Main points of the report
The expert of intelligent management of medical materials in the whole scene is growing rapidly. Elon Technology is an advanced medical material management supplier in China, and its products are mainly used in the intelligent management of drugs, consumables and other medical materials. to provide medical service institutions with efficient, safe, comprehensive and intelligent medical materials storage, distribution, management and transmission services. The company's market share is leading in China, and the scale is growing rapidly: in 2018, the company's market share in the field of outpatient pharmacy automation reached 28.5%.
In 2017-2021, the company's operating income increased from 196 million to 389 million, during which CAGR was 18.71% and income in the first half of 2022 was 166 million, an increase of 27.23% over the same period last year. In 2017-2021, the company's net profit deducted from non-homing increased from 34.771 million to 88.9133 million, while CAGR was 26.46%. In the first half of 2022, the net profit deducted from non-homing increased by 62.32%.
With the improvement of penetration rate and superimposed new infrastructure, there is a large space for material management automation in medical institutions, and the market penetration of automatic drug management in China is still low. After the development of outpatient pharmacy automation equipment in recent years, the penetration rate has reached 20%. But the room for improvement is still huge, and the automation process of the static distribution center has just begun. The strong support of national policies and the improvement of the demand for medical services will drive the intelligent penetration rate of medical institutions to rise continuously. The amount of newly signed contracts for new medical infrastructure in 2021 is 77.3% higher than that in 2020. Between 2013 and 2021, the annual CAGR is 29.0%. The landing of new medical infrastructure has further accelerated the growth of demand for automated services in medical institutions.
With the rapid growth of hand-on-hand orders and the rapid improvement of customer coverage, the strength of the brand highlights that the company's on-hand orders increased from 114 million at the end of 2018 to 275 million at the end of 2021, and the growth rate continued to accelerate. In 2021, in-hand orders increased by 52.55% compared with the same period last year. In terms of contract liabilities, the amount of contract liabilities in the first half of 2022 increased by nearly 133% compared with the same period in 2021.
In terms of customer coverage, the number of medical institutions covered by the company increased rapidly from more than 500 at the end of 2018 to 922 at the end of the first half of 2022, and the number of tertiary and first-class hospitals covered by the company increased from 300 at the end of 2018 to 484 in the first half of 2022.
Investment advice and profit Forecast
It is estimated that the operating income of the company from 2022 to 2024 is RMB 69999,904 million, with a growth rate of 37.73%, 30.40%, 29.33%, respectively, and the net profit of return to the mother is RMB 1.28pm, with a growth rate of 33.60%, 33.40%, 30.38%, respectively, and the corresponding PE is 27.20,3915.64, respectively. Cover for the first time, giving a "buy" rating.
Risk hint
Market growth is less than expected risk, industry competition aggravates risk, policy risk, etc.
