Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (300760)
As the leader of Chinese medical devices, the company is committed to providing high-quality products and services to global medical institutions. The company's main business covers many fields, such as life information and support, in vitro diagnosis, medical imaging, surgery, orthopedics, animal medicine and so on. Among them, most of the sub products of life information and support business, such as monitors, defibrillators, anesthesia machines, respirators, infusion pumps, and blood cells of in vitro diagnosis business, have become the first in China. Based on the comprehensive medical device product line, the company has successively launched three IT solutions: ruizhilian, ruizhijian and ruiyingyun to promote the construction of smart hospital.
China's new medical infrastructure supports medical equipment sales, and local governments respond positively
In May 2020, many ministries and commissions jointly issued the public health prevention, control and treatment capacity-building plan, which clearly pointed out that hospitals at all levels across the country should focus on strengthening capacity-building to supplement the shortcomings of public health, especially the prevention, control and treatment capacity of major epidemic situations exposed by covid-19 pneumonia, which promoted the demand for medical equipment procurement. Subsequently, the state successively launched relevant policies and formed a construction plan with the main goal of improving China's disease prevention and control and public health emergency system, which received positive response from local governments.
"SanRui" system responds to the construction of smart hospital and creates an ecosystem of diagnosis and treatment in the hospital
Ruizhilian, ruizhijian and ruiyingyun are intelligent IT solution platforms launched by the company for life information support business, IVD business and imaging business under the background of smart hospital construction. By the first half of 2021, the company's ruizhilian had achieved 76 sets of installation + signed orders in China, ruiyingyun had achieved 400 sets of installation + signed orders in China, and began to vigorously promote the IT scheme of Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) intelligent inspection laboratory in the Chinese market. Under the development tide of China's smart hospital construction, "SanRui" system is expected to create a new hospital diagnosis and treatment ecosystem, improve hospital operation efficiency and have broad application prospects.
Overseas market development was accelerated, and public health construction was accelerated in the post epidemic era
Covid-19 epidemic has increased the overseas influence of Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) . During the epidemic, the company's brand influence and awareness in the international market have been improved, a breakthrough has been achieved in many high-end markets, and more opportunities have been brought to the company's future growth. Among them, high-end hospitals in the European market continue to make breakthroughs, and the European market is expected to continue to develop new medical infrastructure in the post epidemic era; The market in row District blossoms at multiple points, and the sales of multiple product lines such as monitoring, blood cells and ultrasound expand rapidly.
Profit forecast and investment rating
We estimate that the company's operating revenue from 2021 to 2023 will be RMB 25.606 billion, RMB 31.496 billion and RMB 38.635 billion respectively, and the net profit attributable to shareholders of listed companies will be RMB 8.226 billion, RMB 10.178 billion and RMB 12.553 billion respectively, corresponding to EPS of RMB 6.77, RMB 8.37 and RMB 10.33/share respectively. Select Jiangsu Hengrui Medicine Co.Ltd(600276) , Wuxi Apptec Co.Ltd(603259) and Aier Eye Hospital Group Co.Ltd(300015) as comparable companies, giving PE of 2021 63 times, Raise the target price to 426 yuan (the previous value was 417 yuan) and maintain the "buy" rating.
Risk warning: product R & D is not as expected; Sales promotion is not as expected; Risk of failure to win the bid in volume procurement of core products
