Zhongtai Securities: Maintain Wolwo Pharma "Buy" rating, steady revenue growth, core products continue to expand

Zhongtai Securities research report points out that Wolwo Pharma's net profit attributable to the parent company in 2024 is expected to be 318 million yuan, a year-on-year increase of 2.46%; the net profit attributable to the parent company in Q1 2025 is expected to be 74 million yuan, a year-on-year decrease of 3.71%. The performance meets expectations, with steady revenue growth, core products continuing to expand, and the point injection product matrix continuously widening. Considering the large population suffering from allergic diseases in China and the significant market space for desensitization, the company is a leading enterprise with a market share exceeding 80% in the domestic market. The artemisia annua powder drops continue to expand, and the pipeline is constantly broadening, maintaining an "overweight" rating