Events:
On March 30, 2021, the company released its annual report results: the company's annual operating income in 2021 was 925.3 million yuan, an increase of 44.1 percent over the same period last year and 38.3 percent over the same period in 2019. The gross profit was 747.5 million yuan, an increase of about 45.7 percent over the same period last year. The net profit returned to the mother was 292.5 million yuan, an increase of 35.4 percent over the same period last year, and the net profit deducting non-return was 324.0 million yuan, an increase of about 76.8 percent.
Comments:
Steady performance growth in 2021
The company's revenue in 2021 was 925.3 million yuan, an increase of 44.1 percent over the same period last year. In terms of business sectors, the business of structural heart disease grew strongly, with revenue of 331.1 million yuan in 2021, an increase of 60.4 percent over the same period last year, of which the Cera cardiac occluder increased by 88.2 percent and the left atrial appendage occluder increased by 83.8 percent.
The market share of peripheral vascular business continues to lead, with revenue of 548.5 million yuan in 2021, an increase of 33.4% over the same period last year, of which Ankura aortic covered stents increased by about 38.2%. The pacemaker business accelerated import substitution, with revenue of 45.7 million yuan in 2021, an increase of about 85.8% over the same period last year. At present, the company has reached a new cooperation with Medtronic PLC on the series of MRI-compatible pacemakers, and it is expected to further expand the product line of pacemakers in the future.
R & D innovation as the core driver
The company insists on R & D and innovation. At present, 14 products have been approved by the National Innovation Green Channel. The R & D expenditure in 2021 is about 212.5 million yuan, accounting for about 23.0% of the revenue. In 2021, a number of innovative products were approved to market, and seven products were approved to be listed in China-the first exclusive G-iliac iliac artery bifurcation stent system and SilverFlow internal iliac covered stent system filled the gap in the reconstruction of internal iliac artery in China; in September 2021, a new generation of left atrial appendage occluder LAxible was approved to market, further improving safety and effectiveness In November, the new generation of abdominal aorta covered stent system Yuranos was approved to go on the market, optimizing for the upgrade of the previous generation of products. Two products have been approved to market overseas-the Xuper aortic graft stent system was approved by the European Union CE in May, which is the first commercial multi-branch intraoperative stent system in the world, and provides a new scheme for the hybrid surgical treatment of Stanford An aortic dissection. IBS Angel iron-based absorbable stent system for the treatment of pulmonary vascular stenosis in children has been approved for sale in Malaysia and is currently the only absorbable stent suitable for children in the world.
The company is working on a wide range of products, including aortic stent system (chimney and windowing solutions), thoracic and abdominal aortic stent system and so on. In terms of clinical progress of the product, the IBS absorbable drug-eluting coronary stent system has been implicitly approved for confirmatory clinical use in China. The two-year follow-up results of the FIM clinical trial show that IBS coronary stents are safe and effective in the medium term in patients with simple primary coronary artery lesions. China's first G-Branch thoracoabdominal aortic stent system for total endovascular repair of thoracic and abdominal aortic aneurysms has completed the clinical entry of FIM, and is currently promoting Chinese clinical registration. IBS Angel has started to register in China and has been implanted in more than 10 cases.
Continue to promote the strategy of internationalization
In 2021, the company's overseas market revenue was 151.30 million yuan, an increase of about 46.4% over the same period last year. At present, the company's sales network has covered more than 100 countries and regions, nearly 600 dealers, and set up subsidiaries in Germany, the Netherlands, Greece, the United States and India to further explore overseas markets. In 2021, the company further broke through the US market, and three products, LAmbre left atrial appendage occluder system, IBS Titan absorbable drug-eluting peripheral stent system and IBS Angel iron-based absorbable stent system, were approved by FDA.
Profit forecast: as one of the leading enterprises of cardiovascular and peripheral vascular medical devices in China, Xianjian Technology, considering the impact of COVID-19 's epidemic situation, reduced its income from 12.95,1.684 billion yuan to 11.57 and 1.518 billion yuan in 2022-2023, and is expected to be 1.994 billion yuan in 2024. excluding investment income, the company is expected to make a net profit of 3.70,4.90 and 652 million yuan respectively from 2022 to 2024.
Rating.
Risk tips: product research and development is not as expected, product sales are not as expected, product collection policy risk, foreign exchange fluctuation risk.