share_log

先健科技(01302.HK):创新引领发展 产品进入全面收获期

Pioneer Technology (01302.HK): innovation leads the development of products into a comprehensive harvest period

天風證券 ·  Apr 8, 2019 00:00  · Researches

The revenue side has achieved rapid growth, and the company has entered a new stage of development.

The company achieved rapid growth in revenue in 2018, with an operating income of 556.7 million yuan, a year-on-year increase of 36.1%. The main contribution came from the benefits brought by membrane-covered stents, vena cava filters, left atrial appendage occluders and so on. Compared with the historical situation, the income growth rate in 2018 reached the highest point in nearly a decade, and the products basically reached the mature harvest period after years of accumulation, which will bring performance growth for the company and is at the golden starting point of development.

Products are mainly independent research and development, through product iteration, to maintain the overall gross profit margin. In 2018, the gross profit margin of the company's products was 81.7%, and the average gross profit margin over the past decade was 80%, which remained basically stable. The period cost varies slightly according to the sales scale, with the expense rate of 61% during 2018, which is at a high level, and the average period expense rate of the past decade is 56%. The level of net interest rate is highly volatile due to various factors.

The overall revenue quality of the company is high, with the improvement and continuous enrichment of the independent research and development capability of the company's products, the business cycle shows a downward trend, reflecting the strong premium ability of the company's products in the industrial chain and core competitiveness. The business cycle in 2018 was 248 days, which was further lower than 255 days in 2017, among which the turnover days of accounts receivable was 53 days, which decreased significantly, and the overall repayment quality of the company was higher.

Multi-product coordinated development to build a cardiovascular treatment platform

The company's main business is divided into three major businesses, namely, structural heart disease business, peripheral vascular business and pacemaker electrophysiology business. In 2018, film-covered stent business accounted for the largest proportion, reaching 38.6%, with a growth rate of 41.5%. The traditional business occluder maintained steady growth, with a revenue growth rate of 18.5%. In addition, the key products vena cava filter and left atrial appendage occluder maintained a rapid growth rate.

At present, among the key research projects, iron-based absorbable stents and aortic curved arch stents are expected to become important product lines in the future. At the same time, the company will also cooperate in the development of surgical robots, and the introduction of overseas advanced products through the cooperation mode will help the company to form a first-mover advantage and realize the layout of new products.

Upgrade to "overweight" rating

The company is currently in a new stage of development, a number of R & D reserve products begin to gradually expand, enrich the company's product structure, and bring steady growth to the company's overall performance. By subdividing the product data, we estimate that the company's operating income in 20119 will be 912 million yuan. Due to the increase in the proportion of the expense side of the company in 2018, we expect the net return profit in 2019 to be adjusted from 215 million to 164 million in 2020, corresponding to 0.04 EPS 0.05 yuan.

With reference to the PEG situation of growth companies, in 2019, we gave Shanjian Technology a PEG of 1.2-1.3, corresponding to PE of 42.7X-46.3X, and a target price of 1.708-1.852 yuan, which was upgraded to "overweight" rating.

Risk hints: the development of degradable cardiac stents is not as expected, competition is intensified due to the entry of competitors in listed products, new product research and development is not as expected, the progress of clinical recruitment is not as expected, the impact of non-recurrent costs, and so on.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment