HAOHAI BIOTEC(SH:688366) GOLDEN SUN SECURITIES·2025-02-21 08:16Investment Rating - The report maintains a "Buy" rating for Haohai Biological Technology (688366.SH) [5] Core Views - The company achieved a revenue of 2.698 billion yuan in 2024, reflecting a year-on-year growth of 1.64%. The net profit attributable to shareholders was 420 million yuan, with a slight increase of 0.97%. However, the net profit after deducting non-recurring items decreased by 0.57% to 381 million yuan [1][2] - The decline in revenue growth in Q4 2024 is attributed to the price drop from the centralized procurement of artificial crystals. Despite this, the company is expected to see long-term growth supported by the high-end hyaluronic acid product "Haimei Yuebai" [1][2] - The company is actively enhancing its aesthetic medicine marketing team, with plans to expand the sales team further. The product mix for hyaluronic acid has been differentiated in terms of functionality and pricing, which is expected to drive growth [2][3] Financial Performance Summary - For 2024, the company reported a revenue of 2.698 billion yuan, with projected revenues of 3.131 billion yuan and 3.637 billion yuan for 2025 and 2026, respectively, indicating growth rates of 16.1% and 16.2% [3][4] - The net profit for 2024 is projected to be 421 million yuan, with expected growth rates of 24.1% and 26.7% for 2025 and 2026 [3][4] - The report provides a detailed financial outlook, including earnings per share (EPS) estimates of 1.80 yuan for 2024, increasing to 2.83 yuan by 2026 [4][3] Product Development and Market Position - The company is focusing on new product development across its aesthetic medicine product line, which includes botulinum toxin, hyaluronic acid, and hydroxyapatite. The product matrix is becoming increasingly comprehensive [3] - The fourth-generation hyaluronic acid product "Haimei Yuebai" was approved in July 2024, which is expected to enhance market competitiveness and drive future sales [2][3]