Main points of investment
Mimaitong is a domestic head online professional physician platform, with a large user base of up to 2.4 million doctors, providing medical knowledge solutions for members and chronic disease management services for patients and pharmaceutical companies; at the same time, combined with user analysis to provide pharmaceutical, medical equipment and other companies with accurate marketing services. In 2020, the company's revenue was 214 million yuan (YoY+75.6%), an increase of 30 pcts over the same period last year, with a gross profit of 156 million yuan (YoY+102.3%) and a gross profit margin of 73.2%, an increase of 9.7 pcts; net profit of 85 million yuan (YoY+172.2%) and a net profit rate of 39.9% over 2019, an increase of 14.2pcts over 2019.
Precision marketing solutions are the core of the company to build a medical information platform to improve doctor activity and penetration, and to develop new businesses such as intelligent patient management solutions. In 2020, precision marketing solutions generated revenue of 157 million yuan (YoY+100.2%), accounting for 74% of revenue, an increase of 9 pcts over 2019.
For the whole year, customers of precision marketing and enterprise solutions increased from 61 to 81 compared with the same period last year, and medical products increased from 144 to 191. In addition, economies of scale are emerging, with gross margins rising 8 pcts in 2020 to 77.1 per cent. In 2020, the income of medical knowledge solutions reached 9.1 million yuan (YoY+ 71.6%). The company provides intelligent management solutions for patients through Internet hospitals, with an income of 13 million yuan (YoY+ 146.0%) in 2020.
The medical marketing expenditure of domestic enterprises has increased, and the digital penetration rate is significant. According to Frost & Sullivan, medical marketing spending by pharmaceutical and medical device companies is expected to reach 991.5 billion yuan in 2025, with a compound growth rate of 7.8% from 2020 to 2025. At the same time, medical information and clinical decision support tools help to improve clinical outcomes. With the domestic medical reform and the gradual implementation of graded diagnosis and treatment, the status of digital medical information platform is highlighted.
Purchase suggestions: in the short term, affected by the epidemic, the demand for the content of the professional physician platform increases; in the medium and long term, the gradual implementation of domestic graded diagnosis and treatment brings new opportunities for the development of MIT. We believe that the listing of the company is conducive to expanding the user base, increasing technology investment and developing richer solutions, so as to maintain the status of the largest professional physician platform in China and grasp the rising space of the medical digital information service market. be optimistic about the company's medium-and long-term development space.
Risk tips: intensified competition in the industry; user retention and absorption is not as expected; customer concentration is high.
