愛美客(300896):擬收購HUONSBIO 25%股權 加碼肉毒素產品線佈局
公司近況愛美客公吿擬以超募資金8.86億元增資並收購韓國肉毒公司Huons Bio25%股權。我們認為,本次收購作為公司上市以來首個外延項目,在進一步夯實肉毒產品佈局的同時,亦開啟了其國際化和全球醫美優質資源整合進程。評論1、擬以8.86億元對價收購Huons Bio 25%股份。0標的概況:Huons Bio前身是韓國製藥及醫療器械上市企業Huons Global的肉毒毒素等生物製品部門,其肉毒毒素產品Hutox(韓國名Liztox)於2019年4月在韓國獲批;21年4月,Huons Bio由Huons Global分拆成為其全資子公司;2020年標的公司營收/淨利潤1.2/0.28億元,21Q1營收/淨利潤3447.5/857.6萬元;②收購對價:公司擬以5.81億元增資認購Huons Bio 80萬股股份,並以3.05億元收購Huons Global持有的標的公司8.8%股權,合計對價8.86億元,交易完成後公司合計持有標的公司25.4%股權,為第二大股東,不構成並表。2、夯實肉毒產品線佈局,推進國際化整合。0夯實肉毒產品佈局:本次交易對手方為愛美客肉毒素產品的韓國合作方,愛美客於2018年9月與Huons Global全資子公司簽訂合作協議,負責其A型肉毒毒素產品在中國的臨牀試驗及註冊申請,並在獲批後在中國獨家代理銷售該產品,代理期10年;目前該產品已進入臨牀階段。而本次投資有助於雙方深度綁定,夯實愛美客中國本土市場肉毒管線佈局,進一步分享其肉毒產品在歐美及全球市場增長紅利;②強化資源整合協同:Huons Global作為韓國製藥及醫療器械領軍公司,在醫美產品研發、銷售方面優勢較強,同時Huons Bio亦有其他醫美產品研發儲備;本次收購有助於促進雙方在前沿技術、產品佈局、市場拓展方面的優勢協同,提升公司綜合競爭力;3本次收購作為公司上市以來的首個投資案例,也開啟了公司國際化佈局進程,後續多產品矩陣及全球佈局前景可期。3、重申看好公司核心競爭優勢及廣闊成長空間。現階段,在公司明星單品嗨體保持高增勢頭基礎上,童顏針、肉毒素等在研產品管線落地確定性較強,同時,公司擬登陸H股市場,有助於公司加快完善國際化及產品矩陣佈局。估值與建議基於公司良好成長趨勢,上調2021-23年EPS10.5%/12%/9%至3.65/5.55/8.18元,維持跑贏行業評級,基於盈利預測調整上調目標價19%至788元,對應2023年96倍P/E,有14%上行空間。風險在研產品開發失敗風險;行業競爭加劇。
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