Business model: Kodi is a research and development biopharmaceutical company focusing on dermatology, covering the four major fields of hair, skin, fat loss, and hemp. The company uses a commercial platform as the center to build a circular management structure, guided by customer needs and driven by innovation as the core, to build dosage technical barriers through self-developed technology platforms; create an online+offline omnichannel layout strategy, face C-side demand, and build a unique To-B+To-C closed-loop ecosystem.

Split the company's pipeline analysis drive:

(1) Hair: ① Minoxidil is the most mature treatment for hair loss. The company's current matrix layout is expected to exceed 10 billion dollars. The company's current matrix layout is the most complete in the industry. The large single-product small white tube is the number one brand in Europe. It is refreshing and hypoallergenic, and the potential energy is expected to be further strengthened. The company's own brand blue silk geometry launches minoxidil spray prescription drugs with low sensitivity; in addition, the company is expected to launch OTC minoxidil sprays in the future, and it is expected that minoxidil foam will be launched in the future, and it is expected that it will be possible to build one of the most complete minoxidil matrices.; ② The company cooperates with finasteride as the only approved topical drug in the world and has a strong foundation of efficacy To solve oral pain points, it is expected that it will be approved for listing in China in 25 years and will become the next major relay pipeline; ③ The company has established its own brand “Blue Silk Geometry”, and selenium disulfide lotions, etc. have already started significantly, which is expected to drive the rapid iteration of the second curve.

(2) Skin: ① Cosmetics: Cooperate with the luxury skincare brand Omar, which targets high-income women, has good brand genes, and has good brand genes. The sales volume of the first major promotion in cooperation exceeds hair. With further resource investment and refined operation, it is expected to usher in continuous volume and form good collaboration with the hair business; ② Dermatology:

The company has a comprehensive layout in the field of dermatology. Among them, the company's approved minocycline foam is the only approved topical minocycline in the world. The foam formula is used to break the limitations of acne treatment, and the indications are extended to people aged 9 or above, covering high-incidence young people. It is expected to be approved for domestic marketing in 24Q4; ③ Others: The layout of fat-reducing drugs and local anesthesia products has been implemented one after another.

Core investment logic: The rapidly growing pan-dermatology treatment and care market is new, commercialization-oriented and innovation-driven. ① The pioneering commercial breakthrough is the company's 22-year cooperation with French Bailleul minoxidil spray, which is likely to exceed expectations in the early stages of growth; ② Cooperate with high-end efficacy brand Omar and its own hair brand Selenium Disulfide Double 11, which is expected to drive rapid iteration of the second curve; ③ In the future, it will rapidly shift from a single drive to multi-matrix iteration from a large single French white tube. 24-26 will be an important landing point for heavy pipeline minocycline foam, topical phenasteride, and local anesthetic products. ④ In the future, the company's comprehensive pipeline layout and deep R&D reserves will drive the company to become a leading pan-dermatology platform enterprise.

Profit forecast: The company's short-term commercialization drives strong growth combined with high barriers on the long-term R&D side. There is a possibility that it will exceed expectations in multiple dimensions. The estimated revenue for 2024-2026 is about 2.83/5.9/1.02 billion yuan, maintaining the “recommended” rating.

Risk warning: the risk that a single product accounts for too much revenue; the risk of increased competition in the industry; the risk that online commercialization progress falls short of expectations; the risk that the pipeline R&D process falls short of expectations.