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科笛─B(02487.HK):商业化为导向的平台公司 奔向毛发及皮肤的星辰大海
Ge Long Hui· 2025-08-16 19:50
Core Viewpoint - The company is strategically positioning itself in the hair and skin care market by addressing unmet consumer needs and avoiding highly competitive segments, focusing on localized fat management, hair diseases and care, skin diseases and care, and epidermal anesthesia. Group 1: Hair Care - The demand for hair loss treatment is rapidly increasing in China, with the market previously dominated by minoxidil and oral finasteride, both having significant drawbacks [2] - The company exclusively represents the world's only topical finasteride spray, which enhances transdermal absorption and reduces side effects, with clinical efficacy comparable to oral finasteride [2] - The product CU-40102 is expected to be approved in June 2025 and commercialized by the end of the year, contributing significantly to the company's performance [2] Group 2: Skin Care - The acne treatment market in China is expanding, with traditional treatments facing issues like side effects and antibiotic resistance [2] - The company exclusively represents the world's only topical minocycline foam, overcoming absorption challenges through unique technology [2] - The product CU-10201 is anticipated to be approved in November 2024 and commercialized in the second half of 2025 [2] Group 3: Epidermal Anesthesia - The market for epidermal anesthesia is competitive, with the company aiming to innovate with its lidocaine-dinoprost combination [3] - The traditional lidocaine-dinoprost combination has been ineffective, leading to potential compliance risks for medical institutions [3] - The product CU-30101 has made significant progress and is expected to be the first approved lidocaine-dinoprost cream in China, with NDA submitted in July 2024 [3] Group 4: Localized Fat Management - The localized fat management market is in its early stages, with the company gradually enhancing its product line [3] - Most domestic lipolysis injections are based on deoxycholic acid, while the company is developing a differentiated product using mutated recombinant collagenase, promising improved safety and reduced pain [3] Investment Recommendation - The company has a comprehensive understanding of the skin and hair markets, with a diverse pipeline aligned with market demands, leading to a significant turnaround in performance as key products are launched [3] - Revenue projections for 2025-2027 are estimated at 494 million, 973 million, and 1.45 billion yuan, with net profits expected to shift from losses to a profit of 122 million yuan by 2027, corresponding to a PE ratio of 22 times [3]
科笛-B(02487):商业化为导向的平台公司,奔向毛发及皮肤的星辰大海
NORTHEAST SECURITIES· 2025-08-15 09:37
Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is positioned as a platform in the hair and skin care sectors, focusing on unmet consumer needs and avoiding highly competitive domestic markets. It aims to commercialize products in localized fat management, hair diseases and care, skin diseases and care, and epidermal anesthesia [1][16]. - The company has a robust product pipeline, with significant growth expected from the commercialization of key products starting in 2025, including external minoxidil and finasteride [2][3]. Summary by Sections Company Overview - The company was founded in 2019 and has progressed through stages of product agency, introduction of differentiated products, and self-developed drugs. It focuses on four main areas: hair disease and care, skin disease and care, epidermal anesthesia, and localized fat management [16][22]. Financial Analysis - The company has shown rapid revenue growth, with a projected increase from 0.02 billion in 2021 to 2.80 billion in 2024, reflecting a CAGR of 415.8%. The hair care segment is a significant contributor, with revenue expected to exceed 1.6 billion in 2024 [22][24]. - The gross margin reached 51% in 2024, with a significant reduction in losses, indicating a trend towards profitability as revenues continue to grow [24][30]. Business Segments - The company is focused on addressing consumer pain points through a commercialized approach, with a product lineup that includes treatments for hair loss, skin conditions, and localized fat management. The first tier of products is primarily agency-based, while the second tier, including external minoxidil and finasteride, is set to launch in 2025 [32][33]. Hair Care Market - The hair care market in China is experiencing strong growth, with the number of individuals suffering from androgenetic alopecia reaching approximately 135.5 million in 2021. The market for hair loss treatments is projected to grow from 76.2 billion in 2017 to 144.3 billion by 2025, with a CAGR of 7.8% [36][39][40]. Skin Care Products - The company has secured approval for the world's first external minocycline foam, which is expected to be commercialized in 2025. This product addresses the growing demand in the acne treatment market, which is expanding significantly [3][4]. Epidermal Anesthesia - The company is developing a novel lidocaine-dinoprost combination product, which is anticipated to be the first approved in its category in China. This product aims to capture a significant share of the competitive market for epidermal anesthesia [3][4]. Localized Fat Management - The localized fat management segment is in its early development stages, with the company leveraging patented technology to create safer and more effective products for fat reduction [3][4].