Over the past 20 years, the sales revenue has grown rapidly, the gross profit margin has risen steadily, and the financial situation is good:
The company's total turnover in the past 20 years reached 358 million yuan, an increase of 25.12 percent over the same period last year; the gross profit margin was 65.4 percent, an increase of 4.5 percent over the same period last year; the profit for the year reached 117 million yuan, an increase of 20.7 percent over the same period last year, and the net profit rate decreased by 1.2 percentage points to 32.5 percent over the previous 19 years. Basic profit per share is 0.73 yuan. Despite the impact of the epidemic, interventional devices as a whole also achieved an increase of 3.4% compared with the same period last year, reaching 266 million yuan, of which sales of interventional devices in China increased by 8.9% compared with the same period last year. The net inflow of operating cash flow in the past 20 years was 95.71 million, with a book value of 870 million yuan by the end of the 20th year, with a good financial position.
Research and development continues to advance, and the products under research are rich:
In 20 years, the company's degradable sinus stent is in the clinical experimental stage, and it is expected to be put on the market in 23 and 24 years. The incidence of chronic sinusitis in China is about 8%, and there are about 500000 patients undergoing surgery every year in China. There is still more room for improvement in the operation permeability than in Europe and the United States. On average, each patient needs to implant 2 stents after operation. At present, there are only two commonly used sinus stents in the world. The research and development of the company's degradable magnesium alloy coronary stent has overcome the problem of keeping high strength without adding rare metals, and is verifying the polymer anti-corrosion coating. The result is expected to come out in the second half of 21 years. At present, the company is applying for a global invention patent. The market scale of coronary stent in China is expected to reach 26.1 billion yuan in 22 years. Degradable magnesium alloy has good biocompatibility and strong metal properties. It is expected to become the first choice of coronary stents in the future. The company's TAVR products have basically been in complete animal experiments for 20 years, and it is expected that the follow-up of the whole animal experiments will be completed in May 21, and clinical trials in various sub-centers will be officially launched in February of 21 years. The company's products are different from most of the approved self-expanding TAVR products in the market, belonging to ball-expanding products, which are suitable for treatment of reflux. It is estimated that the TAVR terminal market will reach 40-5 billion yuan in 25 years. Among them, the size of the reflux market is expected to reach 2 billion. If the company's products are approved, it is expected to seize the TAVR reflux market share of the aorta.
The company's products are relatively less affected by collection:
The company's non-main product balloon catheter won the bid in 8 provinces and cities in Guangdong Province and Sichuan in the past 20 years, and the winning price was reduced to about 210 yuan. In the future, due to the low localization rate, the guide wire, guide conduit and microcatheter are expected to be collected in the form of provincial alliance in the future, and the price reduction is relatively mild, and the reduction of 60-70% in the terminal market will not affect the ex-factory price of the company.
Give a "buy" rating with a target price of HK $40.23
Taking into account the impact of collection and epidemic uncertainty, we adjusted the 21-23 income forecast to 4.19,5.20 and 692 million yuan, corresponding to the corresponding EPS of 0.86,1.09,1.47 yuan respectively, corresponding to the 22-year forecast 31 times the target price of PE, to HK $40.23, which is 26.71% higher than the current price to maintain the "buy" rating.
