The company started with Peripheral Drug Balloon (DCB), relying on the first-mover advantage to establish a relatively perfect peripheral product sales channel, through indications to expand to open the future market space. The company's laptop DCB products were approved in China in 2016, leading the competition for about four years.
The DCB product was approved in China at the end of 2020, becoming the first DCB product in the world based on the results of multicenter randomized controlled clinical trials. With its unique lipophilic drug coating formula and ball coating / folding process, the company can produce products with outstanding efficacy and complete specifications, thus covering more patient groups. By the end of March 22, the company's DCB covers 1283 hospitals and DCB covers 288 hospitals, relying on the first-mover advantage of products to establish a relatively perfect peripheral product sales channel. For the approved DCB products on the market, the company is actively promoting the development of its new indications, which will cover various vascular types such as arteriovenous fistula, vertebral artery and intracranial artery, and further open up the market space of DCB.
Actively lay out the upstream industrial chain to improve R & D efficiency while reducing cost and increasing efficiency. The quality level of plastic medical devices is determined not only by the performance of medical plastics themselves, but also by the processing technology and technical equipment conditions in the preparation process. The company relies on the polymer material platform to master the plastic pipe extrusion process, with the core technology of precision pipe preparation. Through the layout of upstream polymer materials and metal materials, the company can not only reduce costs, but also shorten the internal product development cycle and develop more deeply optimized products in subdivided areas.
It is rich in research pipelines, and a number of medical devices have been approved one after another in the near future, which is expected to achieve rapid volume with the advantage of existing channels. Since November 2021, the company has successively approved four medical device products / new indications on the market, including peripheral aspiration catheter (domestic first), peripheral radiofrequency ablation system (domestic first), microcatheter for peripheral complex vascular lesions and knee DCB new indication for arteriovenous fistula stenosis (domestic first). In addition, the company has nearly 30 products / new indications are expected to be approved in 23-25 years, contributing to the company's medium-and long-term development.
Peripheral intervention in the field of domestic leaders, optimistic about the long-term development of the company. In the short term, the company relies on the first-mover advantage established by the peripheral drug ball, which can help the rapid release of newly approved products; in the medium and long term, the company lays out technical platforms such as thrombus aspiration, radiofrequency ablation, vascular rotary grinding, and so on. Create various types of vascular intervention solutions to bring continuous growth momentum for the company.
Without considering the risk of mining, the company's revenue from 2022 to 2024 is expected to be 4.43,6.21 and 843 million yuan respectively, with year-on-year growth rates of 45.81%, 40.19% and 35.75%, respectively. The net profit of the company in 22-24 was 0.65,0.91 and 126 million yuan respectively, an increase of 182.72%, 39.26% and 38.66% over the same period last year, and the corresponding EPS was 0.21,0.29 and 0.40 yuan respectively. Based on the closing price of 7.50 yuan on August 8, the PE in 2022-2024 was 35.9,25.8 and 18.6 times respectively.
Risk tips: the risk of intensified competition in the industry; the risk of price reduction in the collection of consumables; the risk that the progress of research and development is not as expected; the risk of commercial promotion is not as expected.