型計,招銀將鉅子生物目標價從79.96港元降至73.54港元,對應預期2025年市盈率29倍,維持「買入」評級。
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