Wolwo Pharma(SZ:300357) Xin Lang Cai Jing·2025-09-01 06:54Group 1 - The company's revenue from dust mite drops is gradually recovering, with a revenue of 484 million yuan in the first half of 2025, representing a year-on-year increase of 12.81%, and a net profit of 177 million yuan, up 18.61% year-on-year [1] - The sales revenue of dust mite drops reached 455 million yuan, showing a year-on-year growth of 10.51%, while the sales revenue of Artemisia pollen sublingual drops increased significantly by 71.37% to 21 million yuan [1] - The company has effectively controlled expenses, with a net profit margin of 38.66% in Q2 2025, an increase of 6.4 percentage points year-on-year [1] Group 2 - The company is optimistic about the growth potential of Artemisia pollen drops and allergen prick test products, which are expected to contribute to a second growth curve [2] - The approval of Artemisia pollen drops in January 2021 and the addition of pediatric indications in May 2023 are expected to drive sales growth [2] - The company has launched eight allergen prick test products, which will enhance diagnostic business and increase the penetration rate of allergen testing, supporting the growth of therapeutic desensitization drugs [2] Group 3 - Revenue forecasts for 2025-2027 are projected at 1.054 billion, 1.213 billion, and 1.475 billion yuan, with net profits of 382 million, 454 million, and 581 million yuan respectively, corresponding to PE ratios of 43, 36, and 28 times [3] - The high incidence of allergic rhinitis and asthma, along with increasing recognition of desensitization treatment guidelines, supports the long-term penetration of desensitization therapies [3] - The company initiates coverage with a "buy" rating based on these growth prospects [3]