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研报掘金|东方财富证券:予爱康医疗“增持”评级 集采后的以价换量规划正持续向好落实

Research and Development | Dongfang Wealth Securities: The price-for-volume plan for Elken Healthcare after the “increase in holdings” rating collection continues to be implemented in a positive way

Gelonghui Finance ·  Sep 21, 2023 15:26
Gelonghui, September 21 | Oriental Wealth Securities released a research report stating that the 2023/2024/2025 revenue forecast for 2023/2024/2025 was RMB 1,303/16.48/RMB 2,132 million, and net profit to mother was RMB 2.57/3.27/438 billion yuan, respectively. 23H1 Elken Medical achieved operating income of 649 million yuan, an increase of 22.10% year on year; net profit of 133 million yuan, an increase of 5.2% year on year. While the company's revenue grew significantly, rate control was good, and overall profitability remained at a relatively stable high level under the impact of falling prices of collected products. After collecting artificial joints, the company reported a total of 5,902 general hospitals. Compared with 2,405 new entrants before collection, its market share in the joint market increased to 20.2%. The company's 23H1 product has been released significantly, and the price-for-volume plan after collection is being implemented continuously. In addition, the company's 23H1 research and development platform was further improved, and iteratively upgraded on the basis of collection and production lines. While driving joint product innovation with market demand, it leverages the advantages of 3D printing technology to develop differentiated and customized products to meet the needs of clinical differentiation.

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