Gross profit 92.63%! The most lucrative boric acid giant is about to go public, does Amey have long-term investment value?

Guide: The pursuit of aesthetic awareness change, doomed to the medical beauty industry will usher in the opportunity for development.
love of beauty, everyone has it.
with the progress of the times, more and more Chinese choose "scientific beauty" medical beauty.
when a variety of medical means gradually accepted by the people, a variety of medical products into people's vision, such as: borichic acid, botulinum, collagen and so on.
in many products, boric acid is one of the most widely discussed products in recent years, even though the current borichic acid products have shown a considerable rate of growth, but its potential in the market is far from being developed, can be seen its exuberant vitality and potential.
under the current of the times, known as "the last borichic acid giant left behind by the domestic capital market" - Amy guest, on July 15, 2020 officially passed the GEM audit, which also means that in the near future, the three giants of borichic acid Huaxi bio, Bohai Shengke, Ameike will be in the A-share competition.
, so, is the strength and potential of the A-League real? We might want to explore the company's core competitiveness and investment logic together.
the great potential of the medical beauty circuit1, the growth rate of the domestic medical beauty market is much higher than the global, the development space of the broad "New Oxygen 2019 Medical Beauty Industry White Paper" pointed out that China's medical beauty market is currently in a high-speed development stage.
2015, the world's medical and beauty market will be approximately $52.4 billion and is expected to grow at a CAGR of 5.5% in the future.
china, china's medical and U.S. market is expected to grow at a CAGR of 22.7 percent, which is much higher than the global medical and U.S. market growth rate.
thus, China's future growth space is very large, is expected to occupy about one-third of the world's market by 2020.
2, the penetration rate of domestic medical and beauty treatment is much lower than in developed countries, demand is expected to accelerate the release of Chinese medical beauty per thousand people about half of Japan, South Korea's one-sixth, reflecting the possibility of accelerated release of demand.
2018, the number of medical and medical visits per 1,000 people in China is about 14.8, with the United States, Brazil and other large countries still have a large gap.
only in Asia, the number of medical visits per thousand people in China is about half of that of Japan, and one-sixth of South Korea, reflecting the vast growth of China's medical beauty penetration rate.
3, the domestic per capita GDP continued to rise overlay of women's beauty awareness awakening, bringing more incremental per capita disposable income in the market to promote the rapid rise of medical and beauty consumption.
The Chinese per-use disposable income increased from 20167 yuan in 2014 to 28,228 yuan in 2018, with a compound annual growth rate of 8.77 percent, according to the National Bureau of Statistics.
, according to Frost and Sullivan's forecast, Chinese per-year disposable income will continue to grow at a CAGR of 7.7 per cent.
World Bank data show that when a country's per capita disposable income exceeds $2,000, it enters a moderately developed well-off society, and demand for the medical plastic surgery industry is expected to increase by about 10 percent, and is expected to continue to increase annually.
from the domestic beauty salon expenditure in recent years as a proportion of residents' income statistics, beauty salon expenditure accounted for 20% of the annual income of the population has accounted for 24%;
can be seen the development of hair and beauty industry will be with the development of the national economy, people's living standards and consumption level sending a broader space for development.
at the same time, due to the Internet, Korean drama, cosmetic film and other new era trends in recent years, Chinese women's acceptance of medical beauty is rapidly rising.
on the other hand, the "appearance association" population is becoming larger and larger under the evolution of modern interpersonal relationships.
Chinese women's budget in the medical beauty will be steadily increased, which also gives the medical beauty market a huge potential and room to rise, we can grasp this trend from the 2018 China Women's Skin Care Behavior Report of china's monthly beauty consumption survey data.
this shows that China's medical and aesthetic market currently has a huge growth rate, and there is a huge potential.
medical beauty circuit investment, investment upstream is the best solution 1, medical beauty industry in all aspects of the introduction of the medical beauty market upstream and downstream are: upstream: raw materials and pharmaceutical suppliers, mainly engaged in the research and development and production of boric acid, botulinum toxin and other drugs.
Midstream: Service agencies, including public hospitals, private medical and beauty salons and many small-scale medical institutions.
downstream: the guest platform, including offline beauty salons, hospitals and other diversion facilities.
2, why is the upstream investment the optimal solution? We take boric acid as an example to split the value chain, per milliliter of boric acid terminal payment is about 857 yuan, of which raw material costs account for about 3.5%;
Investment in upstream products has become a more profitable way for investors because of their higher gross margins and higher marginal costs.
the above parade giant Huaxi Bio and downstream representative Huahan plastic surgery comparison can easily see the gap.
2017-2019, Huaxi Bio received gross margins of 75.48 percent, 79.92 percent and 79.66 percent, respectively, while net margins reached 27.2 percent, 33.6 percent and 31 percent, far more than Huahan, who represented downstream industries in the same period.
3, the current focus on the competition of boric acid, the future grasp of botulinum toxin at present, medical products to boric acid, botulinum toxin, collagen and laser beauty equipment-based.
botulinum toxin and boric acid are the two most popular categories in the market.
and botulinum toxin because of the product toxicity is large, subject to strict national supervision, the industry currently approves only Lanzhou Institute of Biological Products Heng and Aerjian's baototheable two products (46.5% and 53.5% market share, respectively), the future botulinum toxin market will be medical product manufacturers "Soldiers must fight for the land", we will pay close attention to the domestic manufacturers of product layout progress, boric acid as a beauty filler widely used in the field of micro-plastic surgery can be used as a nose, chin filling, lips and anti-wrinkle fillers, or as a moisturizing water light needle injection products.
compared with other beauty items, injection can achieve the effect of "fast food beauty", cheap, fast,effective, does not affect the work, and most of the reversible, natural moisturizing factor shriealic acid, higher safety, widely favored.
in addition, China's boric acid certification cycle of 3-5 years, the current market to get the FDA approval of a total of more than ten brands.
so boric acid is the medical beauty circuit is well-deserved the best investment segment, in recent years, the market size of the boric acid is continuing to expand, the industry CARG is reached 32.3%, CR4 accounted for 70.3%.
in the hyaluronic acid products, the fastest growth rate is the full face filling and face fine lines, respectively, reached 88.61 percent and 209 percent.
the study of haeacid (HA), its most prominent features: it is the best moisturizing substance found in nature, with 2% pure hyaluronic acid water solution can firmly maintain 98% moisture, so it has the most widely used in the field of medical beauty.
at present, China's pharmaceutical-grade boric acid products cover three main areas: medical beauty, orthopaedic therapy and ophthalmology treatment.
in 2018, the medical and aesthetic market size is much larger than other reference areas, reaching 3.7 billion yuan.
it is worth mentioning that in China's medical and aesthetic injection products market, domestic brand sales grew faster, with a compound growth rate of 32.2%, higher than the 18.7% of imported brands in the same period.
in addition, the domestic usunate acid market, CR3 market share is relatively low, indicating that the growth of boric acid in china and the replacement space is very large.
the rise of the United States, the capital market left behind the borichic acid giant 1, love of the United States and customers, in recent years, the domestic market share of anti-Bohai Health, Huaxi biological in all the companies of borichic acid products, Huaxi biology and Bohai biology once occupied most of the market.
however, in recent years, the beauty business has emerged, surpassing the two major competitors in 2018, accounting for the largest share of domestic medical beauty products sold.
as the current market share of the United States, but also the first domestic approved hyaluronic acid registration certificate company.
2, The three pillars of the brand introduction of AmeiKe Technology Development Co., Ltd. is a professional engaged in biomedical materials research and development, production and sales of national high-tech enterprises.
company independent research and development and approved the listing of products Yimei, Baonida, Eveley, Hi body, Yimei one plus one, are sodium hyaluronic acid as the main substrate, respectively, add hydropropyl methyl cellulose, polyethylene alcohol gel microspheres and other polymer composite stakes and amino acids, vitamins and other nutrients, can give full play to the synergies between the various materials, in the adaptation, injection level, injection experience and other characteristics.
the above products belong to Class III medical devices, used in the repair of facial and neck wrinkles.
in addition, Amerique's three main brands: Aphron's three major brands: Avely is responsible for the production of injectable modified sodium hyaluronic acid gel, Hi body is mainly for injection sodium hyaluronic acid compound solution, and Baonida focuses on medical lysic acid containing polyethylene alcohol gel microspheres.
it is worth mentioning that the annual sales of these three brands are in a rapidly rising phase, with great potential.
3, corporate barriers and the biomedical materials industry in which The Pipeline is located is not only a technology-intensive industry, but also a capital-intensive industry.
medical device products formed by biomedical materials, need to follow a series of regulatory requirements such as medical device product development, registration, clinical, especially three types of medical device registration products, long approval time, difficult to obtain, new entrants often have a higher difficulty.
Until the company's declaration of the listing draft disclosure, only 16 other production enterprises have obtained the issuer of similar products of the domestic medical device registration certificate.
in addition, we have come to see the company has been approved registration certificate of six products, 6 of the notes in the "first domestic" description, including Yimei, Baonida, Evely, Hi body and other four products were identified as new technology and new products in Beijing.
can be seen, the United States in the industry has a more obvious first-mover advantage.
As of December 31, 2019, the company has a total of 72 research and development and technical personnel, accounting for 22.86 percent of the total number of employees, the company still attaches great importance to the research and development part.
and in the current company's research pipeline, for skin filling, surgery anti-adhesive two three types of medical products have come to the registration and declaration stage, we mentioned earlier botulinum toxin products have been in the clinical stage, to a certain extent enriched the company's future performance of the imagination space.
Financial Analysis 1, Product Outlook - Revenue Growth 2017-2019, Amy Customer's operating income was RMB222 million, RMB321 million and RMB558 million, respectively.
increased by 44.28 percent and 73.73 percent year-on-year, thanks to the rapid development of domestic boric acid products, Ai Meike also gradually occupied more domestic medical-grade uslate acid products market share.
and Amey's business revenue compound growth rate in 2017-2019 was significantly better than that of competitors Huaxi Bio and Bohai Health, which must indicate the best-selling products and market prospects of Aimei's products in recent years.
2, profitability-gross margin and net margin growth 2017-2019, the gross margin of Ameyer was 86.15%, 89.34% and 92.63%, respectively, with a net margin of 34.49%, 36.17%, and 53.42%.
net interest rate has outstripped its main rival.
3, the company's financial security - asset-liability ratio: 2017-2019, The balance sheet ratio of AmyK is 17.17%, 12.70%, 10.88%, the annual asset-liability ratio continues to decline, is a very healthy asset.
4, the company's best-selling products - inventory turnover and turnaround cycle: Aimei Ke 2017-2019 inventory cycle rate of 1.84, 2.24, 2.27, compared with the industry's main competitors, The company's product selling level is basically flat in 17 years, and in 2018 began to gradually surpass its competitors, become one of the best-selling brand of boric acid products in the industry.
, at the same time, the turnover rate of accounts receivable of Aramco in 2017-2019 was 46.12, 47.51, and 46.76, respectively, far exceeding that of its competitors in the industry, indicating that The Company's capital use is very efficient.
investment logic and point of view 1, the industry sector long bull double with the increase in per capita disposable income and the constant pursuit of amy, the female consumption sector has been the field of changcattle companies, increasing market demand year by year so that cosmetics and medical beauty market is destined to present a blowout situation in the next 5-10 years.
obviously the current A-shares have emerged to build a certain brand moat of listed companies, such as Huaxi Bio, Pereya and Maumashares shares are more typical examples, their strong stock price performance can actually illustrate a lot of problems, because the stock price of long cattle often mean performance of the bulls, which is inseparable from being in the high-quality track.
and The United States to follow the strategy of many international brands, in the medical beauty-grade hyaluronic acid products market multi-brand flowering, the current look at the results, the current stage of rapid growth, I think is expected to become the next "Huaxi" or "Pelea".
2, excellent business model, live out of the "cash cow" we study a company, often pay attention to the company's accounts receivable, operating cash flow net indicators, because we can see the company's business model, including whether there is sufficient bargaining power downstream, whether the company only earns a number of money not to make real money and other derivative company's core competitiveness issues.
and The Company's net operating cash flow for 2017-2019 was approximately RMB0.84, RMB1.35 and RMB310 million, respectively, and net profit was RMB0.76, RMB1.16 and RMB298 million, respectively.
company's annual income is almost real money and silver bags, it is not difficult to understand that the company bought more banking products to manage idle funds, most investors are happy to see this.
3.