\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 88 Winner Medical Co.Ltd(300888) )
Performance review
On April 10, the company announced that it planned to use its own funds of RMB 728 million to acquire 55% equity of Zhejiang Longtai Medical Technology Co., Ltd. (Longtai medical).
Business analysis
The acquisition target company is valued by the asset-based method, and the market value of all shareholders' equity is 459 million yuan; The income method is used to estimate 134000 yuan, of which the book value on the valuation base date is 359million yuan and the value-added is 976million yuan. The acquisition is based on 1.32 billion yuan with reference to the valuation results and asset stripping plan. According to the target company's net profit of 863739 million in 2021, the P / E ratio of this transaction is 15 times. In addition, Winner Medical Co.Ltd(300888) promises to acquire all the remaining equity in 2027 with the corresponding multiple of the target company's 2026 merger deducting non net profit as the valuation.
Longtai medical is a leading enterprise in high-end wound dressing in China, which is in line with the company's development strategic plan. Longtai medical is mainly engaged in R & D, production and sales of high-end wound dressing (including silicone foam, hydrocolloid, silicone gel, hydrogel, film applicator and stoma), with the industry's leading R & D, production and sales capabilities, and has gained high recognition from the international market and high-quality customers in China market, and has over 600 hospital customers. In 2021, Longtai medical achieved a sales revenue of more than 350 million yuan, of which the total sales revenue of high-end wound dressing products exceeded 280 million yuan, ranking a leading position in the industry among China's high-end wound dressing enterprises.
Enrich the layout of the company's high-end wound dressing product line and create an industry leader in market segments Winner Medical Co.Ltd(300888) has two major brands " Winner Medical Co.Ltd(300888) " and "cotton era", of which Winner Medical Co.Ltd(300888) covers more than 120000 pharmacies and more than 330 offline stores in the cotton era. The company will empower Longtai medical based on its own brand strength, membership base, all-round sales channels and digital operation ability. At the same time, with the help of the advantages of both sides in customers, market, products, R & D and production, the company will form scale and synergy, and create a dragon head in the high-end wound dressing industry.
Profit adjustment and investment suggestions
Considering the impact of the epidemic in 21 years and not considering the consolidation after the acquisition, we lowered the profit expectation for 21-23 years by 25%, 31% and 32%. It is estimated that the net profit attributable to the parent company will be 1.28 billion yuan, 1.49 billion yuan and 1.76 billion yuan respectively from 2021 to 2023, with a year-on-year increase of - 66%, 13.5% and 17.9%, maintaining the "overweight" rating.
Risk tips
The quantity of epidemic prevention products is less than expected; Profitability growth sustainability risk; Exchange rate fluctuation risk; Trade friction risk; The sales recovery of offline stores was less than expected; Risk of intensified market competition; Risk of high sales expense rate
