昊海生物科技(06826.HK):完善眼科多元佈局,拓展中高端玻尿酸市場,給予“買入”評級,目標價70.94港元
機構:國元證券
評級:買入
目標價:70.94港元
深耕眼科賽道,多品類在研產品打造多元化佈局
公司眼科領域主要圍繞着白內障、視光、眼表及眼底四大眼科治療領域進行產品研發。針對近幾年年複合增長達到20%的白內障治療市場,公司自主研發國內唯一創新型疏水模注工藝非球面人工晶狀體,已啟動臨牀,其項目技術具有高度可拓展性,有助於後續研發中高端人工晶狀體,填補國產品牌空白;視光領域,公司佈局新型角膜塑形鏡,預計23年我國的角膜塑形鏡市場規模將達到237億元,屈光治療方面,公司的國內唯一一款懸浮型有晶體眼後房屈光晶體依鏡
PRL已進入技術升級狀態,第二代產品有望實現房水循環,擴展視力矯正範圍,預計5年我國眼內屈光晶體市場將達到40億元;在外資為主的眼表用藥領域,公司是國內首個提交鹽酸莫西沙星滴眼液簡化新藥申請的國產廠家,在所有的仿製產品中排名第一,作為第四代氟喹諾酮類藥物,用以治療我國發病率在29.4%的細菌性結膜炎,市場需求較大;針對國內起步較晚的眼底疾病治療領域,在研的視網膜裂孔封堵生物凝膠為國內首創產品,將有效便利患者康復生活,提高手術復位成功率。
公司多品牌線優勢帶動眼科多型號產品成功中標
公司積極參與各省份、聯盟人工晶狀體高值耗材帶量採購活動,均有多款人工晶狀體中標,在近期披露的陝西省集採中,成為中標量最大的公司,優勢明顯。作為低中高端人工晶狀體差異化佈局的公司,集採將擴大中低端產品市場份額,以價換量,同時有利於中高端產品的銷售,提高收入和市場競爭力。
高端玻尿酸“海魅”上市,創新“5G”科技,引領醫美消費熱潮
第三代玻尿酸“海魅”於8月7日上市,目前尚無申報同類型線性無顆粒化產品的廠家及已批准的國產仿製廠家,是國產品牌中為數不多的高端玻尿酸產品。其採用的無顆粒交聯技術,具有高內聚力特點,能有效延長持效時間,提高安全性,與主打“塑形”和“填充”的前兩代玻尿酸產品優勢互補,形成價格定位差異化、多元化醫美組合。20年中國醫美市場有望達到2656億規模,19年醫美入門級項目注射類佔醫美消費57.04%,其中玻尿酸約佔注射類醫美67%,成為最受歡迎注射項目。
給予“買入”評級,目標價70.94港元
考慮集採和疫情的影響,我們調整了20/21年收入預測至12.76/16.43億元,對應的EPS分別為1.22/2.01元。第三季度除眼科海外業務繼續受到全球疫情負面影響外,國內業務進一步呈現出強勁復甦態勢,各主要產品線收入均已成功扭轉下降趨勢,同比呈現正增長。我們預測目標價為70.94港元,對應21年30倍PE,較現價有55.23%的漲幅空間,維持“買入”評級。

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