share_log

IPO申购指南:百德医疗(6678.HK)

IPO Purchase Guide: Baide Healthcare (6678.HK)

國元國際 ·  Sep 22, 2022 19:16  · Researches

Subscription recommendations:

The company is one of the leading developers and providers of microwave ablation (microwave ablation) medical devices for minimally invasive treatment of tumors in China. The company mainly targets specialized fields with significant synergistic effects and huge market growth potential with microwave ablation technology, including (i) benign tumors, especially thyroid nodules and breast nodules; and (ii) malignant tumors, particularly liver cancer and lung cancer. The company has a large market share. According to Frost & Sullivan's data, based on sales revenue and sales volume of microwave ablation needles in 2021, the company is the largest supplier of microwave ablation medical devices for treating thyroid nodules and breast nodules in China; based on sales revenue in 2021, it is the third largest supplier of microwave ablation medical devices in China. The number of hospitals in China that purchased the company's products increased from 258 in 2019 to 303 in 2021, of which the number of top three hospitals and three hospitals increased from 149 to 177. Furthermore, the company currently has 27 registered patents and 20 patents pending. It is the first company in China to have a proprietary microwave ablation medical device specifically designed to treat thyroid nodules and successfully registered it as a Class III medical device.

At present, its microwave ablation medical device specifically for liver cancer and thyroid nodules has obtained a Class III medical device registration certificate.

Microwave ablation is a minimally invasive treatment technique that uses extremely high heat generated by microwave energy to alter the properties of tumor vesicular proteins and condense them. Since microwave ablation has the advantages of safe treatment, minimally invasive treatment, easy operation, rapid patient recovery, and low complications, it has been applied to various benign and malignant tumors. Some types of benign tumors may become malignant through cancer progression. According to Frost & Sullivan data, cancer progression rates for patients with pulmonary nodules, thyroid nodules, and breast nodules were 5.5%, 5.0%, and 7.0%, respectively. Therefore, early detection and treatment of benign tumors is critical to cancer prevention. However, microwave ablation treatment technology can prevent benign tumors from developing into malignant tumors, thereby helping patients with benign tumors stop the progression of cancer.

The market for microwave ablation medical devices in China is still underserved. It is growing rapidly and has huge potential for growth. According to Frost & Sullivan, the number of microwave ablation surgeries in China increased from 70,900 in 2016 to 181,200 in 2021. The compound annual growth rate from 2022 to 2026 is expected to be 29.6%, and the number of surgeries will reach 660,000 by 2026. Furthermore, according to Frost & Sullivan's data, based on hospital fees, the size of China's microwave ablation market is expected to increase dramatically from RMB 3 billion in 2022 to RMB 9.2 billion in 2026. The compound annual growth rate is expected to be 32.5%. The company plans to expand the scope of its application for Class III medical device registration certificates for proprietary microwave ablation medical devices designed to treat breast nodules, pulmonary nodules, varicose veins, bone tumors, uterine fibroids, prostate cancer and other diseases. As the number of cancer patients is increasing, microwave ablation indications are expanding, and the number of hospitals that can perform microwave ablation surgery is increasing, the company, as one of China's leading microwave ablation medical device suppliers, is expected to use the positive development trend of the microwave ablation market to further strengthen its position in the Chinese microwave ablation market.

The company's advantages are: (i) in the rapidly developing and underserved microwave ablation medical device market in China, the company is one of China's leading developers and providers of microwave ablation medical devices for minimally invasive cancer treatment; (ii) it has established a stable and strategically managed sales and distribution network; (iii) it can greatly enhance the company's R&D capabilities; (iv) it is one of the leading practitioners in the microwave ablation medical device industry, which can add value to stakeholders in the value chain; (v) has a visionary, experienced and rich track record of management team.

The company achieved operating revenue of RMB 118.29 million and RMB 188.66 million respectively in 2020 and 2021, gross profit of RMB 101.90 million and RMB 156.74 million respectively, and net profit of RMB 46.35 million and RMB 74.2 million respectively.

After listing, the market value of the company's shares is expected to be HK$2,240-2,752 billion, corresponding to 26.35-32.35 times PE in 2021. The company is one of China's leading developers and providers of microwave ablation medical devices for minimally invasive cancer treatment. It has great market potential. It is recommended to purchase carefully.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment