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) has initiated its subscription with an issue price of 22.77 yuan per share and a price-to-earnings ratio of 26.35 times, focusing on chromatography technology for pharmaceutical and life sciences sectors [1] Company Overview - Hanbang Technology is a high-tech enterprise that integrates research and development, production, and sales, primarily providing separation and purification equipment, consumables, application technology services, and related technical solutions for the pharmaceutical and life sciences industries [1] - The company's products are widely used in the research and production of antibodies, recombinant proteins, vaccines, insulin, peptides, contrast agents, antibiotics, and natural products [1] Product Segmentation - The main products are categorized into small molecule drug separation and purification equipment and large molecule drug separation and purification equipment, applicable in various industrial production and laboratory research scenarios [1] - The small molecule liquid chromatography equipment is divided into laboratory instruments and production-grade equipment, with Hanbang Technology ranking second in the production-grade liquid chromatography separation equipment market in China, holding approximately 12.7% market share [4] Financial Performance - The company reported revenues of approximately 321 million yuan, 482 million yuan, and 619 million yuan for the years 2021, 2022, and 2023, respectively [6] - Net profits for the same years were approximately 4.86 million yuan, 38.56 million yuan, and 51.50 million yuan [6] Market Position - According to data from Sullivan, the total market size for liquid chromatography equipment in China exceeded 2.7 billion yuan in 2023, with Agilent holding the largest market share at 23.2% [4] - Hanbang Technology has sold its products to over 2,000 customers domestically and internationally, including well-known pharmaceutical companies such as Sitaly, Ganli Pharmaceutical, and China National Pharmaceutical Group [3] Investment Projects - The company plans to use the raised funds for projects including the annual production of 1,000 units of liquid chromatography series separation equipment, the establishment of a chromatography separation equipment R&D center, and the annual production of 2,000 laboratory chromatography separation and purification instruments [9]