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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]