On November 30, Jiangsu Dongxing Wisdom Medical Technology Co., Ltd. (hereinafter referred to as: Dongxing Medical) is listed on the gem, and the sponsor is Huatai United Securities. The net fund-raising amount is about 1 billion yuan.The offering price is 44.09 yuan per share, corresponding to a price-to-earnings ratio of 42.75 times., lower than the price-to-earnings ratio of comparable listed companies in the same industry (62.36 times).
(comparable valuation of listed companies, Wind data, as of November 15, 2022 (T4))
On the first day of listing, N Dongxing opened sharply higher, and its intraday share price rose to 59 yuan. As of press release, it was reported to be 53.57 yuan per share, up 21.5 percent from the issue price. The latest total market capitalization is about 5.3 billion yuan.
East Star Medical, founded in 2001, was listed in the national share transfer system for small and medium-sized enterprises in 2015 and terminated in 2020.
Before the issue, the controlling shareholder of the company is Wan Shiping, and the actual control is Wan Shiping, Wan Zhengyuan and his son. Among them, Wan Shiping directly holds 25.052934 million shares of the company, accounting for 33.35%, and indirectly controls 5.99% of the company through Kaizhou Investment; Wan Zhengyuan directly holds 1.635 million shares, accounting for 2.18%, and the two together control 41.51% of the company.
(pre-IPO ownership structure, prospectus)
Dongxing Medical is mainly engaged in the research, development, production and sales of surgical medical equipment represented by stapler, and its main products are surgical stapler and its spare parts, which are suitable for thoracic surgery, gastrointestinal surgery, general surgery, urology and other surgery.
At present, the company sells medical equipment mainly from BenQ Sanfeng, Mindray and other brands, including operation shadowless lamp, operation bed, monitor, ventilator, etc., as well as self-produced suspension tower suspension bridge, operation shadowless lamp, electro-hydraulic operation bed and so on.
During the reporting periods from January to June from 2019 to 2022, the company's operating income was 296 million yuan, 374 million yuan, 446 million yuan and 212 million yuan respectively, and the corresponding return net profit was 47.379 million yuan, 79.7029 million yuan, 110 million yuan and 52.327 million yuan respectively.
(main financial indicators, prospectus)
During the reporting period, the net cash flow generated by the company's operating activities was 49.3163 million yuan, 114 million yuan, 163 million yuan and 51.3971 million yuan, respectively.Are all higher than the current profit scale.The company has a certain "hematopoietic" ability.
In terms of gross margin, during the reporting periodThe company's comprehensive gross profit margin is 53.26%, 56.82%, 57.52% and 55.87% respectively, showing a trend of rising first and then falling, which is lower than that of comparable companies Tianchen Medical and David Medical.
(comparison of gross profit margin of main business with comparable companies, prospectus)
East Star Medical said that the company's operating income and net profit increased from the previous year due to the increase in sales revenue of its stapler products in overseas markets and the revenue of its stapler parts business compared with the previous year. The operating income from January to December of 2022 is expected to be 485 million yuan to 515 million yuan, an increase of 8.62% to 15.34% over the previous year; and the estimated return net profit is 120 million yuan to 130 million yuan, an increase of 8.84% to 17.91% over the previous year.
By the end of June 2022, the book value of the company's goodwill was 532 million yuan, of which the goodwill generated by the acquisition of Wick Medical, Zihang Precision and Sanfeng was 307 million yuan, 224 million yuan and 1.1041 million yuan respectively.There is a greater risk of impairment of goodwill.。