HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Huadong Medicine Co Ltd (000963.CH) - A “Dark Horse” to Reverse Performance Dilemma

Huadong Medicine (000963.CH) 2022H1 - Huadong Is Back on Track. If Shares Pullback, Then Be Long

Sinopharm Group (1099.HK) - Industry Trends Hardly Support High Valuation Expectations

Sihuan Pharmaceutical Hldgs (460.HK)- Privatization Rumor, Upside Potential and Concerns on Business

Shanghai Haohai Biological Technology (688366CH)- Diversified Business Layout Doesn't Secure Outlook

Bloomage Biotechnology (688363.CH) Vs Imeik Technology (300896.CH) - The Logic and the Outlook

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Imeik Technology Development C / Equity Bottom-Up

Imeik Technology Development C (300896 CH)

<ul>
<li>Imeik keeps its outstanding financial performance in 2021/2022Q1. On the surface, it looks prosperous, but its development strategy, product layout and resilience in front of risks would bring many uncertainties.</li>
<li>Considering the pandemic/lockdown and a slowing economy in China, the revenue growth in 2022 could fall to about 50%, then to about 40% and 30% in 2023 and 2024 respectively.</li>
<li>Imeik’s valuation is “unreasonably high”, which is expected to be lower than Bloomage in the future. Anything that deviates from fundamentals would inevitably return to the origin. </li>
</ul>


Imeik keeps its outstanding financial performance in 2021/2022Q1. On the surface, it looks prosperous, but its development strategy, product layout and resilience in front of risks would bring many uncertainties.
Considering the pandemic/lockdown and a slowing economy in China, the revenue growth in 2022 could fall to about 50%, then to about 40% and 30% in 2023 and 2024 respectively.
Imeik’s valuation is “unreasonably high”, which is expected to be lower than Bloomage in the future. Anything that deviates from fundamentals would inevitably return to the origin. 


Shanghai Fosun Pharmaceutical (Group) (600196 CH)

Imeik Technology Development (300896.CH) - Superficial Prosperity Hardly Masks Underlying Risks