我武生物：业绩逐步复苏，产品管线持续布局

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [1] Core Views - The company's performance is gradually recovering, with a steady layout of its product pipeline [1] - The company continues to dominate the domestic sublingual desensitization market with a market share exceeding 80% [4] - The company's revenue and net profit are expected to grow steadily from 2024 to 2026, with revenue projected to increase by 9.64%, 15.61%, and 16.96% respectively, and net profit by 5.77%, 14.77%, and 15.98% [4] Financial Performance - In 2024 Q1-Q3, the company achieved revenue of 730 million yuan, a year-on-year increase of 8.38%, and net profit of 272 million yuan, a year-on-year increase of 0.78% [2] - The gross margin remained stable at 95.26% in 2024 Q1-Q3, with a slight decrease of 0.15 percentage points [2] - R&D expenses increased by 11.93% to 87.86 million yuan in 2024 Q1-Q3, accounting for 12.03% of revenue [2] Product Pipeline - The company is expanding its product matrix with new products such as "Platanus Pollen," "German Cockroach," and "Cat Dander" prick test solutions, which are in the approval stage and expected to contribute to future growth [2] - The company submitted a clinical trial application for "House Dust Mite Film" (solid dosage form) in September 2024, and its diagnostic IV dermatitis patch is in Phase II clinical trials [2] Market Performance - The company's core product, Dust Mite Drops, achieved revenue of 701 million yuan in 2024 Q1-Q3, a year-on-year increase of 7.22% [3] - Artemisia Pollen Drops saw rapid growth, with revenue reaching 20.57 million yuan, a year-on-year increase of 87.53%, driven by increased market promotion in northern regions [3] Future Outlook - The company is expected to achieve revenue of 9.30 billion yuan, 10.75 billion yuan, and 12.58 billion yuan in 2024, 2025, and 2026 respectively, with net profit of 3.28 billion yuan, 3.77 billion yuan, and 4.37 billion yuan [4] - The company's EPS is projected to be 0.63 yuan, 0.72 yuan, and 0.83 yuan in 2024, 2025, and 2026 respectively [4]