A-share subscription | Chromatography technology supplier Hanbang Technology (688755.SH) opens subscription for major customers such as Ganli Pharmaceutical (603087.SH) and other well-known pharmaceutical companies

The Zhitong Finance App learned that on May 7, Hanbang Technology (688755.SH) began the subscription. The issuance price was 22.77 yuan/share. The maximum subscription price was 50,000 shares, with a price-earnings ratio of 26.35 times. It belongs to the Shanghai Stock Exchange, and CITIC Securities is its sponsor.

According to the prospectus, Hanbang Technology is a high-tech enterprise integrating R&D, production and sales with chromatographic technology as the core. It mainly provides professional separation and purification equipment, consumables, application technology services and related technical solutions in the fields of pharmaceuticals and life sciences.

Hanbang Technology's products and technologies are widely used in the development and production of drugs and natural products such as antibodies, recombinant proteins, vaccines, insulin, peptides, contrast agents, and antibiotics. According to the type, the company's main products can be divided into small molecule drug separation and purification equipment, large molecule drug separation and purification equipment, etc., which can be widely used in various application scenarios in industrial production and laboratory research and development.

Since its launch, the company's products have been sold to more than 2,000 customers at home and abroad. The main customers during the reporting period include well-known domestic pharmaceutical companies such as Stelli, Ganli Pharmaceutical, Chia Tai Tianqing, and China Pharmaceutical Group, as well as overseas customers such as India's INTECH ANALYTICAL INSTRUMENTS and Norway's REETEC AS. The company's domestic customers are mainly pharmaceutical R&D and manufacturing companies, while overseas customers include pharmaceutical production line equipment integrators, rare earth manufacturers, etc.

The small-molecule drug separation and purification equipment produced by Hanbang Technology is mainly liquid chromatography equipment. Small molecule liquid chromatography equipment can be mainly divided into two categories: laboratory instruments and production-grade equipment. The laboratory liquid chromatograph market in China is mainly occupied by international life science instrument giants such as Agilent, Waters, and Thermo Fly. According to Sullivan data, in 2023, the total scale of liquid chromatography equipment in China (including production grade and laboratory grade) exceeded 2.7 billion yuan, with Agilent accounting for the highest share of 23.2%. Hanbang Technology ranked second with rapid growth in the production-grade liquid chromatography separation equipment market, with a market share of about 12.7%, ranking among the top domestic brands, followed by Waters and Thermo Fly.

On the financial side, in 2021, 2022 and 2023, the company achieved revenue of approximately 321 million yuan, 482 million yuan, and 619 million yuan, respectively. The company's net profit was approximately RMB 4.8617 million, RMB 385.596 million, and RMB 51.4975 million, respectively.

Hanbang Technology indicated in its prospectus that it is concerned about the risk of declining return on net assets. The capital raised this time is mainly used for the “production project for liquid chromatography series separation equipment with an annual output of 1,000 units”, the “chromatographic separation equipment R&D center construction project”, and the “production project for laboratory chromatographic separation and purification instruments with an annual output of 2,000 units (sets)”. After the capital raised is in place, the size of the company's net assets will increase, and depreciation of new fixed assets will increase dramatically, but it will take some time for the funds raised to generate economic benefits. In the short term, the increase in the company's net profit may be lower than the increase in net assets and total share capital, and the return on net assets and earnings per share will decline by a certain margin.