Key investment points
Market Overview: the medical imaging market is 100 billion yuan, and domestic enterprises have risen rapidly
China has entered a stage of rapid development in the 100 billion market of medical imaging. In 2020, the scale of China's medical imaging market has reached 53.7 billion yuan. Burning knowledge consulting expects that the market scale will be close to 110 billion yuan in 2030, and the average annual compound growth rate is expected to reach 7.3%, about twice the compound growth rate of the global imaging market. Compared with the world, China's medical imaging equipment industry has been showing a situation of low industry concentration, small enterprise scale and low share of domestic products in the medium and high-end market.
Domestic enterprises have risen rapidly, and the import monopoly pattern has been gradually broken. By 2021, the global medical imaging market is still basically monopolized by Siemens, GE and Philips. With the progress of the overall R & D level of domestic medical equipment, the gradual breakthrough of product core technology and the rapid rise of product quality and reputation, Chinese enterprises represented by Lianying medical, Beijing Wandong Medical Technology Co.Ltd(600055) and Neusoft medical have gradually realized domestic substitution in the medium and low-end product market through technological innovation, and continue to penetrate into the field of high-end products, The pattern of import monopoly is changing.
Lianying medical: a leading enterprise in medical imaging in China
Products: rich pipelines, benchmarking GPS three international manufacturers: by the end of 2021, the company had launched more than 70 products, including magnetic resonance imaging system (MR), X-ray computed tomography system (CT), X-ray imaging system (XR), molecular imaging system (PET / CT, PET / MR), medical linear accelerator system (RT) and life science instruments. Since its listing, the company's products have been settled in nearly 900 top three hospitals in China, among which Mr, CT, PET / CT, PET / MR and Dr products are at the forefront of the industry in the Chinese market. The company is leading the Chinese imaging equipment market to gradually break the monopoly of International well-known manufacturers such as GE, Philips and Siemens, and has a promising future.
Profitability: revenue and profits continued to grow, and profitability improved rapidly: from 2018 to 2020, the company achieved an operating revenue increase from 2.03 billion yuan to 5.76 billion yuan, with an annual compound growth rate of 68.3%. The net profit attributable to the parent company was reversed from a loss of 130 million yuan to a profit of 900 million yuan. In the first half of 2018-2021, the gross profit margin and net profit margin of the company continued to increase from 39.1% and - 6.5% to 51.7% and 20.7% respectively. In addition, the increasing turnover rate of accounts receivable, inventory and fixed assets since 2018 reflects the company's increasingly perfect R & D production sales system and the gradual scale effect.
R & D: with high technical barriers to medical imaging, the company has strong R & D strength. From 2018 to the first half of 2021, the R & D investment of the company was RMB 670 million, 690 million, 850 million and 500 million respectively, accounting for 32.7%, 23.2%, 14.8% and 16.2% of the operating revenue, which is at a high level in the industry. In addition, by 2021, the company's R & D personnel accounted for more than 35%, obtained 1549 authorized invention patents, and took the lead in undertaking nearly 40 national and provincial R & D projects.
Future expansion: enrich product pipelines and expand marketing service network: the issuing company plans to raise a total of RMB 12.48 billion for next-generation product R & D projects, high-end medical imaging equipment industrialization fund projects, marketing service network projects, information improvement projects and supplementary working capital, which has comprehensively improved the company's market core competitiveness.
Risk tips:
The risk of infringement of key core technologies, the risk of R & D failure or failure to industrialize, the policy risk of centralized procurement, trade friction and regional political risk, and the risk of core component procurement.
