Wolwo Pharma(300357) 海通证券·2025-04-28 11:18Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Views - The company's core product, Dust Mite Drops, is steadily growing, while the new product, Artemisia Annua Drops, is rapidly gaining market traction. The company is also expanding its product line with various prick test solutions and making continuous progress in R&D [3][11]. - The revenue for 2024 is projected to be 925 million yuan, reflecting a growth of 9.1%, with a net profit of 318 million yuan, an increase of 2.5% [11]. - The company is focusing on enhancing its market presence, particularly in northern regions, and has initiated patient assistance programs to improve product coverage [11]. Financial Summary - Revenue and Profit Forecasts: - 2023A: Revenue 848 million yuan, Net Profit 310 million yuan - 2024A: Revenue 925 million yuan (+9.1%), Net Profit 318 million yuan (+2.5%) - 2025E: Revenue 1,061 million yuan (+14.6%), Net Profit 353 million yuan (+11.0%) [5][12]. - Earnings Per Share (EPS): - 2024A: 0.61 yuan - 2025E: 0.67 yuan - 2026E: 0.79 yuan - 2027E: 0.92 yuan [11][12]. - Valuation Metrics: - The report assigns a PE ratio of 35X for 2025, with a target price of 23.58 yuan [11][12]. Product Performance - Dust Mite Drops: Revenue reached 886 million yuan in 2024, growing by 7.86% [11]. - Artemisia Annua Drops: Revenue of 27.01 million yuan, a significant increase of 76.43% [11]. - Prick Test Solutions: Revenue of 7.30 million yuan, with a growth of 103.08% due to new product approvals [11]. R&D Progress - The company has multiple projects in the pipeline, including new prick test solutions and clinical trials for various products, indicating a robust R&D strategy [11].