\u3000\u3 Guocheng Mining Co.Ltd(000688) 366 Shanghai Haohai Biological Technology Co.Ltd(688366) )
China is the leader of ophthalmic consumables, and actively layout the medical beauty high growth track
The company is the first listed company of “H + scientific innovation board” biomedicine in China. It is dominated by ophthalmology, with medical sodium hyaluronate / sodium hyaluronate and medical chitosan as the core. Through technological innovation and M & A, the company has arranged four major fields: Ophthalmology, medical beauty, orthopedics, anti adhesion and hemostasis. In 2020, the company’s performance declined due to the negative impact of covid-19 epidemic and medical insurance price reduction. In 2021, the company has quickly recovered from the impact of the epidemic and basically returned to the pre epidemic state. It is estimated that from 2021 to 2023, the company will realize a revenue of 1.745/25.05/3.006 billion yuan, a net profit attributable to the parent company of 399/5.3/661 million yuan, corresponding to EPS of 2.27/3.02/3.76 yuan / share respectively, and the current share price corresponding to PE of 41.4, 31.2 and 25 times respectively. The first coverage will be given a “buy” rating.
Ophthalmic intraocular lens has a broad market growth period
Since 2015, focusing on intraocular lens products, the core consumables of cataract surgery, the company has carried out acquisition and integration from upstream raw material manufacturers to specialized R & D, production and sales of intraocular lens enterprises all over the world. The intraocular lens products produced and sold by the company cover a full range of products from PMMA hard intraocular lens to high-end foldable intraocular lens, and have the R & D foundation of innovative high-end intraocular lens such as multi focus; Its mirror PRL is the only choice for patients with ultra-high myopia above 1800 degrees, which is highly scarce. The national eye health plan for the 14th five year plan put forward in January 2022 proposes that the national CSR will reach more than 3500 by 2025. With the support of policies, it is expected that the industry will usher in further development.
The medical beauty market has a good prospect, and the medical beauty sector of the company has formed a rich product matrix
The company’s medical and beauty sector covers the layout of medical and beauty products in four categories: hyaluronic acid, botulinum toxin, RF and laser equipment, and runs through three application scenarios: medical beauty, life beauty and home beauty. The company has independently developed and mastered the crosslinking processes such as single-phase crosslinking, low-temperature secondary crosslinking, linear non granular crosslinking and organic crosslinking, and has become the leading brand of domestic hyaluronic acid products. The company’s “Haiwei” and “Jiaolan” hyaluronic acid products have been widely recognized by the market. The third-generation hyaluronic acid product “Haimei” was officially put on sale in August 2020, and hyaluronic acid has formed a differentiated product matrix. Since February 2021, the company has reached an equity investment and product license agreement with ouhuameike and American eirion, and began to layout photoelectric medical and American products and botulinum toxin products. The medical and American sector is expected to usher in rapid development.
Risk warning: the risk that the R & D progress is less than expected; The risk that the growth rate of CSR in cataract surgery is lower than expected; Risk of sharp price reduction due to centralized procurement of ophthalmic consumables; The risk that the sales of medical beauty products are less than expected.
