Caitong Securities issued a research report stating that Juzi Biotech (02367) released its 618 sales report, showing high growth potential for its two beauty brands. 1. KFM: GMV growth rate across all channels and cycles exceeded 60%, of which Tmall/Douyin/JD.com/Vipshop grew by more than 50%/65%/100%/200% respectively; 2. CLIO: GMV growth rate across all channels and cycles exceeded 100%, of which Tmall/Douyin/JD.com/Vipshop grew by more than 70%/300%/200%/170% respectively.
Under the continued growth of the cosmetics business and the expected approval of the three medical beauty products, Juzi is expected to achieve a "double melody" of beauty and medical beauty businesses, driving performance and valuation to increase simultaneously. The bank expects a revenue of 499/643/795 million yuan and a net income attributable to mothers of 199/253/312 million yuan for 2024-2026, corresponding to a PE of 20/16/13, and maintains a "shareholding" rating.