Shinva Medical Instrument Co.Ltd(600587) (600587)
Event: on the evening of December 30, Shinva Medical Instrument Co.Ltd(600587) announced that the company planned to raise no more than 1.284 billion yuan for intelligent manufacturing and supporting projects based on flexible processing production line, production and expansion projects of high-end precision minimally invasive surgical instruments, etc; The company plans to acquire 40% equity of its subsidiary Xinhua surgical instruments with RMB 48.195 million; The company plans to invest 49 million yuan to establish a high-tech medical device company with various parties.
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The company issued a non-public offering plan. The company plans to raise no more than 1.284 billion yuan, no more than 30% of the original total share capital. It is used for intelligent manufacturing and supporting projects based on flexible processing production line, production expansion projects of high-end precision minimally invasive surgical instruments, etc. The number of shares subscribed by Shandong health, the controlling shareholder of the company, will not be less than 28.77% of the total number of shares issued this time. The company's fixed increase is mainly to meet the needs of market development, realize the upgrading of product structure and continue to maintain the company's leading position in the industry. In 2021, the "14th five year plan" clearly proposed "breaking through the core technology of high-end medical equipment", and the medical device industry ushered in a golden period of development. According to the 2018 global medical device Market Overview and 2024 outlook, the global medical device sales scale in 2017 was US $405 billion. From 2017 to 2024, the annual compound growth rate of the global medical device market is expected to be about 5.6%, and the global medical device sales are expected to reach US $594.5 billion in 2024.
The company plans to acquire 40% equity of Xinhua surgical instruments Co., Ltd. It is proposed to spend 48.195 million yuan. The main business of Xinhua surgical instruments is the production and sales of medical utensils, dental technical instruments, experimental metal clips, bed beam flexible shaft fixers, adapters, j-arms and other non-medical instruments; Sales of sterilization packaging products, consumables and disinfection products. At present, Shinva Medical Instrument Co.Ltd(600587) holds 60% of the shares and German snake brand company holds 40%. After the acquisition, Xinhua surgical instruments will become a wholly-owned subsidiary of Shinva Medical Instrument Co.Ltd(600587) , which can focus on the development of the company's main business, give full play to the brand advantage and realize the coordinated development of Shinva Medical Instrument Co.Ltd(600587) business with the parent company.
The company plans to jointly invest with many parties to establish a subsidiary, high-tech medical device company. The registered capital is 100 million yuan, of which Shinva Medical Instrument Co.Ltd(600587) intends to contribute 49 million yuan, with a shareholding ratio of 49%, and is the largest shareholder. The main purpose of the establishment of high-tech medical device company is to implement the new and old kinetic energy conversion policy, under the guidance of the government and market-oriented operation, focus on the layout of four key subdivided industrial fields of medical devices: precision radiotherapy and imaging equipment, intelligent sensing and control epidemic prevention equipment, in vitro diagnostic instruments and reagents, and intelligent operating room equipment, establish an industrial chain collaborative innovation mechanism, and integrate AI The Internet and other strategic new generation technologies have formed an innovation paradigm that pays equal attention to leading innovation, subversive innovation, original innovation and follow-up innovation, adaptive innovation and integrated innovation.
Profit forecast, valuation and rating: as the leader of sensing and control equipment and pharmaceutical equipment, the company has a sound product system and has the ability of integrated solutions. It is expected to fully enjoy the dividends of the new medical infrastructure and the rapid development of the pharmaceutical equipment industry. We maintain the forecast that the company's EPS will be 1.39/1.73/2.12 yuan from 2021 to 2023, and the current price corresponding to PE will be 22 / 18 / 14 times, maintaining the "buy" rating.
Risk tip: the company's order is less than expected, the industry risk is intensified, and the fixed increase fund-raising is less than expected.
