Wolwo Pharma(300357) Southwest Securities·2024-11-01 08:00Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company achieved a revenue of 730 million yuan in the first three quarters of 2024, representing an 8.4% increase year-on-year. The net profit attributable to shareholders was 270 million yuan, up 0.8% year-on-year [2]. - The core product, dust mite drops, saw a significant increase in sales during Q3, contributing approximately 290 million yuan to revenue, which is a 4.3% increase year-on-year. The sales growth is attributed to the seasonal demand in autumn [2][3]. - The company is expanding its product pipeline, with the clinical trial application for dust mite film agent being accepted by the National Medical Products Administration, which could enhance its product offerings in the allergy treatment market [3]. Financial Summary - For Q3 2024, the company reported revenues of 300 million yuan, with a quarter-on-quarter growth of approximately 41% [2]. - The company’s expenses for sales, management, and R&D were 270 million yuan, 50 million yuan, and 90 million yuan respectively, accounting for approximately 37.1%, 7.2%, and 12% of total revenue [2]. - The projected net profits for 2024, 2025, and 2026 are estimated to be 350 million yuan, 430 million yuan, and 500 million yuan respectively, with corresponding dynamic PE ratios of 36, 29, and 25 [3][4].