HAOHAI BIOTEC(SH:688366) GOLDEN SUN SECURITIES·2025-02-21 08:23Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 2.698 billion yuan in 2024, reflecting a year-on-year growth of 1.64%, while the net profit attributable to shareholders was 420 million yuan, up 0.97% year-on-year [1][2] - The decline in Q4 revenue is attributed to the price drop from centralized procurement of artificial crystals, but the company is expected to see long-term growth supported by the high-end hyaluronic acid product "Hai Mei Yue Bai" [1][2] - The company is continuously enhancing its aesthetic medicine marketing team, with a focus on expanding the sales team for its hyaluronic acid products, which have shown strong market performance [2][3] Financial Performance - Revenue projections for 2024-2026 are 2.698 billion, 3.131 billion, and 3.637 billion yuan, with year-on-year growth rates of 1.6%, 16.1%, and 16.2% respectively [3][4] - Net profit forecasts for the same period are 420 million, 521 million, and 660 million yuan, with growth rates of 0.8%, 24.1%, and 26.7% respectively [3][4] - The company’s P/E ratios are projected to be 32.8, 26.5, and 20.9 for 2024, 2025, and 2026 respectively [4] Product Development - The company is actively investing in new product development, with a comprehensive product matrix in aesthetic medicine that includes botulinum toxin, hyaluronic acid, and hydroxyapatite [3] - The fourth-generation hyaluronic acid product "Hai Mei Yue Bai" was approved in July 2024, expected to enhance market competitiveness due to its superior safety and efficacy [2][3]