Core Viewpoint - Saint Bella, recognized as the "first global high-end home care stock," has initiated its IPO, aiming to raise approximately HKD 628 million through the issuance of 95.42 million shares at a price of HKD 6.58 per share, with significant backing from cornerstone investors [1][3]. Group 1: Company Overview - Saint Bella plans to issue a total of 95.42 million shares, with 9.54 million shares available in Hong Kong and 85.88 million shares internationally, targeting a fundraising goal of HKD 628 million [1]. - The company has attracted seven cornerstone investors, including GIMM, Huaxia Fund (Hong Kong), JKKB, SS Morgan, and others, collectively subscribing to 49.44 million shares, amounting to approximately USD 41.46 million [1][3]. Group 2: Financial Performance and Valuation - Saint Bella has undergone seven rounds of financing since its establishment in 2017, raising over RMB 300 million, with notable investors including Tencent and other prominent capital firms [3]. - The company's estimated PE ratio is 7.93, significantly lower than the industry average of 22, indicating a high valuation attractiveness [5]. - The projected compound annual growth rate (CAGR) for revenue from 2022 to 2024 is 30%, suggesting strong growth potential [5]. Group 3: Business Model and Competitive Advantage - Saint Bella's business model is built on three pillars: high-end services, standardization, and digitalization, which together create a robust competitive moat [6][8]. - The company collaborates with high-end hotels to provide luxurious care environments and employs a large number of qualified nursing professionals to ensure high service standards [6][8]. - A comprehensive service model is established, covering postpartum care, family childcare, and health product supply, enhancing customer lifetime value [8]. Group 4: Market Opportunity and Industry Dynamics - The high-end home care sector is currently experiencing a "golden window period," driven by policy support and increasing demand, with Saint Bella positioned to capture significant market share [9][12]. - The penetration rate of postpartum care in China is expected to rise from 7.5% in 2019 to 17.0% by 2024, indicating substantial growth potential in the market [9]. - The company plans to allocate approximately 29% of the IPO proceeds to expand its postpartum care network and 37% to launch new services and products [13].
资本宠儿圣贝拉启动招股：高增长龙头7.93倍PE的稀缺投资机会