\u3000\u3000 Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) (688016)
Performance review
On February 24, 2022, the company released the performance express of 2021. The company achieved revenue of 685 million yuan in 2021, a year-on-year increase of + 46%; The net profit attributable to the parent company was 316 million yuan, a year-on-year increase of + 47%; The net profit deducted from non parent company was 289 million yuan, a year-on-year increase of + 51%.
Quarter by quarter, Q4 company achieved a revenue of 174 million yuan in 2021, a year-on-year increase of + 23%; The net profit attributable to the parent company was 66 million yuan, a year-on-year increase of + 27%; The net profit deducted from non parent company was 56 million yuan, a year-on-year increase of + 34%.
Business analysis
The performance will achieve rapid growth in 2021. The company’s Castor thoracic aortic covered stent, Minos abdominal aortic covered stent and reewarm PTX peripheral drug balloon and other new products achieved rapid growth in 2021 and gradually became an important support for the company’s performance. In 2021, the restorative growth of the industry was superimposed on the accelerated expansion of the company’s new products. The company’s revenue and profit increased rapidly by more than 40%, and its competitiveness was further improved. It is expected that the new products will continue the rapid growth trend in the future.
Aortic products have strong competitiveness, and the peripheral fields expand rapidly. In 2021, the company maintained strong competitiveness in the field of aorta, leading China’s market share. While the coated stents such as castor and Minos expanded rapidly, the intraoperative stents are still exclusive in China. At the same time, peripheral artery products are growing rapidly. The listing and sales of peripheral drug balloons and other products have opened a greater market space for the company, and the company’s competitiveness in the aortic and peripheral vascular intervention market has been further consolidated.
Innovative products were intensively approved and continued to increase R & D investment. Recently, the company’s ryflumen peripheral high-pressure balloon dilation catheter, fontus branch intraoperative stent and Talos thoracic aorta covered stent have been approved successively. The iliac vein stent system has completed all clinical enrollment and entered the special approval channel for innovative products. It is expected that the company will gradually enter the clinic in 2022, and the R & D investment of the company will continue to grow in the future, New products will provide strong support for the company’s future performance growth.
Profit adjustment and investment suggestions
We are optimistic about the company’s competitiveness in the field of aortic stents. At the same time, the layout of peripheral vascular intervention field has great potential in the future. It is estimated that the company’s net profit attributable to the parent company from 2021 to 2023 will be 316, 425 and 577 million yuan respectively, with a year-on-year increase of 47%, 35% and 36%, and EPS of 4.39, 5.91 and 8.01 yuan / share respectively. The current price corresponds to 45, 33 and 24 times of PE, maintaining the “buy” rating.
Risk tips
Risk of medical insurance fee control policy; The risk that the research and development of new products does not meet the expectations; Risk of product promotion failing to meet expectations; Risk of overseas trade friction.
