The robot layout of the company is comprehensive and the team is strong. The company's three flagship products, Tumai and Swan, are in the registration and approval stage, and dragonfly has recently approved them. In addition, the company also has six products under development at different stages of development. It is the only company in the global industry with a portfolio of five major and fast-growing surgical specialties. The company has a strong executive team, including outstanding people from research and development, business promotion and supply chain, with rich and professional experience in the past, such as China Space Technology Research Institute, General Group and intuitive Fosun.
The Tumai celiac robot is expected to be approved soon. As a precision equipment, celiac robot is difficult to manufacture and requires high accuracy, flexibility and safety. The urology indication company expects Q1 to be approved next year, and indications such as general surgery and gynaecology have also entered the clinic. At present, there are 141 patents at home and abroad and 280 patents are pending for approval, with a comprehensive patent layout. According to the information disclosed by the prospectus company, the clinical trial results are as good as Leonardo da Vinci's Si. From the main effective indicators and adverse reactions, there is no statistical difference between Tumai and Leonardo da Vinci. From the secondary indicators, except that the operation time is slightly longer than Leonardo da Vinci, other indicators are not different from Leonardo da Vinci.
The company's robot product layout is comprehensive and multi-point blooming. In the future, it is expected that the company's robot brand will be initially established by Tumai and Swan, so that doctors and patients will know and be familiar with the company's surgical robots. the company will further bind the hospital through a comprehensive product to help the company become a leading domestic and global surgical robot company.
Profit forecast and investment advice: the company's revenue from 2021 to 2023 is expected to be 1.00,40.25 and 278.39 million yuan respectively. According to the absolute valuation method, the corresponding fair value of HK $78.58 per share is obtained and given a "buy" rating.
Risk hint. The speed of product launch is not as fast as expected, the progress of product commercialization is not as expected, the progress of indication expansion is lower than expected, and policy risk.