Events:
According to the 2017 semi-annual report, the company achieved 322 million yuan in revenue, an increase of 20.33 percent over the same period last year, while the net profit belonging to shareholders of listed companies was 38.2921 million yuan, an increase of 30.15 percent over the same period last year.
Comments:
Hemodialysis business continues to maintain steady growth. During the reporting period, the income of the company's monitor products was 97.5783 million yuan, down 6.00% from the same period last year, while the income from the hemodialysis business was 223 million yuan, an increase of 36.83% over the same period last year. At present, the company's hemodialysis revenue accounts for 69%, which has become the company's main source of profit growth.
The internationalization strategy of "go out and bring it back". With its own capital of 12 million euros, the company plans to set up a wholly owned subsidiary in Germany, Germany Polaroid Co., Ltd. On the one hand, the establishment of German Polaroid can combine the company's overseas sales channels with Germany's advanced medical device manufacturing, realize the first step of "going out", and discover and cultivate new profit growth points all over the world. On the other hand, we can make full use of Germany's local advanced technology and management experience in the field of blood purification, realize the second step of the company's internationalization strategy, and absorb the advanced management experience and technology of Germany in the field of blood purification.
Paulette is currently the only full-industry chain company in the field of A-share hemodialysis. Paulette has entered the field of hemodialysis since 12 years. Through a series of epitaxial mergers and acquisitions, it has successfully transformed from a traditional monitor company to a whole industry chain hemodialysis company with "equipment + consumables + channels + services".
The company's dialyzer is progressing smoothly and is expected to win a certificate in 18 years, which is expected to become a very important profit growth point for the company in the future. With the landing of Qingyuan Kanghua Hospital and Tongtai Hospital one after another, Paulette gradually began its layout in the field of medical services. Entering the dialysis service market can not only expand the company's product sales, but also share the huge cake of services. the company will open up new growth space in the future.
Investment advice:
Benefiting from the high demeanor of the hemodialysis industry, we are optimistic about the future development of the company. It is estimated that the EPS of the company in 2017-2019 will be 0.62, 0.86 and 1.13, respectively, and the corresponding PE will be 41.96,30.26,23.02 times respectively, maintaining a "buy" rating.
Risk tips: 1. Policy risk; 2. Medical malpractice risk.