Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 0.96 billion yuan in H1 2024, representing a year-on-year increase of 178.3%. The net loss attributable to shareholders was 2.01 billion yuan, with adjusted net profit at -1.61 billion yuan, indicating a narrowing loss margin relative to revenue [1] - The company is positioned as a rising star in the field of dermatological treatments, with a comprehensive product lineup in hair care. The approval of external minocycline, external finasteride, and lidocaine ointment is expected to contribute to revenue growth [1] - The revenue forecast for 2024-2026 is projected at -4.97 billion yuan, -3.41 billion yuan, and -1.70 billion yuan for net profit, with corresponding EPS of -1.63, -1.12, and -0.56 yuan, and revenue of 2.79 billion yuan, 5.49 billion yuan, and 10.09 billion yuan respectively [1] Revenue and Profitability - Hair care revenue in H1 2024 was approximately 476 million yuan, with the core product Bailleul ranking first in Tmall International for 16 consecutive months. The revenue from hair care products, excluding the main product, has been increasing significantly [2] - Skin care revenue in H1 2024 was around 470 million yuan, with the OMA olive oil series accounting for over 70% of sales. The contribution from interest e-commerce channels has also increased year-on-year [2] - The gross margin for H1 2024 was 53%, showing a 5 percentage point increase from H2 2023, indicating a positive trend in profitability [2] Pipeline Progress - The company has a strong pipeline with several products under development, including OTC minoxidil solution and external finasteride spray, which are expected to launch between H2 2024 and 2025. The approval of these products will further enhance growth potential [3] - The company completed Phase II clinical enrollment for a recombinant mutant collagenase for submental fat accumulation in June, with expectations to complete Phase II by 2025 and obtain approval by 2028 [3] - An IND application for a new topical small molecule for atopic dermatitis was approved in May [3] Financial Metrics - The projected revenue for 2024 is 2.79 billion yuan, with a year-on-year growth rate of 103%. The net profit is expected to be -497 million yuan, with a gross margin of 58.5% [4] - The company’s P/S ratio is projected to decrease from 12.8 in 2024 to 3.5 in 2026, indicating a potential undervaluation as revenue grows [4]
科笛-B：港股公司信息更新报告：上半年营收维持较快增长，各重磅管线进展顺利