Xiangyumedicalco.Ltd(688626) (688626)
Invest in the construction of Zhengzhou rehabilitation Industrial Park, comply with the bonus of rehabilitation policy and help introduce high-end talents
On December 1, the company announced that Henan ribeta Medical Technology Co., Ltd., a wholly-owned subsidiary of the company, invested in the construction of rehabilitation medical device Industrial Park in Zhengzhou to help the company better undertake the growth trend of rehabilitation device orders under policy support and attract high-end R & D talents. The company is a leading enterprise in the segment of rehabilitation medical devices. It has a complete product line, has the ability to provide integrated rehabilitation solution services, fully covers the market demand, fully benefits from the increment brought by the construction and upgrading of medical institutions and rehabilitation centers, and has great development potential. We maintain the company’s profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 239 / 3.24/422 million respectively, EPS will be RMB 1.49/2.03/2.64 respectively, and the corresponding P / E of the current stock price will be 37.4/27.6/21.1 times respectively, maintaining the “buy” rating.
IPO raised sufficient funds, and the pressure of project investment funds is small
The total investment of the industrial park project is expected to be about 521 million yuan, It is estimated to invest 60 million yuan in 2021 (including land transfer fee), it is estimated to invest 100 million yuan in 2022, 200 million yuan in 2023 and 161 million yuan in 2024. The investment capital of this project comes from the company’s own and self raised funds. The company’s IPO funds supplement the working capital, and the capital pressure is small. The company’s initial listing on the science and innovation board in March 2021 raised a net capital of 1.05 billion yuan, and as of 2021q3, the company’s cash and cash The ending balance of gold equivalents is 768 million yuan, with sufficient cash on hand, which provides strong support for project investment and company operation.
The policy comprehensively supports the construction of rehabilitation medical system and promotes the rapid development of the industry
On June 16, 2021, the National Health Commission issued the opinions on accelerating the development of rehabilitation medical work and policy interpretation, which constituted a significant positive impact on rehabilitation medical and related industrial chains. The policy stipulates that China’s secondary and above general hospitals should set up independent departments to carry out rehabilitation medical services and configure standardized rehabilitation medical devices. The company will fully benefit from the increment brought by the construction and upgrading of rehabilitation medical departments and rehabilitation centers of medical institutions.
Risk tip: the construction of the rehabilitation department of the general hospital is lower than expected, and the promotion of the company’s new products is lower than expected.
