Wolwo Pharma(SZ:300357) ZHONGTAI SECURITIES·2025-06-04 10:45Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company reported a revenue of 925 million yuan for 2024, representing a year-on-year growth of 9.1%, and a net profit attributable to shareholders of 317.8 million yuan, up 2.5% year-on-year [5] - The company is expected to achieve revenue of 1,033 million yuan in 2025, with a growth rate of 11.6%, and a net profit of 351.9 million yuan, reflecting a growth of 10.7% [5] - The company maintains a strong market position with over 80% market share in the domestic allergy treatment sector, and its product pipeline continues to expand [5] Financial Performance Summary - For 2024, the company achieved a gross margin of 95.16% and a stable expense ratio, with sales expense ratio at 39.06% [5] - The company’s R&D expenses for 2024 were 120 million yuan, accounting for 12.95% of revenue [5] - The earnings per share (EPS) for 2024 is projected to be 0.61 yuan, with a P/E ratio of 34.5 [3][5] Revenue and Profit Forecast - The forecasted revenues for 2025-2027 are 1,033 million yuan, 1,171 million yuan, and 1,354 million yuan, respectively, with corresponding year-on-year growth rates of 11.6%, 13.3%, and 15.7% [5] - The net profit forecast for the same period is 351.9 million yuan, 394.0 million yuan, and 450.2 million yuan, with growth rates of 10.7%, 12.0%, and 14.3% [5] Product Pipeline and Market Expansion - The company has successfully expanded its product matrix, with new products such as "Skin Prick Test Solutions" receiving approval for market entry [5] - The company is actively promoting its products in northern markets, leading to significant sales increases, particularly for the Dust Mite Drops and Artemisia Pollen Drops [5]