HAOHAI BIOTEC(688366) 平安证券·2025-02-24 03:10Investment Rating - The report gives a "Recommended" rating for the company, Haohai Biological Technology [1]. Core Viewpoints - Haohai Biological Technology is a leading innovator in biomedicine materials, focusing on medical aesthetics and artificial crystalline lenses as its main growth drivers [10][15]. - The company has shown significant revenue growth in its core products, particularly hyaluronic acid and artificial crystalline lenses, with a projected increase in net profit for the coming years [5][17]. - The medical aesthetics sector is identified as a second growth curve for the company, with a strong market presence and potential for further market share expansion [25][29]. Summary by Sections Company Overview - Haohai Biological Technology, established in 2007, specializes in the research, production, and sales of medical biopolymer materials, covering fields such as ophthalmology, medical aesthetics, wound care, orthopedics, and surgery [10][15]. - The company is a major supplier of artificial crystalline lenses in China, with a stable and concentrated shareholding structure [12][15]. Financial Performance - The company reported a revenue of 2,130 million yuan in 2022, with a projected increase to 3,468 million yuan by 2026, reflecting a compound annual growth rate [5]. - In 2023, the company achieved a net profit of 4.2 billion yuan, a significant increase of 130.6% year-on-year, driven by stable production and sales recovery [17][18]. Product Analysis - The main products include hyaluronic acid and artificial crystalline lenses, with 2023 revenues of 6.0 billion yuan (+95.5%) and 3.8 billion yuan (+37%), respectively [7][15]. - The company has a diverse product matrix in hyaluronic acid, with three main products: Haiwei, Jiaolan, and Haimei, catering to different market segments [29][33]. Market Potential - The artificial crystalline lens market is expected to grow due to an aging population and increasing demand for cataract surgeries, with the market size reaching 25.5 billion yuan in 2022 [38][41]. - The report highlights the potential for domestic brands to capture market share from imported high-end products, particularly in the context of national procurement policies [43][45]. Competitive Landscape - The report compares Haohai Biological Technology with peers such as Aibo Medical and Huaxi Biological, suggesting an average valuation of 28 times for comparable companies [7][54]. - The company is positioned to benefit from ongoing trends in the medical aesthetics market, with a focus on innovation and product development [28][29].