Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's application for the local anesthetic lidocaine-dinoprost cream has been accepted, indicating progress in its product pipeline [4] - The company reported a significant revenue increase of approximately 123% year-on-year for Q1 2024, reaching about 34.1 million yuan [3] - The company has demonstrated strong commercialization capabilities, with notable performance in its hair care and skin care segments [3] - The company has initiated a share buyback program, reflecting confidence in its future prospects [5] Financial Performance - For Q1 2024, the core product in the hair care segment, the French small white tube, achieved over 60% growth in GMV and turned profitable [3] - The revenue contribution from Tmall, Douyin, and Xiaohongshu for skin care products was 49.2%, 33.3%, and 17.4% respectively, showcasing effective channel expansion [3] - The company’s total revenue is projected to grow from 138 million yuan in 2023 to 279 million yuan in 2024, representing a year-on-year growth of 103% [6] Product Pipeline and Market Potential - The company has several key products in the pipeline, including the lidocaine-dinoprost cream, which is expected to capture a significant share of the compliant market for topical anesthetics in China [4] - Other products such as the external minocycline foam and finasteride spray are anticipated to receive approval between H2 2024 and 2025, further enhancing growth potential [5] - The company’s R&D spending is at a moderate level compared to peers, supporting its growth strategy [4]
科笛-B：港股公司信息更新报告：利丁双卡因麻膏上市申请获受理，回购股份彰显信心