Jingu finance | Northeast Securities research pointed out that haohai biotec (06826) has a deep medical academic background, coupled with increasing research and development investment, technological advantages steadily strengthened, and hyaluronic acid products continue to be validated and widely recognized by the market. The first generation 'Haiwei' and the second generation 'Jiaolan' still maintain steady growth, the third generation 'Haimei' and 'Haimei Yun' establish a high-end brand image, the fourth generation 'Haimei. Yuebai' pioneered the organic cross-linking of hyaluronic acid, strengthening the high-end brand position, and differentiated positioning in terms of functionality and price compared to the previous three generations of hyaluronic acid, meeting diversified medical aesthetic demands.

The bank stated that the company's ophthalmic product matrix is accelerating its improvement, with the market share expected to increase year by year. Hyaluronic acid products continue to grow rapidly. In addition, the construction of radiofrequency and laser equipment is being improved, botulinum toxin is steadily progressing, and the medical aesthetics sector will continue to rise. It is expected that the revenue for 2024-2026 will be 2.908 billion/3.375 billion/3.914 billion, with a net income attributable to the parent company of 0.467 billion/0.559 billion/0.664 billion, corresponding to Hong Kong PE ratios of 14 times/12 times/10 times. Maintain a 'buy' rating.