Hao Haishengke (688366) New Share Pricing Report: A Leader in Down-to-earth Biomedical Materials

Hao Haishengke (68合肥夜网 8366) New Share Pricing Report: A Leader in Down-to-earth Biomedical Materials

Highlights of the report Deeply cultivating biomedical materials, leading the sub-sectors Haohai Biotech is a high-tech biomedical company focusing on R & D, production and sales of medical biomaterials, focusing on the rapidly growing therapeutic areas in the medical biomaterial market, including ophthalmology, plastic surgery and beautyWith wound care, orthopedics, anti-adhesion and hemostasis, four major business areas have achieved industry-leading advantages.

  Multi-field layout of biomaterials, pipeline products market can be expected ophthalmology: coordinated layout of intraocular lens, opto-optic materials and products, ophthalmic viscoelastic agents, etc., will help to benefit from the growing cataract surgery and myopic demand for myopia.

The follow-up pipeline market is expected. The development of orthokeratology is about to enter the clinic, and it is expected to be launched in about three years.

  Medical Beauty: China’s leading cross-linking technology, priority is given to dual-phase single-phase and dual-phase hyaluronic acid filled products.

The third-generation new-type linear cross-linking and painless cross-linking of the follow-up pipeline are coming out soon. Organic cross-linking products are under development, forming a long product line, and taking advantage of the prosperity of the Chinese medical beauty market, promoting the growth of this sector.

Recombinant human epidermal growth factor has been transformed into medical insurance, and sales have grown significantly. The company is expected to continue its volume after expanding production.

  Orthopedic and surgical anti-adhesion: stable business, has become a few leading companies of similar products.

  The endogenous and extended performance has grown rapidly, and long-term growth is still expected. The company will gradually complete a series of mergers and acquisitions, and its revenue will increase, with a CAGR of 24.

56%.

  19H1 growth rate has improved, but long-term growth is still cocoa.

After the rectification of the medical beauty industry, the industry standardization will increase, and it is expected to increase the market share of large-scale products. The strong one will be Hengqiang; the artificial crystal may be affected by the collection of consumables.

The company maintains its hyaluronic acid pricing system as much as possible through its multi-layered product layout. The company is well versed in mergers and acquisitions and the integration of high-quality resources to achieve business synergy development along the way. It will continue to advance its experience in this area to help improve performance.

  Estimate and pricing At present, the company’s main business is divided into ophthalmology, wound care and tissue filling, and the application of sodium hyaluronate and medical chitin.

For the corresponding sections, please refer to Guanhao Biological, Opconvision; Allergan; Jingfeng Medicine.

  Taking into account that the company is still in the merger and acquisition integration period, we predict that the company’s net profit attributable to its mother in 2019-2021 will be 4 respectively.

55, 5.

08, 杭州夜网论坛5.

7.2 billion, an increase of 9 each year.

85%, 11.

70% and 12.

59%.

Considering the 2019 PE TTM and comparable profit forecasts for 2019 and 2020 of comparable companies and companies listed on the Hong Kong Stock Exchange, combined with the growth potential of comparable companies and target companies, we give Haohai Biotech 20-30 times the corresponding profit forecast for 2020PE, it is estimated that the reasonable market value range corresponding to the predicted profit in 2020 is 127-152 trillion, corresponding to the target price of 71 after the IPO.

41-85.

69 yuan.

  Risk prompts iterative risks of new product technology upgrades; risk of high-value consumables collection and price reduction; risk of fluctuations in the medical and aesthetic industry; and goodwill impairment risk.