\u3000\u3000 Huadong Medicine Co.Ltd(000963) (000963)
The inflection point of the company’s industrial and commercial sector will be present, and the medical and American business will develop strongly
Led by the pharmaceutical industry, the company has formed a core product pipeline in the fields of chronic kidney disease, transplantation immunity, endocrine, digestive system and so on; From 2020 to 2021, the growth rate of the company slowed down slightly due to the negative effects of covid-19 epidemic and medical insurance negotiation price reduction. Under this situation, the company actively faced the pressure of operation, continued to promote R & D and innovation in the industrial field, enriched product pipelines, and developed channels for grass-roots and out of hospital hospitals; In the commercial field, build a full network sales platform of in hospital market + out of hospital market, integrate the e-commerce platform and improve the cold chain distribution capacity; In the field of medical and beauty, an agreement was signed with kylane, Switzerland in 2020, and 100% equity of hightech, Spain, was acquired in 2021 to layout the field of energy source medical and beauty devices, superimposing the yiyanshi under Sinclair, a wholly-owned subsidiary of the UK ® Maiden needle has been approved to be listed and officially sold in China, and its business development is relatively strong. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 3.477 billion, RMB 4.084 billion and RMB 4.698 billion respectively, corresponding to EPS of RMB 1.99, RMB 2.33 and RMB 2.68 per share respectively, and the corresponding PE of the current stock price will be 21.1, 18.0 and 15.6 times respectively. The “buy” rating will be given for the first time.
The matrix layout of medical beauty products is clear and the fruitful results can be expected
Since acting for Ewan hyaluronic acid products in 2013, Yimei’s business has expanded to the R & D, production, sales and service of the latest products and devices in the field of facial micro plastic surgery and skin management, actively introduced high-tech new products and technologies in the field of medical beauty all over the world, and created high-end and differentiated medical beauty brands and product clusters, By 2021, it has a full product portfolio of differentiated sodium hyaluronate, collagen stimulant, type A botulinum toxin, implant line, energy source instruments and other non-surgical mainstream medical and aesthetic products.
The star product girl needle has been approved in China and has a large volume, and the beauty of regenerative medicine has ushered in new growth
Huadong Medicine Co.Ltd(000963) ellans é girl needle accurately positioned the high-end regeneration market. By 2021, the number of signed cooperation has exceeded 250, the number of trained and certified doctors has exceeded 500, and the sales promotion has been fully launched. After listing, it is widely concerned and welcomed by the market, and is expected to exceed the sales target throughout the year. The girl’s needle is made of 30% PCL (polycaprolactone microspheres) and 70% CMC (carboxymethyl cellulose), which has the advantages of immediate filling and collagen regeneration. Ellans é of Huadong Medicine Co.Ltd(000963) ® Yi Yanshi ® It is the only and first girl’s needle product approved in China with three types of medical device qualifications. It has a first mover advantage in the Chinese market and is expected to occupy a dominant position in the regenerative medical beauty market.
Risk tips: the epidemic affects the consumption environment, the product sales are less than expected, and the R & D Progress of innovative drugs is less than expected
