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愛美客(300896):8.9億對價獲韓國HUONSBIO公司25.4%股權 肉毒產品確定性進一步增強
格隆匯 06-25 00:00
投資要點事件:6 月24 日公司公吿,擬使用約5.81 億元人民幣的超募資金對韓國Huons BioPharma Co., Ltd.增資認購80 萬股股份;擬使用約3.05 億元人民幣的超募資金收購韓國Huons Global Co., Ltd.持有的標的公司Huons BioPharma Co., Ltd 8.8%的股權計42 萬股股份。本次增資和收購完成後,愛美客合計持有Huons Bio 共計122 萬股股份,持股比例25.4%。深度合作韓國知名醫美企業,有利於強化公司研發能力與醫美龍頭地位。Huons Global Co., Ltd.是韓國知名製藥及醫療器械企業,於2006 年在韓國證券交易所上市,主營業務覆蓋藥物、醫療器械、美容產品等大健康多個領域, Huons Global 旗下成立Huons、Humedix、等多家子公司,其中有2 家上市公司。Huons Bio 分拆前是Huons Global 的肉毒毒素業務部門,於2021 年4 月分拆設立,目前是其全資子公司,擁有肉毒毒素產品Hutox。韓國醫美研發實力和產業發展領先全球,本次交易利於公司熟悉、引進海外前沿技術,指導其應用新技術、新方法實現研發的階段性成果,繼續助推公司成為領先型醫療產品生產企業.“從代理到股東”增強確定性,有望打造肉毒大市場的新增長點。公司於2018 年9 月與韓國Huons 公司簽訂A 型肉毒毒素產品在中國的獨家代理合作協議,代理期間為10 年,目前該產品在國內已進入臨牀3 期。Huons Bio 原為Huons Global 集團的肉毒毒素等生物製品業務部門,其肉毒產品Hutox 於2019 年4 月在韓國取得註冊證,並在全球多個國家開展臨牀試驗及註冊銷售。通過本次交易,愛美客成為Huons Bio 股東,降低代理合作形式的不確定性,同時有望持續享受投資收益。另外,根據《新氧醫美行業白皮書》,2019 年注射類項目中肉毒毒素佔比32.67%,增速90.56%,未來更多產品上市和水貨假市場出清,都將推動市場規模不斷擴大,且醫用領域前景廣闊。與Huons Bio 深度綁定有利於牢牢佔據市場,推動肉毒產品成為新增長點。增強與海外優質資源整合,有利於公司拓展全球市場。Huons Bio 從Huons Global 分拆設立,從戰略高度對全球市場拓展和中長期研發做出明確規劃,仍有一系列產品處於研發階段。股權收購完成後,公司將與Huons Bio 形成積極的信息共享和資源整合,實現雙方在醫美產品研發和經營的協同,在銷售渠道上的優勢共享,在全球市場註冊申報上的經驗積累,有利於公司產品進軍全球市場。盈利預測與投資評級:考慮到“嗨體”系列產品持續快速放量,我們預將2021-2023 年預計公司歸母淨利潤6.92/9.81/13.80 億元,上調至8.04/11.57/16.19 億元,對應當前市值的估值分別為186 倍、129 倍、92倍。維持“買入”評級。風險提示:研發進度或不及預期的風險;市場推廣不及預期的風險;整形醫療事故風險。
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