華熙生物(688363):科技賦能夯實基礎 四輪驅動助力遠航
公司近況近期我們邀請公司董事長趙總參加中金2021年中期策略會,並發表了“科技賦能生命健康消費品”主題演講,與投資者就發展戰略等進行了深入交流。評論1、四輪驅動業務架構進一步明晰。以生物活性材料的研發與生產為基礎,華熙在過去幾年的下游延伸佈局中,逐漸構建包括原料、醫療醫美終端、功效性護膚品、功能性食品在內的四輪驅動的業務架構。0原料:玻尿酸原料業務穩居全球龍頭,並擁有依克多因、氨基丁酸等多種生物活性材料;近期公司天津工廣正式投產,規劃生物活性材料總體產能達1000噸(其中透明質酸原料產能660噸),並配備強大的中試生產平台,進一步夯實公司產能佈局及產業轉化實力;2醫療醫美終端:Q2以來對醫美板塊產品線及組織架構做了重新梳理,未來計劃將潤致品牌打造為面部年輕化專家,同時公司積極聯動頭部醫美機構,打造醫美產業生態聯盟,隨着御齡雙子針等重磅新品的推出和培育,醫美板塊前景可期;③功效型護膚品:隨着多品牌矩陣的完善,護膚品業務由粗放式增長進入精細化運營階段,公司將研發、供應鏈等環節集約形成中台,賦能前端品牌事業羣,進一步發揮協同優勢,助力品牌成長;④功能性食品:2021年起步的新鋭業務板塊,通過自有品牌切入飲用水等長週期品類賽道,同時外延合作賦能其他消費品企業,把握新品類增長機遇。2、底層科技賦能,打造突出競爭優勢。基於其在生物醫藥領域的深厚積澱,華熙堅持以科技創新構築企業發展的底層邏輯。公司在內部擁有30餘個研發工作室,在外部與國內外科研院校共同創辦30餘個創新中心,構建起涵蓋前端基礎研究、下游應用研究、產業轉化平台在內的完整的科研成果轉化閉環,進而支撐其領先於行業的產品品質、完善的產品線佈局及持續推新能力。3、618銷售數據亮眼,為上半年業績增長打下良好基礎。剛剛結束的618,公司旗下功能性護膚品板塊延續高速成長態勢。據公司官方戰報,618期間潤百顏全平台銷售額2.3億元(同比+232%),誇迪全平台銷售額突破1.9億元,BM肌活旗艦店銷售額突破2300萬元(同比+457%6),米蓓爾旗艦店銷售額突破3228萬元(同比+234%6),繼Q1良好的銷售表現之後,618期間核心品牌延續高增態勢,為上半年業績奠定良好基礎。估值與建議維持2021-2022年盈利預測和跑贏行業評級,同時引入2023年預計利潤17.7億元,基於公司在功效型護膚品及醫美領域的良好發展態勢,上調目標價36%至300元,對應2023年81倍P/E,有12%上漲空間。風險行業競爭持續加劇;新品培育不及預期。
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