Jiangsu wuzhong(600200) 东吴证券·2024-07-29 23:00Investment Rating - The report maintains a "Buy" rating for the company [4][15]. Core Viewpoints - The company is strategically positioned in the regenerative water light PDRN market, enhancing its aesthetic product matrix [2][4]. - PDRN has shown promising results in overseas markets, with significant benefits such as anti-inflammatory properties, tissue repair, and collagen regeneration [3][4]. - The domestic market for PDRN products is expected to grow significantly, as there are currently no approved Class III medical devices in this category, indicating strong potential demand [3][4]. Financial Forecasts and Valuation - Total revenue is projected to grow from 2,240 million yuan in 2023 to 4,204 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 21.83% [4][20]. - The net profit attributable to the parent company is expected to turn positive in 2024, reaching 125.10 million yuan, and further increasing to 402.72 million yuan by 2026 [4][20]. - The earnings per share (EPS) is forecasted to improve from -0.10 yuan in 2023 to 0.57 yuan in 2026, reflecting a significant turnaround in profitability [4][20]. - The price-to-earnings (P/E) ratio is projected to decrease from 81.47 in 2023 to 14.55 in 2026, indicating an improving valuation as earnings grow [4][20].