Investment Rating - The report gives the company an "Accumulate" rating for the first time [6][61]. Core Viewpoints - The company is a leading enterprise in the domestic chromatography purification equipment sector, focusing on providing specialized separation and purification equipment, consumables, and technical solutions for the pharmaceutical and life sciences industries [6][11]. - The small molecule liquid chromatography equipment market in China is expected to continue growing, with a projected market size of 5.2 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 17.2% from 2023 [6][40]. - The company possesses a competitive advantage through differentiated technology, having developed a range of core technologies and a comprehensive product matrix to meet various customer needs in drug separation and purification [6][57]. Summary by Sections Company Overview - The company was established in 1998 and has focused on chromatography technology, aiming to become the leading brand in the international chromatography industry [6][11]. - The company has a strong market position in the domestic chromatography purification equipment market, with a significant share in both small and large molecule drug purification equipment [6][21]. Financial Performance - From 2020 to 2024, the company's revenue grew from 302 million yuan to 691 million yuan, with a CAGR of 22.96%, while net profit increased from 9 million yuan to 79 million yuan, with a CAGR of 69.31% [6][20]. - The company's gross margin improved from 35.58% in 2020 to 42.49% in 2024, indicating enhanced profitability [6][28]. Market Trends - The global chromatography purification industry is steadily growing, driven by increasing demand from the biopharmaceutical sector and advancements in chromatography technology [6][30]. - The domestic chromatography medium market is expected to grow significantly, with a projected market size of 20.3 billion yuan by 2026, reflecting a CAGR of 21.92% from 2023 [6][46]. Competitive Position - The company has established a strong brand presence and is recognized as a key player in the domestic market, competing effectively with international brands [6][56]. - The company has a high market share in the small molecule liquid chromatography equipment sector, ranking second among domestic brands with a market share of approximately 12.7% [6][58].

Group 1 - The Sci-Tech 50 Index opened slightly lower on May 16, closing at 995.24 points with a decline of 0.57% and a total trading volume of approximately 17.2 billion [1] - The Sci-Tech Comprehensive Index also opened lower but rose during the day, ultimately closing at 1170.20 points with an increase of 0.12% and a total trading volume of about 71.4 billion [1] - A significant number of stocks on the Sci-Tech Board reached new highs, with 16 stocks hitting their highest levels since 2025, and 36 stocks achieving new highs over the past 30 trading days [1] Group 2 - Hanbang Technology was listed on the Sci-Tech Board on May 16 with a stock code of 688755, and its share price increased by 102.46% on the first day, with a trading volume of approximately 609 million [2] - Excluding Hanbang Technology's first-day performance, the average increase for the remaining 586 stocks on the Sci-Tech Board was 0.70%, with an average turnover rate of 1.97% and a total trading volume of 708.34 billion [2] - In terms of individual stock performance, Hanjing Bio saw the highest increase at 12.09%, while Jingyuan Environmental experienced the largest decline at 9.38% [2] Group 3 - In terms of trading volume, Hanbang Technology led with 2.403 billion, while Conglin Technology had the lowest trading volume at 702.32 million [3] - The turnover rate for Aerospace Nanhu was the highest at 26.68%, while Longteng Optoelectronics had the lowest turnover rate at 0.09% [3]

Company Overview - Jiangsu Hanbang Technology Co., Ltd. was established in 1998 and currently employs over 650 people. It is recognized as a national high-tech enterprise and a "little giant" enterprise specializing in technology [5][8]. - The company focuses on providing professional separation and purification equipment, consumables, application technology services, and related technical solutions for the pharmaceutical and life sciences sectors [7]. Market Performance - On May 16, 2023, Hanbang Technology successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a stock price of 22.77 yuan per share [3]. - On its first trading day, the stock surged by 115.20%, reaching a price of 49 yuan, resulting in a market capitalization of 4.312 billion yuan. The stock price later exceeded 50 yuan, with a rise of over 120% [4]. Innovation and Recognition - The company has a strong commitment to independent innovation, holding a total of 51 authorized invention patents, including 38 domestic and 13 overseas patents [8]. - Hanbang Technology has led or participated in 15 provincial-level or higher scientific research or industrialization projects, including six national-level projects [8]. Industry Position - Hanbang Technology holds a leading market share in the domestic chromatography separation and purification equipment market and aims to become a mainstream provider of overall solutions for global pharmaceutical companies [8]. - The company serves over 2,000 clients, including well-known domestic pharmaceutical enterprises such as Heng Rui Medicine, Zhengda Tianqing, and international clients from countries like Germany, the UK, India, South Korea, and Norway [8].

Company Overview - Hanbang Technology has entered the IPO subscription phase on May 7, with a subscription code of 787755 and a price of 22.77 yuan per share. The company specializes in providing separation and purification equipment, consumables, and technical services in the pharmaceutical and life sciences sectors [1] Market Position - In 2023, the total market size for liquid chromatography equipment in China exceeded 2.7 billion yuan, with Hanbang Technology ranking second in the production-grade liquid chromatography separation equipment market, holding a market share of approximately 12.7%. For production-grade equipment alone, Hanbang's market share reached 39.2%, making it the market leader [1] - The market for production-grade macromolecular chromatography systems in China was about 2.5 billion yuan in 2023, where Hanbang Technology held a market share of approximately 8.8%, ranking third [1] Industry Context - The domestic high-end pharmaceutical equipment sector has developed relatively late, with a long-standing reliance on imports for core production equipment such as chromatography systems. This reliance has led to high procurement and maintenance costs, impacting the upgrade and development of the pharmaceutical industry [2] - With ongoing reforms in the pharmaceutical industry, policies such as "medical insurance cost control," "consistency evaluation of generic drugs," and "volume-based procurement" have raised the cost control and quality standards for pharmaceutical companies. This has increased the demand for high-quality domestic equipment [2] Customer Relations and Sales Strategy - Hanbang Technology's customer base is primarily domestic, allowing for closer proximity to clients compared to foreign competitors. This geographical advantage enables the company to provide comprehensive and rapid technical support and solutions [2] - The company has established a robust customer service team to understand client needs in real-time and develop corresponding solutions to ensure the swift establishment and stable operation of client production lines. Hanbang maintains close cooperation with clients, participating in the development of client solutions and responding promptly to feedback [2] Financial Performance - In 2024, the company's projected revenue is 691 million yuan, up from 619 million yuan in 2023 and 481 million yuan in 2022, reflecting a compound annual growth rate (CAGR) of 19.75%. The net profit attributable to the parent company, excluding non-recurring gains and losses, was 76.05 million yuan in 2023, compared to 50.69 million yuan in 2022 and 38.55 million yuan in 2021, with a CAGR of 40.46% [3] - For the first quarter of 2025, the company expects a year-on-year revenue growth of 5.13% to 17.53%, with net profit growth of 50.11% to 158.41% after excluding non-recurring gains and losses [3]

Core Viewpoint - Hanbang Technology (688755.SH) is set to be listed on the Sci-Tech Innovation Board, focusing on chromatography technology to provide separation and purification equipment and solutions for the pharmaceutical and life sciences sectors [1][2] Company Overview - Hanbang Technology is a high-tech enterprise integrating R&D, production, and sales, primarily serving the pharmaceutical and life sciences industries [1] - The company has established itself as a leading player in the domestic chromatography purification equipment market, with a market share of approximately 12.7% in small molecule liquid chromatography equipment, ranking first among domestic manufacturers [6] - Hanbang's product lines include small molecule and large molecule drug separation and purification equipment, catering to both industrial production and laboratory research [6] Financial Information - The company's initial public offering (IPO) price is set at 22.77 CNY per share, with an institutional offering price of 23.00 CNY per share, resulting in a market capitalization of 15.03 billion CNY [5] - The projected use of raised funds includes investments in various production projects, with amounts allocated as follows: 1.93 billion CNY for annual production of 1,000 liquid chromatography separation equipment, 1.81 billion CNY for chromatography equipment R&D center, and 2.25 billion CNY for annual production of 2,000 laboratory chromatography purification instruments [5] Market Position and Competitors - Hanbang Technology has established strong partnerships with well-known pharmaceutical companies such as Hengrui Medicine, Zhengda Tianqing, and others, and its products are exported to multiple countries including Germany, the UK, India, and South Korea [6] - The company has undergone multiple rounds of financing, with notable investors including WuXi AppTec, Junlian Capital, and Sequoia Capital [6] Risks and Challenges - The company has reported high ending inventory amounts and potential impairment risks, with inventory values of 508 million CNY, 431 million CNY, and 387 million CNY from 2022 to 2024 [7] - Accounts receivable values are also significant, with amounts of 131 million CNY, 119 million CNY, and 130 million CNY for the same period, indicating a high proportion of overdue accounts [7]

Core Viewpoint - The company, Jiangsu Hanbang Technology Co., Ltd., focuses on chromatography technology, aiming to become the leading brand in the international chromatography industry while providing high-quality separation and purification equipment for the pharmaceutical and life sciences sectors [4][5][7]. Business Overview - The company specializes in chromatography separation and purification products, offering a comprehensive product matrix that includes small and large molecule drug separation and purification equipment [5]. - The main product lines include small molecule liquid chromatography systems and large molecule chromatography systems, catering to both laboratory research and industrial production [5]. R&D Model - The company adopts an independent R&D model with dedicated departments for instrument development, application technology, and new materials [6]. - R&D strategies are guided by customer needs and industry trends, leading to the development of new products and continuous improvement of existing ones [6]. Core Technology - The company has developed unique core technologies in chromatography, including preparation chromatography column technology and integrated chromatography system technology [7]. - It has undertaken multiple national and provincial research projects, enhancing its technological capabilities [7]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was approximately 481.79 million, 619.01 million, and 690.88 million yuan, respectively, with over 99% of revenue coming from its main business [11]. - Gross profit for the same years was approximately 189.24 million, 245.08 million, and 293.57 million yuan, showing a consistent growth trend [11]. Product Profitability - The gross profit margin for small molecule drug separation and purification equipment was 43.87%, 42.13%, and 46.90% from 2022 to 2024, while for large molecule equipment, it was 31.79%, 34.72%, and 31.55% [12]. Future Development Plans - The company plans to continue focusing on chromatography products, enhancing R&D and innovation, and expanding its product range in the biopharmaceutical chromatography purification field [13]. - Specific measures include strengthening talent development, enhancing marketing and service capabilities, and diversifying financing [13]. Competitive Advantages - The company possesses several competitive advantages, including technological innovation, comprehensive solution services, brand leadership, rapid response, and strong customer resources [14][19]. Industry Trends - The pharmaceutical equipment industry is experiencing rapid growth driven by the Chinese pharmaceutical market, with increasing demand for both small and large molecule chromatography systems [20][21]. - The industry is also seeing a shift towards high-end products and smart manufacturing, supported by national policies [21]. Market Position - The company ranks second in the production-level small molecule liquid chromatography equipment market in China, with a market share of approximately 12.7% [22]. - In the production-level small molecule liquid chromatography system market, the company holds a leading position with a market share of 39.2% [22]. Fundraising Projects - The company plans to invest in projects including the annual production of 1,000 liquid chromatography series separation equipment and the establishment of a chromatography separation equipment R&D center [24][25][26].

Group 1 - The core viewpoint of the news is that Hanbang Technology is successfully launching its A-share IPO, showcasing its advancements in the pharmaceutical equipment industry and its commitment to innovation and technology development [1][2]. - Hanbang Technology has developed advanced process equipment with independent intellectual property rights and has undertaken 15 provincial or higher-level scientific research or industrialization projects, including 6 national-level projects [1]. - The company has established a comprehensive product matrix for chromatography equipment, catering to various needs in the separation and purification of small and large molecule drugs, achieving a leading market position in the domestic market [1]. Group 2 - CITIC Securities expresses its honor in supporting Hanbang Technology's A-share listing, believing that the company will leverage the capital market to enhance its technology, expand production capacity, and improve management and profitability [2]. - The company emphasizes its commitment to fulfilling its sponsorship obligations and providing continuous supervision to ensure the success of Hanbang Technology's IPO [2]. - The news concludes with well wishes for the successful issuance of Hanbang Technology's shares [3].