MYL(SH:600993) Guohai Securities·2025-05-15 09:31Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has a strong foothold in the hemorrhoid treatment market, with a stable patient base and significant growth potential due to the high prevalence of hemorrhoid diseases, which affects over 50% of the population. The overall annual growth rate for hemorrhoid medications is around 7% [7] - The company is expanding its product line into health and wellness sectors, particularly with eye creams and wet wipes, which are gaining traction in the market. The wet wipes segment is experiencing rapid growth, and the company holds competitive advantages in brand and product quality [8] - The company has implemented channel optimization strategies to enhance operational capabilities, focusing on expanding into county-level and lower-tier markets [8] Summary by Sections 1. Hemorrhoid Treatment Market Leadership - The company has over 400 years of history and a unique "Eight Treasure" formula that is recognized as a national intangible cultural heritage, providing a strong efficacy foundation for its products [11] - The company’s product portfolio includes a comprehensive range of hemorrhoid treatments, with a significant market share of 50% in retail sales [7][18] - The company’s pharmaceutical segment contributes 90% of its gross profit, indicating a robust revenue model [39] 2. Growth Potential in Health and Wellness - The company has launched products like the "Little Blue Wet Wipes," which have quickly gained popularity, ranking high on sales charts [28] - The health and wellness segment is expected to enhance brand recognition, especially among younger consumers, thereby increasing the penetration of OTC products [25] 3. Revenue and Profitability Forecast - Projected revenues for 2025-2027 are estimated at 4.346 billion, 5.025 billion, and 5.822 billion yuan, respectively, with net profits expected to be 624 million, 742 million, and 890 million yuan, corresponding to PE ratios of 18.59, 15.64, and 13.04 times [8]