Wolwo Pharma(SZ:300357) Xin Lang Cai Jing·2025-04-29 02:50Core Viewpoint - The company maintains a buy rating, with steady growth in its core product, dust mite drops, and rapid expansion of the new product, Artemisia annua drops, alongside continuous enrichment of prick test products and multiple advancements in R&D [1][2]. Financial Performance - The company adjusts its EPS forecasts for 2025-2026 to 0.67 and 0.79 yuan, respectively, and introduces a new EPS forecast of 0.92 yuan for 2027, reflecting the acceleration of its second-largest product's growth [2]. - The company expects a stable revenue growth for the year 2024, projecting an operating income of 925 million yuan (+9.10%) and a net profit attributable to shareholders of 318 million yuan (+2.46%) [2]. - In Q4 alone, the company achieved an operating income of 195 million yuan (+11.90%) and a net profit attributable to shareholders of 46 million yuan (+13.82%) [2]. Product Performance - Revenue from dust mite drops reached 886 million yuan (+7.86%) in 2024, remaining the company's pillar business, while Artemisia annua drops generated 27.01 million yuan (+76.43%) [3]. - The approval of pediatric indications and corresponding prick test solutions, along with clinical validation of pollen season treatment plans, has enhanced patient acceptance and expanded market coverage through patient assistance programs [3]. R&D and Product Development - Revenue from prick test products grew significantly, reaching 7.30 million yuan (+103.08%) in 2024, driven by the approval of three new pollen prick test solutions [4]. - The company currently has eight approved prick test products and is conducting clinical research on additional products, indicating a shift in product positioning from auxiliary desensitization products to allergen screening tools [4]. - Ongoing R&D includes the development of inhaled solutions and dermatitis diagnostic patches, with clinical trials for dust mite membrane agents approved, and other treatments in preclinical stages [4].