In -depth analysis/Beikang Medical: domestic auxiliary reproductive equipment research and development layout

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In -depth analysis/Beikang Medical: domestic auxiliary reproductive equipment research and development layout

Population and food problems are regarded as the foundation of the country.

深度解析/贝康医疗:国产辅助生殖器械研发布局

In the long history of China’s 5000 years, most of the time is fighting with food. “Population” seems to be a problem that does not need to be solved. As long as there is no disaster and no difficulties, the population will grow. In modern times, the country’s worry is the problem of controlling population growth.

Academician Yuan Longping’s original hybrid rice technology has solved China’s grain problems and enabled us to have 50%of the world’s grain output. However, Academician Yuan Longping must not have expected: “The population of eating” has become a new big problem in recent years.

There are two ideas to solve the problem of “population”: first of all, to provide social benefits, including reducing the cost of living, protecting women’s rights, etc., and transforming people who do not want to give birth; more importantly, to enable people who want to live smoothly to live smoothly. Including extending the childbearing age of both men and women, improving fertility assistance technology, overcoming physiological restrictions such as poor physical fitness, genetic diseases, and age, so that seeds can germinate in harsh environments.

From the perspective of the pharmaceutical and biological industry, the only thing that can do is to master the core technology & equipment in the hands of their own business, realize the independent and controllable industrial chain, so that infertility and even late marriage and childbirth can enjoy high cost -effective assistance reproductive Serve.

In the field of food, we have Yuan Longping.

Who can become the next “national hope”?

01 The dilemma of domestic auxiliary reproductive devices, Beikang cuts the opportunity with PGT strongly

According to data released by FROST & Sullivan in 2020, although there are potential 9.6 million infertile couples in China need to auxiliary reproductive services, the scale of market demand far exceeds 400 billion, the total size of the domestic auxiliary reproductive service market is only 58.9 billion yuan. Under the huge market gap, there was a private service giant of Rujinxin’s reproduction.

In contradictory, the upstream auxiliary reproductive equipment has not been able to have representative domestic forces.

Auxiliary reproductive devices include auxiliary reproductive high -value consumables (such as embryo frozen/thawing liquid, embryo culture liquid, PGT reagent, etc.), auxiliary reproductive solid consumables, auxiliary reproductive instruments, etc.

From the perspective of the entire product market share, 95%of the auxiliary reproductive equipment rely on imports.

There are three major reasons caused by such a dilemma: 1) the domestic auxiliary reproductive equipment industry starts late, of which the core three types of products have high technical thresholds; 2) Strictly managed domestic auxiliary reproductive equipment, and the clinical cycle of three types of products is long; 3) There are many categories of auxiliary reproductive equipment, and most of the market size is small, and high requirements are put forward by domestic manufacturers’ multi -line R & D layout;

Drawing on the growth path of overseas IVD giants, all are the leading positions in the subdivided field, and then gradually build a multi -product matrix platform through horizontal and vertical expansion, which is also applicable to the field of auxiliary reproductive devices.

As the only pure auxiliary reproductive equipment manufacturer in the two cities, is Bikang Medical?

Embryo -implantation of genetic testing services (PGT) is one of the few large segments of the auxiliary reproductive device industry chain. According to the Ferris Sanderian research report, the market size is expected to reach 1.04 billion in 2023, which is mainly used to judge embryos Whether to carry hereditary diseases and screen healthy embryo transplantation.

PGT is divided into three categories: PGT-A, PGT-SR, and PGT-M. Among them, PGT-A screening has the widest scope. The number of related IVF cycles in 2020 exceeded 500,000.

In February 2020, Beikang Medical’s PGT-A kit was approved as the first domestic product in China, which laid the company’s market leading advantage. The commercialization of medical devices has never been a steep curve. In the early stage, a series of bidding for hanging networks was needed to work (1-2 years). At present, the company has established cooperative relationships with major reproductive centers and maternal and child health care hospitals. In 2021, the sales revenue of the PGT series of Beikang’s core product PGT series kits was 45.84 million yuan, which is expected to further capacity in the future.

Although the products of the competitors Jiabao Ren and PGT-A reagent products were approved in November 2021, in the face of extremely low market penetration (Beikang 45.84 million VS 1.2 billion markets), there is a high probability that non-competition is to jointly make domestic production together. The PGT-A market, and Beikang Medical has built a full commercial barrier than its opponents.

In addition, PGT-M and PGT-SR products are registered with the registration of PGT-SR products, and Beikang Medical is also in a comprehensive leading position. It is expected to be approved in 2023 and 2024, respectively, and achieves a full range of product development in the field of PGT detection.

If the competition in the PGT field is a horse racing, Beikang will undoubtedly lead the lead, but it will depend on the market expansion in the future. The company has gone through the life cycle of PGT-A R & D, production, and commercialized product development. The accumulated brand, experience, and channel foundation will undoubtedly provide a solid foundation for its entry into the auxiliary reproductive equipment link.

02 Layout outside PGT: fertility preservation system

If you only think that Beikang ceiling is limited to PGT detection market segments, it will undoubtedly undoubtedly undoubtedly undoubtedly make the company’s ambition.

A set of data reveals a brand new market: Liupu data shows that the average fertility age of domestic women has reached 29.13 years, which is 2 years older than Supu. 41%in 2018, the trend of late marriage and childbirth is obvious.

With reference to the experience of developed countries, in order to avoid fertility difficulties due to the delay of the fertility age, some single people have become more and more intense for fertility and frozen eggs and frozen essence. In 2018, the US Association of Assistant Reproductive Technology Associations: 76,000 women choose frozen eggs. If domestic policies are liberalized, according to the population proportion, China will have more than 400,000 women to choose frozen eggs. The domestic fertility preservation market is expected to exceed 40 billion.

There are signs of loosening the domestic frozen egg policy,

For two consecutive years, the CPPCC member proposal was “letting go of single female frozen egg restrictions”. In 2021, the Hunan Health Commission responded to the proposal to open the single female frozen eggs.

Beikang Medical is obviously a “prophet” role in this field. As early as 6 years ago, it established the development of ultra -low temperature storage equipment systems for embryo. Certificate, the company has become the only embryo frozen storage equipment service provider in the world that can provide -180 ° C to -196 ° C. It is expected to be approved in China this year.

Smart liquid nitrogen can BCT38A (left), fully automatic ultra -low temperature storage system BSG800A (right)

The company’s fully automatic ultra -low temperature storage system has realized the optimization of embryo storage fully automatic operation processes, real -time monitoring and management of embryo, and far exceeding the storage of ordinary liquid nitrogen tanks.

Leading the world’s leading level.

深度解析/贝康医疗:国产辅助生殖器械研发布局

At the ground level of the horse racing circle, Beikang Medical has now helped more than 31 domestic medical institutions to establish a standardized auxiliary reproductive laboratory, taking the lead in channels. Data show that the number of auxiliary reproductive cycles in my country each year is about 800,000 (10 embryos per cycle), and a total of 8 million embryos need to be stored each year. It is expected that at least 1,000 smart frozen storage equipment is required each year tower).

Taking frozen eggs as an example, freezing about 20,000 at a time, and the storage cost of about 1500/year maintenance costs, then the potential storage annual maintenance cost of domestic medical terminals is as high as 6 billion (calculated at the demand for frozen eggs of 400,000).

For Beikang Medical, this is also a business with excellent business model.

The company can not only obtain the income of the sale equipment, but also the equipment needs to replace the special load and other consumables each year, and it can also charge system maintenance and management related costs. While deeply involving the auxiliary reproductive cycle, the company clearly understands the needs of customers under the tour, which is more favorable to promote the promotion of its own business.

Of course, the opportunities and risks of this sector coexist. In the past few years, a large number of women have gone to overseas frozen eggs, which is largely limited to domestic policy control. If domestic policies are not tied to expected, the company’s equipment may be blocked and has to be based on overseas markets.

03 Acquisition Xingbo Biological to solve the problem of infertility.

Fundamentally solving the problem of infertility of patients, in addition to ensuring good supply of eggs and detecting embryos, it is important to ensure sperm quality.

Infertility caused by gender factors, male factors account for 40%, of which sperm abnormalities are the most important causes, accounting for 57%. In contrast to the huge potential testing needs: the size of the domestic men’s infertility testing market is expected to exceed 7.8 billion yuan, while the current market size is only 500 million.

The reason is that the long -term lack of accurate and effective methods for men’s infertility problems. For example, conventional semen analysis only measures the number, activity rate and sperm movement classification of sperm, which is difficult to comprehensively reflect the quality of male sperm.

In response to the above clinical challenges, Beikang Medical has independently developed a revolutionary intelligent sperm quality analyzer, which can directly analyze the concentration, vitality, and shape of unsalid sperm. Improve the availability of testing, expand the testing services to community hospitals, public health centers, and even families that have not had the ability to diagnose and treat male diagnosis and treatment before, to promote the establishment of sperm quality analysis standards across the country and even the world.

In November 2021, Beikang Medical completed the acquisition of Xingbo and Men. Xingbo Men is one of the earliest domestic and larger male IVD diagnostic companies, and it is also one of the larger streaming cell detection kit suppliers in China. Xingbo’s sperm nuclear integrity (DFI) testing products have provided detection services for millions of pregnant couples, which have been widely recognized by the market.

深度解析/贝康医疗:国产辅助生殖器械研发布局

It can be seen that Beikang Medical knows the pain points and needs of all aspects of the auxiliary reproductive industry chain, and make good use of the industrial layout thinking. In addition to ensuring that in the embryonic testing, preservation and consolidation of its leading advantages, the depth of the fund advantage of its own listed company is paired The industrial chain integrates. At the same time, the company took the lead in obtaining huge fund reserves, and the integration advantage also performed vividly.

The planning blueprint for Beikang Medical can vaguely see a controllable “infertility and infertility full life cycle domestic equipment big platform” is beginning to take shape.

04 Attractive opportunity: The benchmarking Swedish giant vitrolife, at least a few times of space up

Starting from the valuation angle, the market value of Beikang’s medical care has reached the mark of 800 million yuan, and as of the end of 2021, the company’s cash and equivalent objects exceeded 1.5 billion yuan, which fully showed that the current 18A section of the Hong Kong stocks has been unreasonable. Essence

Looking forward to the future, if Beckham can be able to reach 8-10%(35-400 million) in the PGT-A market in 2023, the net interest rate of 20%according to the scale of the scale, the net profit will reach 7000-8000, the net profit will reach 7000-8000 Wan, given 30 times the price-earnings ratio, then the corresponding valuation of this part is 2.14 billion; 2) the embryo storage system is expected to be approved this year. As a domestic monopoly product and company’s new growth curve in the next few years, the installation of equipment is possible The valuation of 20 to 300 million; 3) The valuation of Xingbo Biological was 160 million when the acquisition was acquired.

After calculating, after the market resumed rationality, the company’s valuation in 2023 was at least 200-4 billion yuan.

深度解析/贝康医疗:国产辅助生殖器械研发布局

How to determine the rationality and conservativeness of this future outlook and valuation method?

Beikang Medical Overseas Bidding is actually the Swedish giant Vitrolife. It currently has a market value of about 20.5 billion yuan. In 2021, its revenue profit is about 1.13 billion 231 million. For the valuation of PS, we can see that overseas capital is willing to give a high premium for scarce auxiliary reproductive devices.

Where is the differences and comparability of Beikang and Vitrolife?

深度解析/贝康医疗:国产辅助生殖器械研发布局

Vitrolife provides a global clinic and laboratory to provide a global clinic and laboratory to provide core products from basic consumables such as egg retrieval, pipette to frozen preservation, genetic testing, etc. Most of its products have passed FDA and CE international certification. The auxiliary reproductive industry chain instrumental service platform.

Compared with Vitrolife, although Beikang Medical is currently only small in the field of PGT testing, but based on the company’s aggressive R & D strategy and a series of BD acquisition layouts, it starts from the field of genomics. It is expected to open up all aspects of the auxiliary reproductive industry chain to form a complete set of domestic auxiliary reproductive device consumables solutions. It can be seen as “the Chinese version of the vitrolife prototype”.

深度解析/贝康医疗:国产辅助生殖器械研发布局

In the future, if Beikang can be firmly implemented by the step -by -step, the grand strategy will be implemented smoothly. With the continuous milestone and performance, it will eventually usher in the company’s own unique value reversal path.

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