Core ideas:
With an income of 2.15 million yuan in 21 years, the Tumai first-generation machine has been approved. The company issued a 21-year performance announcement, with a 21-year operating income of 2.15 million yuan and a net loss of 583 million yuan. The company's R & D investment continued to increase, and the annual R & D expenditure in 21 years reached 393 million yuan, an increase of 257 million yuan over the same period in 20 years. Tumai, the core abdominal cavity product, was approved for market by NMPA in January 22, and the indication was urology. At the same time, the multi-disciplinary, multi-center registered clinical trial of Tumai II products was launched in October 21, and all clinical trials were successfully completed in January 22. The application for NMPA registration is expected to be submitted this year and approved in 23 years. The human trial of the first single-hole endoscopic robot cholecystectomy in China was completed in December 2021.
The registration of swan joint robot in orthopedic field is in progress at home and abroad. The registered clinical trial of swan for total knee arthroplasty was completed in July 21 and submitted to NMPA for approval in the same month. It is expected to be approved and listed in China this year. At the same time, Swan is the first product in the Group's globalization strategy to apply for overseas listing, which submitted an application for 510K to FDA in December 2021.
A number of other robots are progressing steadily. The PCI robot has completed the first registered clinical case in China in November 21, which is also the first application in the market outside Europe, and is currently carrying out simultaneous operations in North, Northwest and South China. Prostate biopsy system successfully completed the first robot-assisted prostate biopsy clinical trial surgery in November 21, and most of the operations have been completed so far.
The commercial team is complete. Under the leadership of Chief Business Officer Liu Yu, a comprehensive and well-trained sales team has been established, and more than a dozen clinical application and training centers have been established.
Profit forecast and investment advice. It is estimated that the company's revenue from 2022 to 2024 will be 58.98 million yuan, 560.86 yuan and 1523.80 million yuan respectively. According to the absolute valuation method, the corresponding fair value of HK $64.59 per share is obtained, and the "buy" rating is maintained.
Risk hint. Policy risk, R & D is not as expected, commercialization is not as expected.