澳优(1717.HK)益生菌再下一城黄金十年发展规划稳步推进维持“买入”评级
机构：国金证券
评级：买入
目标价：无
事件简述
澳优于 6 月 6 日发布公告称，公司通过旗下全资附属公司澳优投资与 Genlac Biotech International Corporation（简称“GLAC”）签订可换股 债券认购协议，有条件同意认购 GLAC 3000 万美元（约 2.34 亿港元）的可 换股债券。如果这部分可换股债券全部用于转换股份，则可转换每股 1.0 美元的股份 3000 万股，届时澳优将拥有 GLAC 注资完成后 26.1%的股份。
事件点评
细分市场谋求突破，澳优投资丰华生技，益生菌再下一城。GLAC 是一家为 进行提呈要约及建议私有化成立的特定目的投资机构， 6 月 6 日，澳优第 二大股东晟德大药厂及其他权益人与 GLAC 签订注资协议，拟向 GLAC 的股 本注入 8500 万美元。根据晟德大药厂公告的私有化建议，预计此次 GLAC 筹集的资金将主要用于私有化丰华生物科技股份有限公司（台湾企业，主 要从事益生菌及发酵相关应用产品的研究及开发、制造及销售）， 若私有化 及认购事宜完成后，澳优将通过 GLAC 间接拥有丰华生技 26.1%的股份。
益生菌补充剂行业仍处蓝海，未来发展潜力巨大。近些年，具有改善胃肠 道、增强免疫力等功效的益生菌产品，逐渐成为人们追求饮食健康的“新 宠”。据欧睿数据显示，在全球益生菌产业蓬勃发展大背景下，中国的益生 菌市场发展速度也极快，平均每年增速约 15%，预计 2022 年将增长到 896 亿元。作为营养保健品的一大细分品类，益生菌补充剂发展潜力巨大。
黄金十年规划稳步推进，益生菌布局稳扎稳打，有望与澳优自身形成良好 协同优势。丰华生技已形成了良好的研发、菌粉生产、成品生产基础，澳 优可借助其强大的研究和开发能力，打好益生菌基础，有助于细分品类深 入布局；另一方面，澳优在中国大陆以及全球的研发、市场能力，也可以 更好地为丰华生技的发展赋能，而此次携手相互产生的协同效应，也将促 进两家公司的业绩增长，为股东、合作伙伴创造更大价值。
盈利预测 预计公司 19-21 年收入分别为 73.9 亿元/100.1 亿元/128.0 亿元，同比增 长 37.1%/35.5%/27.9%，归母净利润分别为 8.5 亿元/11.3 亿元/15.1 亿 元，同比增长 33.5%/33.7%/32.9%。EPS 分别为 0.53 元/0.71 元/0.94 元， 对应 PE 为 25X/18X/14X，维持“买入”评级。
风险提示 需求下滑/产能过剩/行业竞争加剧/食品安全问题。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
