The forerunner of the industrialization of orthopedic surgery robot. The orthopedic surgery navigation and positioning robot independently developed by Tianzhihang is the first orthopedic robot navigation and positioning system to obtain the third type of medical device registration certificate issued by CFDA, and it is also the only "international original" product of therapeutic equipment and devices in the innovative Medical device Product Catalog (2018) of the Ministry of Science and Technology. At present, Tianzhihang orthopedic surgery navigation and positioning robot has been developed to the third generation "Tianji" and has entered the stage of market promotion, and the sales scale is growing rapidly. "Tianji" has been used in 74 national well-known medical institutions, such as Beijing Jishuitan Hospital, Chinese people's Liberation Army General Hospital and so on.
Orthopaedic robot revolutionizes orthopedic surgery. Compared with traditional orthopedic surgery, orthopedic robot can assist doctors in preoperative planning and intraoperative guidance and operation, and promote minimally invasive, standardized and intelligent orthopedic surgery. It not only reduces the cost of surgery, but also reduces the amount of radiation received by doctors during the operation, and makes remote orthopedic surgery possible. In terms of clinical use of orthopedic surgery robot, there are plenty of surgical methods for spine, hip, knee joint and other operations, and the amount of surgery has also increased rapidly. Take "Tianji" as an example, it can complete a variety of operations such as spinal, pelvic, limb fractures and so on. It is suitable for trauma and spinal minimally invasive surgery, and has covered more than 45% of orthopedic surgical indications. For the huge amount of orthopedic surgery in the world and the fast-growing orthopedic equipment market in China, there is a huge space for orthopedic robot surgery to replace.
Tianzhihang has a clear advantage of starting. Some innovative enterprises around the world have developed commercially used orthopaedic surgery robots. In view of the subversive innovation of orthopaedic robots for orthopaedic surgery, multinational orthopaedic giants have acquired orthopedic robot technology and products through acquisitions, such as Stryker Corp's acquisition of MAKO ($1.65 billion in 2013), Medtronic PLC's acquisition of Mazor (2018, $1.64 billion) and Jaime Bangmel's acquisition of MEDTECH (2016). 132 million US dollars), etc., with self-produced orthopedic consumables, continue to develop new orthopedic procedures and products. As the first commercial orthopaedic robot enterprise in China, Tianzhihang has formed an echelon of products and has formed a close cooperative relationship with the domestic clinical orthopaedic academic team. Tianzhihang, as a member of the "National Robot Standardization Group", participated in the preparation of orthopaedic robot surgery clinical guidelines and diagnosis and treatment norms, and participated in the formulation of relevant national standards.
Strengthen R & D and global expansion to build orthopaedic robot unicorn enterprises. Tianzhihang always insists on a large proportion of R & D investment. In the future, a new generation of innovative products, including Tianji 2.0 and joint robots, will gradually supplement the company's orthopedic robot product pipeline. Cooperate with Johnson & Johnson to jointly promote commercial and clinical research on the collaborative use of orthopaedic tools and consumables with "Tianji" orthopaedic robots, and at the same time promote the registration of "Tianji" CE and FDA to expand the global market and build the world's leading orthopaedic robot enterprise.
Profit forecast and valuation: we expect the company's 20-22 operating income to be 3.02,3.95 and 517 million yuan, an increase of 31.4%, 31.1% and 30.8% over the same period last year, corresponding to PS of 164x, 125x and 96x. Tianzhihang, as the first commercial orthopaedic robot manufacturer in China, has a broad alternative space for orthopaedic robot surgery, accompanied by the improvement of clinical penetration of orthopaedic robot and the continuous embodiment of product first-mover advantage. There is more room for growth in the future, covering it for the first time and giving it a "buy" rating.
Risk hints: orthopaedic robot sales are not as expected; market competition aggravates the risk; new product development is not as expected; calculation may have errors with reality.
