Investment Rating - The report suggests a positive outlook for the company, indicating that it is significantly undervalued with a PE ratio of only 4.9 times, despite rapid business growth, and recommends active attention to the stock [5]. Core Insights - The company has experienced rapid revenue and profit growth in 2023, with total revenue reaching 1.707 billion HKD, a year-on-year increase of 29.5%, and net profit of 275 million HKD, up 22.1% [12]. - The ophthalmology and surgical product lines are both showing strong growth, with the core product, the single-dose eye drop Beifu Shu, expected to drive significant revenue growth, targeting 1 billion HKD in sales [3][5]. - The company is actively expanding its online prescription drug sales and has a strong market share in both ophthalmology and surgical growth factor products [5]. Revenue Breakdown - In 2023, ophthalmology products accounted for 44% of total revenue, while surgical products made up 56%. The growth in revenue was primarily driven by the Beifu Shu series, which saw a 46.4% increase, and the Beifu Xin series, which achieved a 21.7% growth [12]. - The Beifu Xin series generated nearly 1 billion HKD in revenue, performing exceptionally well in the surgical and dermatology markets, particularly in the medical aesthetics sector, which has a market potential exceeding 1 billion HKD [12]. Product Development and Pipeline - The company is progressing well with its R&D pipeline, particularly with the Bevacizumab product, which is currently in Phase III clinical trials in the US, EU, China, and Australia, with an expected new drug application submission in 2025 [4][14]. - The company has exclusive global rights to SkQ1 eye drops and is conducting Phase III clinical trials in the US, showing promising safety and tolerability compared to placebo [4].
核心产品推动业绩快速增长，积极推进创新药研发