China Bank International released a research report sayingSandgamecryptoMaintain the "buy" rating of Juzi Bio (02367), continue to be optimistic about the continuous growth of online sales of Juzi biofunctional skin care products, and expect injectable collagen products to be approved this year; based on the DCF model, the target price is raised to 60Sandgamecrypto.83 Hong Kong dollars
The main points of China Bank International are as follows:
Juzi Bio announced on May 17 that 33.22 million shares, accounting for about 3.34% of the company's issued shares and 3.23% of the shares enlarged by the allotment and issuance of subscription shares, were allotted at a price of HK $49.40 per share.
The placing price is about 6.7% off from the closing price on May 16. The estimated net proceeds from the placement are about HK $1.627 billion for the following purposes: 1) about 90 per cent are intended for core business development and ecosystem layout, including, but not limited to, brand promotion, marketing and R & D investment; and 2) about 10 per cent is intended to replenish working capital and for general corporate purposes. By the end of 2023, the company had net cash of 2.5 billion yuan and financial assets of 1.27 billion yuan. The operating cash flow of the company in 2023 is 1.65 billion yuan. The bank expects the company to use sufficient cash reserves to build brand influence and further enrich the layout of the product line.
The new momentum of Juzi biology continues, and the product matrix continues to improve.
Since the beginning of this year, Kefumei and Kerijin have launched a number of products around the key product series, expanding the product category. In 2024, Kefumei created focus series aiming at skin sub-health, and successively launched focus cream, focus essence, focus smear mask and focus mask. The product adopts the bionic combination of natural sequence recombinant type I collagen, natural sequence recombinant type III collagen, repetitive sequence recombinant type I collagen and Mini small molecule recombinant type I collagen peptide, which cooperatively repair skin barrier and enhance skin elasticity. And achieve tight anti-wrinkle and brighten skin moisturizing and other functions.
At present, Kefumei focus Cream has topped the list of new products of Tmall facial Cream, and ranked 11th on the best-selling list of Tmall facial Cream and 8th on Tmall facial Cream. According to data from Chan's mother, in April this year, Kefumei focus Cream's sales in Douyin reached 2500-50 million yuan, showing the potential of a large single product. In addition, the company launches the new order mask and order cleaning mud film of the order series, launches the collagen freeze film of the collagen repair system and upgrades the skin softener 3.0. Kelijin brand is aimed at consumer anti-wrinkle tight demand, focusing on creating a series of film, this year has launched film face cream, film eye cream and film eye film. At present, Corijin Film Cream ranks fifth on the list of Tmall's new creams. According to Chan's mother, film cream sold 50 to 7.5 million yuan in Douyin in April.
"618" promotion is approaching, looking forward to the beautiful sales performance of the company's cosmetics.
Head anchor Li Jiaqi opened the pre-sale of "618" on May 19, and other products such as Fumei collagen sticks went online again in Li Jiaqi's live studio. At present, the collagen rod of Kefumei ranks the 7th on the best-selling list of Tmall repair essence and the third on the buyback list of Tmall repair essence. The bank estimates that collagen sticks accounted for more than 30% of the revenue of the Kofu brand in 2023. The bank believes that collagen rods will continue to show the strength of blockbuster products and continue to grow rapidly. At the same time, the bank looks forward to the rapid expansion of new products such as the focus series and Klein film series during the promotion period.