The domestic orthopaedic surgery robot leading enterprise, orthopaedic surgery has entered the era of robot intelligent assistance: the company is the domestic orthopedic surgery robot leader, products and services include orthopedic surgery positioning robot, surgery center professional engineering, supporting equipment and consumables, technical services. Among them, the orthopedic surgery positioning robot product of the company is the first "orthopaedic robot navigation and positioning system" to obtain the third type of medical device registration certificate issued by CFDA. At present, the third generation products have been successfully launched, and the second and third generation products have entered the clinical promotion stage, with international original core technology in this field.
To carry out the innovative application of orthopaedic surgery robot, the company has achieved great-leap-forward development: in November 2017, the State Ministry of Industry and Information Technology and the Health Commission issued a notice on agreeing to 21 leading hospitals, including Beijing Jishuitan Hospital, to establish orthopedic surgery robot Tencent App Center. Support orthopaedic surgery robot in medical institutions to carry out innovative application demonstration, the company is the only selected manufacturer. From 2017 to 2019, the company sold a total of 77 orthopedic surgery navigation and positioning robots, and has carried out clinical application in 74 medical institutions across the country, including 68 public hospitals, 1 medical research institution and 5 private hospitals. From 2017 to 2019, the company achieved sales revenue of 73.29 million yuan, 127 million and 230 million, achieving great-leap-forward development.
The potential domestic market capacity is up to 100 billion yuan, and the future market application space is broad: by the end of June 2019, there are 2619 tertiary hospitals, 9256 secondary hospitals, 10946 first-level hospitals and 10469 unclassified hospitals. The penetration rate of the standard da Vinci robot in North American community hospitals is more than 50%, and the long-term customers are more than 16600. According to the configuration of 1.5 units per hospital, the potential domestic market capacity is more than 100 billion. If only 5000 tertiary hospitals and secondary hospitals with superior orthopedic departments are considered, with 2 per hospital, the potential domestic market capacity is 50 billion. In addition, the company has gradually started overseas product registration and market development, taking into account the development of overseas markets, the potential market capacity is larger.
Profit forecast and investment advice: we expect the company's net profit from 2020 to 2022 to be 19.61 million, 75.15 million and 204 million respectively, giving the company an "overweight" rating for the first time, taking into account the company's leading position in the industry and broad potential market space.
Risk hint: product marketing is not as good as expected
