[Click eStock] "BioPlus, 50% Annual Sales Growth Rate... Quantum Jump Based in China"

[Asia Economy Reporter Hwang Yoon-joo] Leading Investment & Securities announced on the 20th that BioPlus is expected to achieve a quantum jump through CAPA expansion, spearheaded by the Chinese market.

Researcher Yoo Sung-man of Leading Investment & Securities predicted, "BioPlus's projected sales for 2023 are 91.2 billion KRW, a 55.4% increase compared to this year, and operating profit is expected to rise 54% to 44.3 billion KRW."

He added, "Annual growth in scale exceeding 50% and an operating profit margin (OPM) of about 50% are expected to be maintained continuously," and forecasted, "By 2025, explosive performance growth of about five times compared to 2022 sales is expected, reaching approximately 300 billion KRW in sales."

Researcher Yoo identified two investment points: localization strategy in China and mid-to-long-term targeting of the U.S. market.

He explained, "Recently, we received special import approval from the Hainan 'Drug Administration' for two types of hyaluronic acid fillers (for face and body products)," adding, "Related sales began to be reflected from the third quarter of this year."

The special import approval items are the filler 'Skin Plus HYAL Implant' used for facial areas such as the nose, forehead, and chin, and the body filler 'DeneB' used for the chest and buttocks.

Researcher Yoo explained, "Based on the accumulated clinical data in Hainan, we aim to obtain approval from China's 'National Medical Products Administration (NMPA)' in mainland China by the end of 2023 to early 2024 through expedited clinical approval."

Earlier this year, BioPlus opened a cosmetic surgery hospital franchise in partnership with 'Ciming Health Checkup Group,' which operates about 100 health checkup centers and hospitals locally in China, with plans for future expansion.

Currently, BioPlus plans to target the global market and, in the mid-to-long term, the U.S. market through large-scale CAPA expansion.

Researcher Yoo stated, "We have secured a site of approximately 12,000 pyeong in Eumseong, Chungbuk, and plan a large-scale CAPEX expansion aiming for operation in 2025," evaluating, "This is to prepare for increased demand from existing customers and countries exporting to over 70 countries worldwide, as well as for the expected significant increase in sales to China."

He added, "By 2025, sales growth of about five times compared to this year's expected sales is anticipated," analyzing, "In the mid-to-long term, we are also considering targeting the U.S. market, and the new plant's CAPA will be up to 800 billion KRW annually."

This content was produced with the assistance of AI translation services.