Main points of investment
Event: 2022H1 achieved operating income of 119 million yuan (+ 129.8%, year-on-year, the same below), net profit loss of 91.99 million yuan, deducting non-return mother net profit loss of 93.33 million yuan, the performance is in line with expectations.
The progress of commercialization of TAVR series products is gratifying, and the number of hospitalization and penetration continues to increase: thanks to the company's excellent product performance and professional marketing, as of July 31, 2022, the number of new product admissions has increased by 114 compared with the end of 21, and the number of surgical implants of 2022H1 has far exceeded the level of the whole year of 2021. From the perspective of the plate as a whole, the revenue of 2022H1's TAVR business is 52.1 million yuan (+ 455.4%). In addition, the company's second generation recyclable TAVR product TaurusElite
Since it was commercialized in July 2021, its admission has been continuously deepened, and its sales revenue has become the biggest contribution to TAVR business. The multicenter registration clinical trial of the third generation TAVR system TaurusNXT is also in progress. We believe that with the further verification of the company's product strength and the continuous introduction of new products in the future, the company's TAVR production line performance is expected to further grow.
The layout of the neural intervention product portfolio has initially taken shape, and the performance has maintained high growth: 2022H1, the company's four ischemic products, including Syphonet thrombectomy stents, have been approved to market one after another, together with the company's existing bleeding products and vascular access products to form a neural intervention product portfolio. Thanks to the industrialization of a variety of neural intervention products, the performance of the company's neural intervention sector has maintained high growth: in 2022, the income of H1 company's neural intervention products reached 66.7 million yuan (+ 57.6%), of which the income from bleeding products reached 29.49 million yuan (+ 15.83%). The income from ischemic products reached 16.65 million yuan (+ 101.86%), and the income from vascular access products reached 20.41 million yuan (+ 180.84%).
In the research pipeline is rich, foundation long-term growth space: 2022H1, the company continues to maintain TAVR business internal research and Becton Dickinson & Co simultaneously, Becton Dickinson & Co project layout of aortic valve, mitral valve, tricuspid valve replacement and mitral valve involution enhancement areas; internal R & D projects are mainly aimed at improving the durability of artificial valves, non-implantable valve treatment programs. Up to now, the fourth generation TAVR system TaurusApex is conducting animal experiments, the TaurusWave shock wave calcification reconstruction system is undergoing clinical trials, and the catheter edge-to-edge repair device GeminiOne is in the preclinical preparation stage. At present, the company has 5 registered products and 9 research products in the TAVR product line, 14 registered products and 7 research products in the neural intervention plate, and the company has built an extensive and competitive pipeline in research through innovative technology, with broad prospects.
Profit forecast and investment rating: due to the impact of the epidemic, the company's performance is under pressure. we have lowered our revenue forecast for 2022-2024 from 3.09 to 999 million to 2.82 to 515,857 million. In view of the comprehensive layout of the company's valve field and broad room for future growth, the company maintains a "buy" rating.
Risk tips: new product promotion is less than expected risk, product R & D registration is less than expected risk, competition aggravates risk, medical malpractice risk.