Workflow
威高血净开启申购 重点布局血液透析和腹膜透析两大赛道
Zhi Tong Cai Jing·2025-05-07 22:48

Core Viewpoint - Weigao Blood Purification (威高血净) has initiated its IPO with a price of 26.5 yuan per share and a market capitalization PE ratio of 24.82, which is lower than the industry average of 28.04, indicating a potentially attractive investment opportunity in the blood purification sector [1] Company Overview - Weigao Blood Purification focuses on two main areas: hemodialysis and peritoneal dialysis, along with the sales of related products, making it one of the most comprehensive manufacturers of blood purification medical products in China [1] - The company holds a leading market share in the domestic hemodialysis sector, with 32.5% in hemodialyzers and 31.8% in hemodialysis tubing, both ranking first in the industry [1] - In the hemodialysis machine market, Weigao has a market share of 24.6%, ranking second, primarily competing with foreign companies like Fresenius Medical and B. Braun [1] Market Position - In the peritoneal dialysis market, Weigao collaborates with international blood purification company Terumo, exclusively selling peritoneal dialysis solutions produced by a joint venture in China, achieving a market share of 3.6%, ranking fifth in the industry [2] Financial Overview - The company plans to raise approximately 135.1 million yuan through its IPO, with funds allocated to various projects including intelligent production construction, new product development, and working capital [3] - Projected revenues for 2022, 2023, and 2024 are approximately 3.43 billion yuan, 3.53 billion yuan, and 3.60 billion yuan respectively, with net profits of about 315 million yuan, 442 million yuan, and 449 million yuan [3] - Total assets are expected to grow from approximately 6.41 billion yuan in 2022 to 6.99 billion yuan in 2024, with equity attributable to shareholders increasing from 4.67 billion yuan to 5.60 billion yuan over the same period [4] - The company maintains a low debt ratio, with a projected asset-liability ratio of 14.91% in 2024, down from 21.60% in 2022 [4]