A-share subscription | Weigao Blood opens subscription, focusing on two major tracks: hemodialysis and peritoneal dialysis

According to Zhitong Finance APP, on May 8th, Weigao Blood (603014.SH) opened for subscription, with an issue price of 26.5 yuan per share, a subscription limit of 11,000 shares, a price-to-earnings ratio of 24.82 times, and an industry price-to-earnings ratio of 28.04 times. It is listed on the Shanghai Stock Exchange main board, with Huatai United Securities as the sponsor (lead underwriter). The prospectus shows that Weigao Blood focuses on two major tracks: hemodialysis and peritoneal dialysis, supplemented by the sales of dialysis supporting products, making it one of the domestic manufacturers with the most comprehensive product lines in blood purification medical products. The company's hemodialysis products mainly include hemodialyzers, hemodialysis tubing, and hemodialysis machines, while peritoneal dialysis products mainly include peritoneal dialysis solutions. According to Frost & Sullivan data, in 2023, the company's market share in the domestic hemodialyzer field was 32.5%, ranking first in the industry; in the domestic hemodialysis tubing field, the market share was 31.8%, also ranking first in the industry. In terms of hemodialysis machines, the company has exclusive sales rights for Weigao's and Nichi-Iko's hemodialysis machines, which occupy a significant market share in the domestic market. The remaining market share is currently mainly held by foreign manufacturers represented by Fresenius Medical and B. Braun. According to Frost & Sullivan data, in 2023, the market share of the hemodialysis machines for which the company has exclusive sales rights in the domestic hemodialysis machine field was 24.6%, ranking second in the industry, second only to Fresenius Medical. In the peritoneal dialysis market, the company collaborates with the internationally renowned blood purification company Terumo, introducing world-leading technology and production management concepts for peritoneal dialysis solutions, and exclusively sells peritoneal dialysis products produced by the joint venture Weigao Terumo established in mainland China. According to Frost & Sullivan data, in 2022, the market share of the peritoneal dialysis solutions for which the company has exclusive sales rights in the domestic peritoneal dialysis solution field was 3.6%, ranking fifth in the industry. The actual funds raised from this issuance, after deducting issuance costs, will be used entirely for the following projects: In terms of finance, in 2022, 2023, and 2024, Weigao Blood achieved operating revenues of approximately 3.426 billion yuan, 3.532 billion yuan, and 3.604 billion yuan respectively; net profits were approximately 315 million yuan, 442 million yuan, and 449 million yuan respectively. Weigao Blood mentioned in its prospectus that the company faces risks in technology research and development. It stated that the company focuses on the research, production, and sales of medical products for blood purification, and needs to timely track cutting-edge technologies and advanced product development directions in the blood purification industry, continuously strengthen investment in related product research and development, in order to maintain the company's technological competitive advantage in the industry. If the company misjudges relevant technological directions, product development directions, or market trends, or if the technological maturity of new technologies, new products, and new processes does not meet expectations, it will adversely affect the company's technological innovation, new product development, and sustained business growth