Incidents:
Maipu Medical recently released its report for the first quarter of 2023 and 2024: in 2023, the company achieved revenue of 230 million (+18.2%), net profit of 40 million yuan (+13.9%), net profit of 40 million (+55.5%); 2024Q1 achieved revenue of 57.206 million (+28.6%), net profit of 14.945 million (+91.2%), net profit of non-return to mother of 12.073 million (+87.1%). Excluding share payment fees, non-net profit in 2023 increased 73.5% year over year, and 2024Q1 increased 129.7% year over year.
Rapid penetration of the craniomaxillofacial product group, accelerated release of new medical gel products by business, the company's artificial hard brain (spine) membrane patches, craniomaxillofacial repair and fixation systems are the company's main source of revenue, accounting for 60.5% and 26.4% of revenue respectively: the artificial brain (spine) membrane patch segment has revenue of 140 million (-3.5%), and external policy changes and adjustments in the company's marketing policies have declined; the craniomaxillofacial repair and fixation systems sector has revenue of 60 million (+61.1%), thanks to rapid growth in market demand, and the company's rich product portfolio Fast and efficient Response services, etc.
The industrialization of absorbable regenerative cellulose oxide will break China's long-term import monopoly of neurosurgical absorbable regenerative oxidized cellulose hemostasis products, with more than 100,000 tablets being used clinically at home and abroad in 2023; in addition, the company is actively promoting the expansion of the product's indications and extending it to other surgical fields. “Absorbable multilayer fiber regenerated cellulose” is still in the clinical trial stage, and its smooth industrialization is expected to rapidly increase the company's hemostatic materials market penetration rate, and compete with imported brands in all surgical fields. The dural medical adhesive independently developed by the company has characteristics such as low swelling and neutral pH after gelling, which solves problems such as poor sealing effect and easy blockage of existing products, and reduces clinical application risks such as compression of brain tissue in existing products. With the acquisition of the registration certificate for this product, the company actively expanded the market's understanding of the application of the product and actively participated in related bidding work. In 2023, absorbable regenerated cellulose oxide and meningeal medical gel achieved a total sales revenue of 24.022,500 yuan (+245.9%), which quickly increased their share of the company's revenue from less than 3.6% in 2022 to 10.4%.
Actively participating in collection, rapid channel expansion, and outstanding international growth, the company adheres to its original intention centered on clinical needs, adjusts optimization strategies in a timely manner in market changes, integrates product marketing portfolios, actively participates in collection, and conquers harvesting highlands time and time again to repair customs solutions in many parts of the country, such as Anhui, Jiangsu, and Liaoning, and some provinces have completed contract renewals.
The company's sales channels continue to expand, and the number of hospitals covered continues to increase. The products have entered more than 1,600 domestic hospitals, and the product and brand penetration rate continues to rise. In terms of internationalization, the company's sales and service network covers nearly 90 countries and regions. In 2023, the company achieved revenue of over 180 million yuan and 50.46 million yuan respectively, up 13.5% and 39.1% respectively over the same period last year.
Investment advice and profit forecasting
With the continuous advancement of alliance procurement, the continuous increase in the penetration rate of PEEK skull products, and the continuous approval and commercialization of new products, we are optimistic that the company's performance will continue to grow rapidly. The company's 2024-2026 revenue growth rate is expected to be 25.81%/35.76%/31.44%, respectively; net profit growth rate to mother is 28.07%/57.77%/41.45%, respectively; EPS is 0.79/1.25/1.77 yuan/share, corresponding PE is 42.43/26.89/19.01. Maintain a “buy” rating.
Risk warning
Risks such as domestic sales falling short of expectations, risk of overseas development falling short of expectations, and increased risk of industry competition.