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愛美客(300896):擬投資韓國HUNOS25%股權 夯實肉毒業務
格隆匯 06-25 00:00
事件 6 月24 日晚,公司發佈公吿:擬使用8.86 億元人民幣通過增資和收購方式取得韓國Huons Bio 公司25.4%股權。其中,擬使用5.81 億元增資認購標的公司80 萬股,擬使用3.05 億元收購HuonsGlobal 持有的標的公司42 萬股(8.8%股權)。 簡評 本次投資將夯實公司肉毒業務,從合作研發暨中國區獨家代理關係升級到股權合作關係。標的公司Huons Bio 分拆前是HuonsGlobal 的肉毒毒素業務部門,其肉毒毒素產品Hutox(橙毒)於2019 年4 月在韓國取得產品註冊證。2021 年4 月,Huons Bio 從Huons Global 分拆設立,目前是Huons Global 全資子公司。標的公司2020 年營收1.20 億元人民幣,淨利潤2803.8 萬元。 國內肉毒市場空間廣闊,期待公司肉毒產品早日獲批。目前國內獲得NMPA 批准的A 型肉毒毒素共有4 個產品,分別是衡力(蘭州生物/1997 年獲批)、Botox(艾爾建/2009 年獲批)、樂提葆(四環醫藥代理/2020 年獲批)、吉適(高德美/2020 年獲批),國內肉毒毒素市場規模超過30 多億元,公司合作研發的“注射用A型肉毒毒素”已於2020 年獲得臨牀許可,預計最快2024 年有望國內獲批。全球肉毒毒素龍頭Botox 收入約25 億美元,上市30餘年適應症超過10 個,是經久不衰的醫美“金礦”,此次股權合作有助於公司早日分享國內肉毒市場成長紅利。 差異化產品管線是公司最大競爭優勢,對標國際醫美巨頭艾爾建,買買買是壯大必然之路。國內注射用玻尿酸市場獲得NMPA審批通過的三類醫療器械產品超過40 個,競爭相對比較充分,公司的高速成長核心是依靠差異化產品管線贏得市場認可,如2015 年國內首款獲NMPA 批准的含利多卡因的愛芙萊、2016 年獲批的國內唯一一款用於頸紋修復的嗨體,2020 年中發佈的嗨體熊貓針、2021 上半年推出的泡泡針。對標國際醫美上游巨頭艾爾建2019 年醫美業務43 億美金收入,公司還處於成長早期,艾爾建的成功史就是一部併購史(Botox、JUV?DERM、酷塑均為併購而來),公司近期公吿擬在港股二次上市,有助於後續海外併購。 盈利預測:預計2021-2023 營收分別為11.90、17.95、25.49 億元,分別同增67.7%、50.9%、42.0%;歸母淨利潤分別為7.76、11.37、16.13 億元,分別同增76.5%、46.6%、41.8%,維持“買入”評級。 風險提示:競爭加劇、醫美監管政策趨嚴
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