22H1 realized income of 1.05 million yuan. The company issued a 22H1 performance announcement, 22H1 achieved an annual operating income of 1.05 million yuan, a net loss of 459 million yuan, the company's R & D investment continued to increase, 22H1 R & D expenses reached 336 million yuan, an increase of 176 million yuan over the same period of 21H1. The loss is mainly due to (1) increased investment in R & D, clinical trials and product registration of products under study; (2) increased sales and marketing expenses due to the commercialization of surgical robot products; and (3) increased number of employees as a result of R & D progress and business layout. Employee costs including share payments increased.
The core products are licensed one after another. The core product of the group, Tumai, has been approved by NMPA to become the first and only four-arm endoscopic surgery robot developed by a Chinese company. Tumai's second-generation product (multi-department product) is expected to be approved in the first half of 23 years.
The joint robot swan was also approved by NMPA during the reporting period, becoming the first and only orthopedic surgery robot independently developed by a Chinese company, with its own intellectual property rights robot arm and approved by NMPA to be listed on the market; at the same time, the swan obtained the FDA 510 (k) certification in July 2022, becoming the first and only Chinese surgical robot to obtain FDA certification.
The commercial team is complete. Despite the impact of epidemic prevention and control in China in the first half of 2022, Tumai's marketing and commercialization activities have made meaningful progress. During the reporting period, the Group has set up nearly ten new Tumai clinical application and training centers nationwide through strengthening clinical education and training as well as active marketing and promotion activities.
Profit forecast and investment advice. It is estimated that the company's revenue from 2022 to 2024 will be 49.24,510.98 and 1382.98 million respectively. Under the DCF discount method, we give a reasonable value of HK $56.06 per share and maintain the "buy" rating.
Risk hint. Policy risk, R & D is not as expected, commercialization is not as expected.