A-share subscription| Weigaoblood purification (603014.SH) opens for subscription, focusing on blood and peritoneal dialysis

On May 8, Weigaobloodpurification (603014.SH) began the subscription, with an issue price of 26.5 yuan/share, a subscription limit of 11,000 shares, a P/E ratio of 24.82 times, industry P/E ratio of 28.04 times, listed on the Shanghai Stock Exchange main board, and Huatai United Securities as the sponsor (lead underwriter). The prospectus shows that Weigaobloodpurification focuses on the two major fields of blood dialysis and peritoneal dialysis, supplemented by the sales of dialysis accessories, and is one of the domestic manufacturers with the most comprehensive product line of blood purification medical products. The company's blood dialysis products mainly include blood dialyzers, blood dialysis tubing, and blood dialysis machines, while the peritoneal dialysis products mainly include peritoneal dialysis fluid. According to Frost & Sullivan data, by 2023, the company's market share in the domestic blood dialyzer field is 32.5%, ranking first in the industry; in the domestic blood dialysis tubing field, the market share is 31.8%, also ranking first in the industry. In terms of blood dialysis machines, the company's authorized exclusive sales of Waighojitsukizu and Waighojitsukizu brand blood dialysis machines have a high market share in the domestic market, with the remaining market share mainly held by foreign manufacturers such as Fresenius Medical Care and B. Braun. According to Frost & Sullivan data, by 2023, the company's authorized exclusive sales of blood dialysis machines had a market share of 24.6% in the domestic blood dialysis machine field, ranking second in the industry, only behind Fresenius Medical Care. In the peritoneal dialysis market, the company cooperates with the internationally renowned blood purification company Terumo to introduce world-leading technology and production management concepts for peritoneal dialysis fluid, and exclusively sells peritoneal dialysis fluid products produced by Weigaotermao, a joint venture company set up with Terumo in mainland China. According to Frost & Sullivan data, in 2022, the company's authorized exclusive sales of peritoneal dialysis fluid had a market share of 3.6% in the domestic peritoneal dialysis fluid field, ranking fifth in the industry. The actual funds raised in this issuance, after deducting the issuance expenses, are intended to be used for the following projects: Financially, Weigaobloodpurification is expected to achieve operating income of approximately RMB 3.426 billion, RMB 3.532 billion, and RMB 3.604 billion in 2022, 2023, and 2024 respectively; with net profits of approximately RMB 315 million, RMB 442 million, and RMB 449 million respectively. Weigaobloodpurification mentioned in the prospectus that the company faces technical research and development risks. It stated that the company focuses on the research, development, production, and sales of blood purification medical products, and needs to timely track cutting-edge technology and advanced product development directions in the blood purification industry, continuously strengthen related product research and development investment to maintain the company's technological competitive advantage in the industry. If the company misjudges the direction of related technologies, product development, or market trends, or if the technological maturity of new technologies, new products, and new processes does not meet expectations, it will have an adverse impact on the company's technological innovation, new product development, and business growth.