\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 88 Winner Medical Co.Ltd(300888) )
On May 18, 2022, Winner Medical Co.Ltd(300888) paid 652 million yuan to acquire 65.55% equity of Hunan Ping'an medical equipment, plus 100 million yuan of unilateral capital increase, with a total investment of 752 million yuan to hold 68.7% equity.
Winner Medical Co.Ltd(300888) invested 752 million yuan to acquire the equity of Hunan Ping'an medical equipment.
Winner Medical Co.Ltd(300888) paid 652 million yuan to acquire 65.55% equity of Hunan Ping'an medical equipment, plus the capital increase of 100 million yuan, with a total investment of 752 million yuan, holding 68.7% equity of the latter. In terms of acquisition pricing, the P / E ratio of this acquisition transaction is about 11.70 times, and the pricing refers to the P / E ratio of the secondary market of puncture products such as syringes and infusion sets. Before the capital increase, the equity price of Hunan Ping An medical equipment was 995 million yuan, based on its net profit in 2021. In terms of capital increase, Winner Medical Co.Ltd(300888) increased the capital of Hunan Ping'an medical equipment by 100 million yuan, of which 04 million yuan was included in the registered capital and 96 million yuan was included in the capital reserve of the target company. In terms of follow-up transactions, according to the agreement, Winner Medical Co.Ltd(300888) should acquire the retained shareholders' equity of Hunan Ping An medical equipment in 2027, and the valuation should be 12 times of the latter's net profit deducted in 2026. However, this provision is subject to the conditions that Hunan Ping An medical equipment will deduct no less than 10% of its non net profit CAGR from 2021 to 2026, and Winner Medical Co.Ltd(300888) still holds the underlying equity.
Hunan Ping An medical equipment: a high-tech enterprise specializing in the research and production of sterile medical devices.
Hunan Ping'an medical equipment is engaged in the field of injection and puncture medical consumables. Its main business is the research, production and sales of syringes, infusion sets, blood collection vessels, blood collection needles, indwelling needles and other products. Hunan Ping'an medical equipment won the "second batch of specialized new small giant enterprises" in 2020. It has 39 registration certificates of various medical devices, including 16 in class III, 19 in class II and 4 in class I, and 24 patent certificates. Its business covers both at home and abroad and has a high market share in the hospital market of Hunan Province. Hunan Ping An medical equipment had a revenue of 360 million yuan and a net profit of 85 million yuan in 2021, and a revenue of 78 million yuan and a net profit of 17 million yuan in the first quarter of 2022. Enrich the puncture product line and lay out omni-channel sales
In terms of products, this acquisition is conducive to the layout of Winner Medical Co.Ltd(300888) full category and enrich the puncture product line. The syringe, puncture bag and other products of Hunan Ping'an medical equipment can form a combined product with Winner Medical Co.Ltd(300888) operating room consumables, wound care and other products to meet the diverse needs of doctors and patients.
In terms of channels, this acquisition is conducive to strengthening the layout of all channels. Hunan Ping'an medical equipment has a dominant market share in hospitals in Hunan Province, while Winner Medical Co.Ltd(300888) has a national hospital online layout. The two will form complementary channels in Wuxi Online Offline Communication Information Technology Co.Ltd(300959) , China and abroad and play a synergistic effect.
In terms of production, the company signed the letter of intent for investment with the people's Government of Li County, Hunan Province. In addition to investing in the acquisition of the controlling stake of Hunan Ping'an medical equipment and capital increase, the company plans to promote Hunan Ping'an medical equipment as the main investor to sign an investment agreement with the people's Government of Li County, Hunan Province, for the construction of medical equipment production lines, intelligent warehouses, R & D buildings and other supporting facilities. The total investment of the project is about 700 million yuan.
Investment suggestion: we expect the operating revenue of the company from 2022 to 2024 to be 9.457 billion yuan, 11.073 billion yuan and 12.802 billion yuan respectively, and the net profit attributable to the parent company to be 1.46 billion yuan, 1.638 billion yuan and 1.997 billion yuan, corresponding to PE of 17.93x, 15.97x and 13.11x. Maintain the "buy" rating.
Risk warning: repeated epidemic risk, raw material price fluctuation risk and collaborative layout risk.
