\u3000\u3 Guocheng Mining Co.Ltd(000688) 363 Bloomage Biotechnology Corporation Limited(688363) )
Key investment points
Acquire 51% equity of Yierkang biology and enter the collagen industry Bloomage Biotechnology Corporation Limited(688363) acquired 51% equity of Beijing Yierkang biology with 233 million yuan on April 15, indicating that the company officially entered the field of collagen. 1) the development of Yi Kang: in 1997, the registration was successful and the production workshop was completed. The sponge sponge was put into production and sale in the following year. In 2004, the artificial bone was listed, the GMP workshop was successfully transformed in 2010, and the collagen moisturizing facial mask was released in 2015. 2) the product structure of Yi Er Kang: medical devices include artificial bone (three kinds of equipment, valid until 2027, used for Department of orthopedics repair), collagen sponge (three kinds of equipment, effective to 2025, used for hemostasis, regeneration and filling), and many fields of Collagen Facial Mask, such as moisturizing, relieving and so on, are formed in the cosmetic area, forming good medical terminal product matrix and multi department layout. 3) Huaxi's acquisition: in 2019, 2020 and January November 2021, the company achieved revenue of 872525 million yuan, 792855 million yuan and 756798 million yuan respectively; The net profit is 248065 million yuan, 109706 million yuan and 130914 million yuan, and the purchase price corresponds to 5.76x PS and 41.64x PE in 2020.
Raw materials under a tuyere or in collagen, four-wheel drive diversified development. The global output and market scale of natural collagen have developed steadily, and China's application in the field of collagen is still in its infancy. (1) supply side: animal derived collagen is facing the bottleneck of raw material production capacity, and the molecular weight and triple helix structure of collagen obtained by genetic engineering technology are difficult to match that of animal derived collagen. In the future, breakthrough progress will be made in the technology side, or lead the industry reform;
(2) demand side: synchronous application in four fields: ① medical devices: they can be used in hemostasis, orthopedics and other fields. Medical innovation and reducing import dependence are the national strategic objectives, or promote the import substitution of domestic brands; ② Medical and aesthetic field: periorbital injection has obvious advantages, the nature of Shuiguang needle is better, and the medical and aesthetic industry is prosperous and developed; Functional skin care: after medical art repair, superimposition of skin care, promote medical dressing to maintain high prosperity, expand products into face cream, essence and other products. ④ Food and beverage: collagen has excellent application effect in many fields, and there is strong demand in the field of health.
(3) policy side: in 2021, many policies were issued to lead the standardization and standardization of the industry. Collagen products need to obtain the medical device registration certificate, and the certified enterprises have a long bonus period.
Bloomage Biotechnology Corporation Limited(688363) frontier layout in the field of synthetic biology, optimistic about the C-end brand enabled by strategic investment. In 2021, the R & D investment of the company exceeded 280 million / yoy + 101%. In the future, the adjustment and upgrading of Tianjin plant is expected to be completed and officially put into operation in 2022, and the production capacity will be increased by 300 tons. It is planned to start the construction of sterile HA production line in Dongying foster plant in 2022. The company focuses on the field of synthetic biology. The introduction of R & D management team from enterprises and colleges and universities outside China has been preliminarily completed. At present, multiple platforms such as functional sugar synthesis biotechnology platform, functional protein and amino acid synthesis technology platform have been built. From hyaluronic acid raw materials to ergotathione, NMN, bird's nest acid, collagen and other subdivided raw materials, the synthetic efficiency has been improved and the category has been expanded, Adhere to the industrial development logic of "science technology product brand", empower the C-end brand, and clearly plan the R & D technology route in the next 2-3 years.
Investment suggestion: in the future, the advantages of R & D enabled raw materials will be further expanded, the functional skin care business will continue to increase, the effect of strategic adjustment of medical and American organizational structure will be gradually realized, and the food business will accumulate strength. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 990 million / 1.34 billion / 1.86 billion, with a year-on-year increase of 25.8% / 36.4% / 38.5%, maintaining the "buy" rating.
Risk tips: the risk of intensified industry competition, the risk of new product R & D and registration falling short of expectations, the risk of loss of core technicians, and the risk of food business development falling short of expectations.
