A-share subscription | Chromatography technology supplier Hanbon Technology (688755.SH) starts subscription. Main customers include Gan & Lee Pharmaceuticals (603087.SH) and other well-known pharmaceutical companies.

On May 7th, Hanbang Technology (688755.SH) started its subscription with an issue price of 22.77 yuan/share, with a subscription limit of 0.5 million shares, and a P/E ratio of 26.35 times. It belongs to the Shanghai Stock Exchange, and CITIC SEC is its sponsor. According to the prospectus, Hanbang Technology is a high-tech enterprise with chromatography technology as its core, integrating research and development, production, and sales. It mainly provides professional separation and purification equipment, consumables, application technology services, and related technical solutions for the pharmaceutical, life sciences, and other fields. Hanbang Technology's products and technologies are widely used in the research and production of drugs and natural products such as antibodies, recombinant proteins, vaccines, insulin, peptides, contrast agents, and antibiotics. The company's main products can be divided into small molecule drug separation and purification equipment, large molecule drug separation and purification equipment, which can be widely used in various industrial production and laboratory research and development scenarios. Since its products entered the market, they have been sold to more than 2,000 customers domestically and internationally. The main customers during the reporting period include well-known domestic pharmaceutical companies such as Zhejiang Starry Pharmaceutical, Gan & Lee Pharmaceuticals, China Meheco Group, as well as overseas customers like INTECH ANALYTICAL INSTRUMENTS in India and REETEC AS in Norway. Domestic customers mainly consist of pharmaceutical research and manufacturing enterprises, while overseas customers include pharmaceutical production line equipment integrators and rare earth producers. Hanbang Technology's small molecule drug separation and purification equipment mainly consists of liquid chromatography equipment. The domestic laboratory liquid chromatography instrument market is mainly dominated by international giants like Agilent Technologies, Waters, and Thermo Fisher in life science instruments. According to Sullivan data, by 2023, China's liquid chromatography equipment (including production and laboratory levels) will exceed a total size of RMB 2.7 billion, with Agilent Technologies holding the highest share of 23.2%. Hanbang Technology ranks second with a market share of approximately 12.7% in the fast-growing production level liquid chromatography separation equipment market in China, leading among domestic brands, followed closely by Waters and Thermo Fisher. Financially, in the fiscal years of 2021, 2022, and 2023, the company achieved operating income of approximately 321 million yuan, 482 million yuan, and 619 million yuan respectively. The net profits were approximately 4.86 million yuan, 38.56 million yuan, and 51.49 million yuan respectively. In the prospectus, Hanbang Technology warns investors to pay attention to the risk of decreasing return on net assets. The raised funds will mainly be used for projects such as the "annual production of 1000 liquid chromatography series separation equipment", "chromatography separation equipment research and development center construction project" and "annual production of 2000 sets of laboratory chromatography separation purification equipment". After the funds are raised, the company's net asset scale will increase, and the depreciation of fixed assets will increase significantly. However, the economic benefits from the raised funds will take some time to materialize, so in the short term, the growth rate of net profit may be lower than the growth rate of net assets and total shares, resulting in a certain decrease in return on net assets, earnings per share, etc.