威高股份(01066.HK)：公告资产重组 开展新增长曲线

Company Dynamics - Weigao Co. announced the progress of the share swap transaction with Weigao Blood Products on January 5, 2026, confirming the final valuation of Weigao Purui at RMB 8.511 billion, corresponding to a static P/E of 14.66x for 2024 [1] - The share swap will result in Weigao Co. controlling 51.35% of Weigao Blood Products, increasing its stake from 23.53% to 51.35%, and Weigao Blood Products will hold 100% of Weigao Purui [1] - The transaction is expected to be voted on at a shareholders' meeting in February 2026, with completion anticipated in 2-3Q 2026 [1] Performance Commitment - Weigao Co. has set a reasonable and cautious performance commitment for Weigao Purui, targeting net profits of RMB 639 million, RMB 720 million, and RMB 784 million for the years 2026-2028, reflecting a compound annual growth rate (CAGR) of 10.7% [2] - If the transaction is delayed until 2027, the profit commitments for 2027-2029 will be RMB 720 million, RMB 784 million, and RMB 845 million, with a CAGR of 8.3% [2] Industry Outlook - Weigao Blood Products focuses on consumables and equipment for blood dialysis and peritoneal dialysis, while Weigao Purui specializes in pre-filled delivery systems and automatic safety delivery systems, aligning with the customer base of the biopharmaceutical upstream business [2] - The upstream biopharmaceutical market in China is projected to reach RMB 21.2 billion in 2024, with expectations to grow to RMB 40.6 billion by 2030, reflecting a CAGR of 11.5% and significant potential for domestic substitution due to low localization rates [2] Profit Forecast and Valuation - Considering the need for time to expand upstream and slightly higher procurement pressure than expected for the first half of 2025, the net profit forecasts for 2025 and 2026 have been revised down by 7% to RMB 1.989 billion and RMB 2.183 billion, respectively, with a new forecast of RMB 2.348 billion for 2027 [2] - The current stock price corresponds to P/E ratios of 9.9x for 2026 and 8.9x for 2027, with a target price maintained at HKD 6.40, implying a P/E of 12.1x for 2026 and 11.3x for 2027, indicating a potential upside of 22.4% [2]