Wolwo Pharma(300357) 德邦证券·2024-03-07 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][16]. Core Insights - The company is focusing on continuous R&D advancements, particularly in allergy treatment solutions, enhancing its product matrix for allergy diagnosis and treatment [1]. - The company is positioned as a leader in the desensitization treatment market in China, with significant growth potential due to a large patient base suffering from allergic rhinitis [5]. - The company has received formal acceptance for several product applications, indicating a strong pipeline for future growth [1]. Financial Performance and Forecast - The company’s projected revenues for 2023, 2024, and 2025 are 886 million, 1,086 million, and 1,339 million respectively, with corresponding net profits of 322 million, 404 million, and 505 million [7][8]. - The expected P/E ratios for the years 2023, 2024, and 2025 are 40, 32, and 25 respectively, reflecting the company's strong market position and growth prospects [16]. - The gross margin is expected to remain stable around 95.7% to 95.8% over the forecast period, indicating strong profitability [8]. Market Position and Competitive Landscape - The company is recognized as the absolute leader in the domestic desensitization treatment market, with a favorable competitive landscape and strong growth potential [5]. - The prevalence of allergic rhinitis in China is approximately 17.6%, translating to a potential market of around 240 million patients, highlighting the significant growth opportunities for the company [5]. R&D and Product Development - The company has made substantial progress in R&D, with several products related to desensitization therapy and allergy diagnosis entering clinical trials and awaiting market approval [1]. - The launch of new products, such as the "Smoke Aspergillus Puncture Liquid," is expected to enhance the company's offerings in the allergy treatment space [1].