The manufacturer of intelligent equipment for medical consumables. Founded in 2003, the company is mainly engaged in the research and development, production and sales of intelligent equipment for medical consumables. The company's intelligent equipment is mainly used for automatic assembly, extrusion and on-line detection of medical consumables, instead of manual assembly and manual testing, to realize the automatic production of medical consumables. Products can be divided into two categories: safety infusion equipment and blood purification equipment according to their uses. At present, the company has established a long-term and good cooperative relationship with well-known medical consumables manufacturers at home and abroad.
The company's main financial indicators and profit forecast. In 2018, the company achieved operating income of 215 million yuan, an increase of 23.9% over the same period last year, and realized a net profit of 56 million yuan, an increase of 0.3% over the same period last year. In 2018, the company's gross profit margin was 48.6%, net profit was 25.9%, ROE was 22.1%, asset-liability ratio was 22.9%, and the overall operating condition was good. 2019H1 Company realized operating income of 79 million yuan and net profit of 16 million yuan.
2019H1 sales gross profit margin and net sales margin are 46.7% and 19.3% respectively, ROE is 7.2%, asset-liability ratio is 27.0%. We predict that the company's operating income from 2019 to 2021 will be 265 million yuan, 321 million yuan and 384 million yuan respectively, and the net profit will be 69 million yuan, 83 million yuan and 97 million yuan respectively.
Company valuation and inquiry analysis. This report focuses on the valuation analysis of the company using different methods and systems, and gives the corresponding reasonable inquiry range. We use historical valuation reference method, relative valuation PE method and absolute valuation DCF method to analyze and calculate the company valuation, and give different weights to the three valuation methods according to the specific situation of the company. According to the comprehensive analysis, we use the historical valuation reference method to predict the company valuation of 1.86 billion yuan, the PE method to predict the company valuation of 1.86 billion yuan, and the DCF method to predict the company valuation of 1.96 billion yuan. We give 20% weight of historical valuation reference method, 60% weight of PE valuation method and 20% weight of DCF valuation method respectively, and finally come to the conclusion that the estimated valuation of the company is about 1.88 billion yuan. We assume that the number of new shares issued by the company is 20.9 million shares, and the total share capital after the issue is 83.6 million shares. According to the predicted market value of the company, the corresponding share price of the company is 22.45 yuan per share, and the proposed inquiry range is [19.52 yuan 25.38] yuan per share.
Risk tips: technical risk; high customer concentration risk; R & D failure risk and so on.