XIANGYU MEDICAL(688626):ACCELERATED PERFORMANCE GROWTH LEADING POSITION OF REHABILITATION DEVICES CONSOLIDATED
XIANGYU MEDICAL(688626):ACCELERATED PERFORMANCE GROWTH LEADING POSITION OF REHABILITATION DEVICES CONSOLIDATED
EventCompany Profile
公司簡介
Xiangyu Medical Co Ltd is a China-based company mainly engaged in rehabilitation medical equipment industry. The Company is mainly engaged in the independent research and development, production and marketing of intelligent rehabilitation equipment in the rehabilitation fields such as pain, neurology, orthopedics, traditional Chinese medicine, postpartum field, postoperative field, cardiopulmonary field, and medical-care integration.
象嶼醫療有限公司是一家總部位於中國的公司，主要從事康復醫療器械行業。公司主要從事疼痛、神經科、骨科、中醫、產後、術後、心肺、醫養結合等康復領域智慧康復器材的自主研發、生產和銷售。
The Company's main products are divided into three categories: rehabilitation assessment, rehabilitation training, and rehabilitation physiotherapy. The Company mainly conducts business within the domestic market. (Source: Reuters).
本公司主要產品分為三大類：康復評估、康復訓練、康復理療。該公司主要在國內市場開展業務。(來源：路透社)。
Event
事件
Recently, Xiangyu Medical Co Ltd ("Xiangyu"/ the company) announced its semi-annual financial results of 2023.
近日，象嶼醫療股份有限公司(以下簡稱象嶼/公司)公佈了2023年半年度財務業績。
In the first half of 2023, Xiangyu achieve revenue of CNY 335 million, up 51.55% year on year (YoY); it reported net income attributable to shareholder at CNY 108 million, a surge of 169.00% from a year ago; its net income deducting non-recurring items came in at CNY 95 million, soaring 269.41% from a year ago; it reported its net operating cash flow at CNY 101 million, skyrocketing 450.10% from the reading a year ago.
2023年上半年，象嶼實現營收3.35億元，同比增長51.55%；股東應佔淨收益1.08億元，同比增長169.00%；扣除非經常性專案的淨收益9500萬元，同比增長269.41%；營業現金流淨額1.01億元，同比飆升450.10%。
Comments
評論
The company attached great importance to research and development, with R&D fruits coming out one after another.
公司高度重視研發，研發成果層出不窮。
In 1H23, the company invested CNY 47.46 million in R&D, accounting for 14.18% of its revenue. It continued to increase its investments in research and development, further lifting its overall R&D capabilities.
2013年第一季度，公司研發投入4746萬元，佔營收的14.18%。繼續加大研發投入，整體研發能力進一步提升。
As of the end of reporting period, the company have had 456 R&D staff on register, occupying 26.40% of its total population.
截至報告期末，該公司登記在冊的研發人員有456人，佔總人口的26.40%。
The company made continuous breakthroughs in core technologies including patents, with 1,436 accumulated patents approved. In the reporting period, it submitted 205 patent applications, with 46 for invention patent, with 197 patents and 15 invention patents approved.
公司在專利等核心技術上不斷突破，累計批准專利1436件。在本報告所述期間，它提交了205項專利申請，其中發明專利46項，核准專利197項，發明專利15項。
The company added 52 medical equipment registration certificates, and had 293 in accumulation, which greatly enriched its product mix.
該公司新增醫療設備註冊證52項，累計293項，極大地豐富了產品結構。
Earnings forecast and investment recommendation
盈利預測和投資建議
As a leading player of China's rehabilitation medical devices, Xiangyu is one of rare enterprises in China with capabilities in research and development and production of rehabilitation medical equipment. Its entire product lines and strong marketing capabilities help it build wide moats, which is expected to further consolidate its competitiveness.
作為中國康復醫療器械的領軍企業，翔宇是中國為數不多的具備康復醫療器械研發和生產能力的企業之一。其完整的產品線和強大的營銷能力幫助其打造寬護城河，預計將進一步鞏固其競爭力。
We revised our forecasts for its earnings and estimated its EPS at CNY 1.38 in 2023, CNY 1.66 in 2024, and CNY 2.05 in 2025, implying a P/E ratio to 28.1x, 23.4x, and 18.9x, respectively, based on the closing price on August 21, 2023. Maintain "Outperform".
我們修正了對其收益的預測，預計其2023年每股收益為1.38元，2024年為1.66元，2025年為2.05元，這意味著根據2023年8月21日的收盤價，本益比分別為28.1倍、23.4倍和18.9倍。保持“跑贏大盤”。
Potential risks
潛在風險
Less-than-expected sales volume; intensified competition; changes in industry policies
銷量低於預期；競爭加劇；行業政策變化
譯文內容由第三人軟體翻譯。
