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.

Pre-IPO Hangzhou Diagens Biotechnology (PHIP Updates) - The IPO Pricing Is Expensive

Pop Mart (9992 HK) 2025 Results - More Downside Ahead?

Pre-IPO Guangdong Huayan Robotics (PHIP Updates) - Some Points Worth the Attention

Pre-IPO HLA Group (A/H Listing) - The Outlook Is Not Optimistic

Pre-IPO Shanghai Sunmi Technology (PHIP Updates) - Some Points Worth the Attention

Wuxi Lead Intelligent Equipment - The Concerns On Fundamentals and the Valuation Outlook

Pre-IPO WinHealth International Holding- A BD-Driven Model May Not Guarantee Sustainable High Growth

Equity Capital Markets

Estun Automation / Equity Capital Markets

<ul>
<li>ESTUN’s core competitiveness is reflected in two dimensions: One is technological autonomy and vertical integration. The other is strong ability of "M&amp;As + integration". However, ESTUN's profit performance is unsatisfactory.</li>
<li>The lower limit of valuation is 1.2-1.5x P/S. The upper limit is 2-2.5x P/S. Based on 2025 forecast, market value is RMB6.1 billion-7.6 billion and RMB10.1 billion-12.7 billon respectively.</li>
<li>Considering the current high financial risks and other challenges, a comfortable IPO valuation range could be between RMB8 billion and RMB11 billion. So, we think the IPO pricing is expensive.</li>
</ul>


ESTUN’s core competitiveness is reflected in two dimensions: One is technological autonomy and vertical integration. The other is strong ability of "M&amp;As + integration". However, ESTUN's profit performance is unsatisfactory.
The lower limit of valuation is 1.2-1.5x P/S. The upper limit is 2-2.5x P/S. Based on 2025 forecast, market value is RMB6.1 billion-7.6 billion and RMB10.1 billion-12.7 billon respectively.
Considering the current high financial risks and other challenges, a comfortable IPO valuation range could be between RMB8 billion and RMB11 billion. So, we think the IPO pricing is expensive.


Pre-IPO Estun Automation (PHIP Updates) - The Business, the Concerns and Thoughts on Valuation