Eagle pupil Technology, founded in Beijing in 2015, is an artificial intelligence medical device company with advanced technology platform, with comprehensive capabilities of R & D, production, registration and commercialization. The company provides early detection, auxiliary diagnosis and health risk assessment solutions for artificial intelligence retinal image recognition. The company's solution uses retinal imaging, multimodal data analysis and artificial intelligence deep learning algorithm to improve the traditional early detection and auxiliary diagnosis of chronic diseases. to achieve non-invasive, accurate and efficient detection and diagnosis of chronic diseases in medical institutions and large health suppliers. 2021E-2023E 's revenue is expected to grow by 139.6%, 100.0% and 95.7% respectively, with a fair market capitalization forecast of HK $9.31 billion or HK $89.50 per share according to the DCF model. Give a "buy" rating for the first time.
Summary of the report
The market potential of artificial intelligence retinal image recognition in China is great. China's artificial intelligence retinal medical imaging market is expected to grow from 45 million yuan in 2020 to 34.01 billion yuan in 2030, with a compound annual growth rate of 81.55%. Artificial intelligence medical images are mainly used in medical and health scenes, accounting for about 86% of the artificial intelligence medical imaging market in 2020. In large health scenes, artificial intelligence medical images are mainly used for health risk assessment. Due to the unmet demand for providing feasible and continuous health management solutions in large health scenarios, there is a large amount of unmet demand for artificial intelligence medical images in large health scenarios, which is expected to grow at a compound annual growth rate of 90.70% from 2020 to 2030.
From the perspective of the competition pattern of artificial intelligence retina image recognition, head intelligent technology enterprises have layout, but a small number of them have registered products. At present, in addition to Airdoc-AIFUNDUS, which has been approved by the State Drug Administration for the auxiliary diagnosis of diabetic retinopathy in China, the products of silicon-based medicine and visionary map are the only similar products approved by the State Drug Administration. In the United States, IDx-DR and EyeArt are the only two SaMD approved by FDA for auxiliary diagnosis of diabetic retinopathy.
We believe that the competitive advantage of Eagle pupil Technology is mainly reflected in the following aspects:
The company has an integrated software and hardware solution
Advanced artificial intelligence algorithms developed independently and with a wide range of applications
A comprehensive and high-quality retinal image database
Strong R & D team and comprehensive expertise
Weaknesses and risks: lower-than-expected income and intensified competition in the industry.
Investment advice; benefiting from the company's leadership in the field of medical imaging AI and the continuous expansion of the customer network, we believe that the company will maintain rapid growth in the future. We expect the revenue of Eagle pupil Technology to reach 115 million, 230 million and 450 million in fiscal year 2021-2023, an increase of 139.6%, 100% and 95.7% over the same period last year, with a net profit of-130 million,-113 million and-95 million, respectively. We use the DCF model to forecast that the WACC is 11% and the long-term growth rate is 2%. We predict that the market capitalization of Hong Kong stocks is HK $9.312 billion, corresponding to a target price of HK $89.50 per share, with a "buy" rating for the first time.