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先健科技(01302.HK)2020年年报点评:业绩符合预期 管线步入收获期

Xianjian Technology (01302.HK) 2020 Annual Report Review: Performance Meets Expectations, Pipeline Enters Harvest Period

國信證券 ·  Apr 14, 2021 00:00

  The 2020 performance was in line with expectations, with steady domestic revenue growth and positive revenue of 642 million yuan (-4.0%) in 2020, and net profit of 216 million yuan (+67.3%), including changes in fair investment value, exchange gains and losses, and share-based payment expenses. Excluding the impact of share-based payment expenses, net profit was 361 million (+43.0%). After all special items were deducted, net profit at the operating level was 183 million, which is in line with expectations.

The peripheral vascular disease business is growing steadily, and the structural heart disease business has a comprehensive layout with peripheral vascular disease business revenue of 411 million dollars (+10.4%), of which aortic laminating stents increased 17.3% year-on-year. The company has been newly approved for the exclusive domestic G-iLiac iliac iliac artery bifurcation stent; the new-generation abdominal stent Yuranos is expected to be marketed domestically by the end of this year; arch covering stents (chimney technology) are expected to be approved domestically. Structural heart revenue was 206 million, and the left atrial occlusion device was approved for clinical trials initiated by researchers in the US; the company announced the detailed layout of the heart valve field. TAVR and TMVR are expected to enter FIM clinical trials this year and next two years.

Complete equity incentives and equity plans to bind the interests of core talents. The company completed the ownership of the share award program in September 2020, involving 313 million shares, and has already accrued related expenses in 2020. In addition, the company also completed the awarding of a new batch of share option plans in March 2021, involving 33.32 million shares. The incentive plans all involve core personnel in various departments such as R&D, management, and sales. Their implementation will well bind the interests of core personnel, which is conducive to the company's talent training and long-term development.

Risk Reminder: Risk of the epidemic; R&D and approval fall short of expectations; health insurance fee control policies exceed expectations

Investment advice: slightly lower the profit forecast and maintain “buy”

Net profit for 2021-23 is estimated to be 231/283/346 million yuan (2021-22 was originally 2.34/3.05), a year-on-year growth rate of 7.1/22.3/ 22.1% (after deducting changes in fair investment value, exchange gains and losses, and share-based payment expenses in 2020, 26.2% year-on-year growth rate in 21). The current stock price corresponds to PE = 62/50/41x. As a leading enterprise in the field of minimally invasive intervention, the company is in a leading position in various segments, and has strategic assets with great potential, such as left ventricular blockage and iron-based absorbable stents. Aortic intervention products will be marketed one after another starting in 2021. With the continuous improvement of product pipelines, performance will enter a period of rapid growth, with a target price of 5.19 to 5.92 HKD for the year, maintaining a “buy” rating.

The translation is provided by third-party software.


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