江苏吴中：投资布局PDRN产品，医美多元管线日渐完善

Investment Rating - The investment rating for Jiangsu Wuzhong is maintained at "Buy" [2] Core Insights - Jiangsu Wuzhong is positioned to benefit from the growing demand for PDRN products in the domestic market, with significant potential for compliance-driven growth as regulatory conditions tighten [5][12] - The company's revenue is projected to grow significantly, with expected revenues of 28.0 billion, 33.2 billion, and 39.2 billion yuan for the years 2024, 2025, and 2026 respectively [13] - The net profit is forecasted to turn positive in 2024, reaching 1.3 billion yuan, and further increasing to 2.5 billion yuan in 2025 and 4.0 billion yuan in 2026 [13] Financial Summary - Revenue growth rates are expected to be 10.55% in 2023, 25.09% in 2024, 18.64% in 2025, and 18.01% in 2026 [6] - The projected net profit margin is expected to improve significantly, with a net profit growth rate of 286.17% in 2024 and 87.04% in 2025 [6] - Earnings per share (EPS) is anticipated to rise from -0.10 yuan in 2023 to 0.19 yuan in 2024, reaching 0.35 yuan in 2025 and 0.56 yuan in 2026 [6] Market Position and Product Development - Jiangsu Wuzhong's investment in PDRN products and its strategic partnership with Lila Technology positions the company well in the aesthetic medicine sector, enhancing its product pipeline [12][13] - The company has successfully launched its core product, Aesthefill, which has received positive feedback in the market, indicating strong demand for its offerings [18]