新股速递｜德镁医药：皮肤健康赛道领跑者，处方药+护肤品双轮驱动的成长密码

Company Overview - 德镁医药 is an innovative pharmaceutical company focused on skin health, operating under 康哲药业. It specializes in prescription drugs and dermatological skincare products, with three products already on the market and several candidates in various clinical stages [1] Financial Performance - Revenue for 2023 reached RMB 472.56 million, a year-on-year increase of 23.2%, driven by a robust growth in prescription drugs and a significant surge in skincare products [2][3] - Prescription drug revenue was RMB 424.82 million in 2023, up 13.6% from RMB 374.04 million in 2022, accounting for 89.9% of total revenue [2] - Skincare product revenue skyrocketed by 404.4% to RMB 47.74 million in 2023, primarily due to successful e-commerce promotions [3] Profitability and Margins - The overall gross margin improved to 76.9% in 2023, up 6.8 percentage points from the previous year, with a significant reduction in net loss to RMB 5 million [5] - The gross margin for prescription drugs was 76.6%, while skincare products achieved a gross margin of 79.0% [5] - However, the gross margin is expected to decline to 63.5% in 2024 due to increased costs and pricing pressures from insurance adjustments [7][8] Debt Structure and Cash Levels - A debt-to-equity conversion in 2024 significantly improved the company's balance sheet, reducing liabilities from RMB 15.75 billion to RMB 1.54 billion [10] - Despite the reduction in debt, cash reserves remain tight, with only RMB 2.82 billion available at the end of 2024 [10] Competitive Advantages - 德镁医药 has the broadest coverage of skin disease indications in China, with nine conditions addressed, surpassing competitors [11] - Key products like 益路取 for psoriasis and 喜辽妥 for scar treatment have unique advantages, including insurance coverage and lack of direct competition [12][14] - The company benefits from a strong distribution network, leveraging 康哲药业's existing relationships with over 10,000 hospitals and 100,000 pharmacies [13] Industry Context - The Chinese skin treatment and care market was valued at RMB 76.4 billion in 2023, with a projected CAGR of 10.6% through 2035, driven by the high prevalence of chronic skin diseases [20] - The demand for dermatological skincare products is also increasing, with significant growth in e-commerce channels [20]