IPO点评：太美医疗科技

Investment Rating - The report assigns an IPO-specific rating of "5.6" to the company, with an expected issue price range of HKD 10.0-13.0, leading to a post-issue market capitalization of approximately HKD 56.0-72.9 billion, corresponding to a P/S valuation of 8.8-11.5 times based on 2023 revenue [3]. Core Insights - The company, Taimei Medical Technology (2576.HK), specializes in providing digital solutions for the pharmaceutical and medical device industries, focusing on software and digital services that aid in research and marketing [1]. - The financial performance shows a continuous increase in revenue, from HKD 4.7 billion in 2021 to HKD 5.7 billion in 2023, with a revenue of HKD 1.3 billion in the first three months of 2024, reflecting a year-on-year growth of 2.2% [1]. - Despite revenue growth, the company remains in a loss-making position, with net losses of HKD 4.8 billion, HKD 4.2 billion, HKD 3.6 billion, and HKD 1.2 billion for the years 2021, 2022, 2023, and the first three months of 2024, respectively [1]. Industry Status and Outlook - The digital solutions market for pharmaceutical and medical device research and marketing in China is rapidly growing, with market size increasing from HKD 3 billion in 2019 to HKD 9.7 billion in 2023, representing a CAGR of 34.1%, and is expected to reach HKD 24.3 billion by 2028 [1]. - The competitive landscape is relatively fragmented, with the company being the largest digital solutions provider in the pharmaceutical and medical device research and marketing sector in China, holding a market share of 5.9% as of 2023 [1]. - As of March 31, 2024, the company has provided services to over 1,400 pharmaceutical companies and contract research organizations, covering 21 of the top 25 global pharmaceutical companies and 90 of the top 100 innovative pharmaceutical companies in China [1]. Strengths and Opportunities - The company benefits from being an early and major player in the digital solutions market for pharmaceuticals and medical devices, possessing first-mover advantages, a comprehensive product matrix supported by a digital platform, a large and loyal customer base, mature technology and data capabilities, balanced monetization of software and services, and a visionary and experienced management team [1]. Use of Proceeds - Approximately 35% (HKD 65.0 million) of the proceeds from the IPO will be used to optimize and upgrade the TrialOS and PharmaOS platforms and their respective cloud software and digital services; about 30% (HKD 55.7 million) will enhance the company's core technology and R&D capabilities; around 10% (HKD 18.6 million) will strengthen marketing and sales capabilities; about 15% (HKD 27.9 million) will be used for selective strategic investments and acquisitions; and approximately 10% (HKD 18.6 million) will be allocated for working capital and general corporate purposes [2].