医药智造大有可为，板块营收持续增长。医药智造是《中国制造2025》战略性新兴产业的重点领域，然而我国医药企业有70%处于工业2.0 阶段，仅有20%处于工业3.0 阶段，企业自动化、信息化基础有待于进一步提升。2021-2023 年，医药智造板块营业收入分别为6.93 亿元、7.03 亿元、8.50 亿元，2023 年板块营收加速增长，同比涨幅达20.92%。Key points of investment:
Revenue grew steadily, and performance continued to improve after the pandemic. The company's main business includes two major segments: intelligent manufacturing and rehabilitation medical devices. From 2021 to 2023, the company's revenue increased by 19.73%, 6.47%, and 20.63% respectively. Revenue in 2023 was 1.176 billion yuan, and net profit to mother was 0.17 billion yuan, an increase of 36.30% over the previous year. Judging from the profit margin level, in 2021-2023, the company's net sales interest rates were 11.33%, 12.91%, and 14.27%, and the profit margin level continued to rise.
Rehabilitation policies continue to be introduced, and the company actively explores target markets at the grassroots level. According to Frost & Sullivan's “China Rehabilitation Medical Device Market Research Report”, China's rehabilitation medical device market reached 45.03 billion yuan in 2021. It is estimated that in 2026, China's rehabilitation medical device market will reach 94.15 billion yuan, and the 2023-2026 CAGR is 15.2%. At the same time, the current policy intensity in the field of rehabilitation medicine in China continues to increase. Long Zhijie proposed six specialist rehabilitation solutions and overall rehabilitation solutions, and set up an urban division to focus on level 3 and level 2 medical institutions to help build 0-1 rehabilitation medicine departments at the primary level.
Intelligent pharmaceutical manufacturing has great potential, and the sector's revenue continues to grow. Intelligent pharmaceutical manufacturing is a key area of the “Made in China 2025” strategic emerging industry. However, 70% of China's pharmaceutical companies are in the industrial 2.0 stage, and only 20% are in the industrial 3.0 stage. The foundation of enterprise automation and informatization needs to be further improved. In 2021-2023, the revenue of the pharmaceutical intelligent manufacturing sector was 0.693 billion yuan, 0.703 billion yuan, and 0.85 billion yuan respectively. In 2023, the revenue growth of the sector accelerated, reaching a year-on-year increase of 20.92%.
The company established a three-level product system of “intelligent equipment, automated control systems, and industrial software”, continuously expanded its business areas through horizontal expansion and vertical expansion, and attached importance to the construction of industrial information technology products.
Profit forecasting, valuation analysis and investment recommendations. The company's net profit from 2024-2026 to the parent company is expected to be 0.208/0.244/0.284 billion yuan, an increase of 22.5%/17.1%/16.3% year-on-year, corresponding EPS of 0.76/0.89/1.04 yuan, and PE 18.0/15.4/13.2 times. Growth over the next three years has been determined, and the price-earnings ratio matches growth, giving the company a “Increased holdings - B” rating.
Risk warning: Market competition increases risk. Risks in technology development and new product development. Risk of talent shortage. Risk of impairment of goodwill.
