\u3000\u3 Guocheng Mining Co.Ltd(000688) 016 Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) )
Matters:
The company released the annual report of 2021: the annual revenue was 684 million yuan (+ 45.59%), the attributable net profit was 316 million yuan (+ 47.17%), and the attributable net profit after deduction was 288 million yuan (+ 51.08%). Consistent with the previous express. Dividend plan: 21.00 yuan in cash (including tax) for every 10 shares.
Ping An View:
Heavy products drive high growth, and peripheral intervention grows rapidly
In 2021, the negative impact of the epidemic on the routine diagnosis and treatment services of medical institutions decreased, and the development of all sectors of the company accelerated. The annual revenue of aortic stent products in core business was 566 million yuan (+ 44.04%), and it is speculated that the growth rate of abdominal aortic products is higher than that of thoracic aortic products. The intraoperative stent achieved steady growth before the new product was launched, and the annual income was 662064 million yuan (+ 18.34%). The company's focus on the development of peripheral intervention business achieved a revenue of 526531 million yuan (+ 222.15%), with a very rapid growth.
The company's three heavyweight products (thoracic aortic stent castor, middle abdominal artery stent Minos and peripheral drug balloon reewarmptx) are the core driving force driving the rapid development of their respective sectors. Among them, castor has entered more than 700 hospitals, successfully covering most hospitals capable of performing aortic arch interventional surgery; Minos and reewarmptx have achieved coverage of more than 400 hospitals respectively, with great expansion potential.
New products are continuously launched to ensure future growth
Xinmai is a typical innovation driven company, with rich varieties and industry-leading R & D pipelines, and realizes continuous and rapid development through product development and iteration. In addition to the three heavyweight products that have been listed and successfully proved themselves, more products are also being developed and promoted. In 2021, the company's peripheral high-pressure balloon ryflumen and new intraoperative stent fontus obtained the registration certificate, and the new generation of straight tube thoracic aortic stent Talos also obtained the registration certificate in January 2022. In addition, the company also has new aortic branch stents, venous stents, venous filters, peripheral coils and other products in various stages of R & D to provide guarantee for subsequent growth.
The product went further to sea, and multiple products completed the first implantation
The company's internationalization strategy has entered the implementation stage and achieved certain results in 2021. The company takes Minos, HLP and castor as its main products to explore overseas markets. At present, it has entered 18 countries and regions, covering Europe, South America and Asia Pacific. Throughout the year, the company achieved sales of 301423 million yuan in overseas markets, with a year-on-year increase of 158.45%, accounting for 4.40% of the company's main business income.
Maintain a "recommended" rating. The company's high-intensity R & D ensures that it has advantages in product development and iteration. The continuous implementation of innovative products has become the driving force of the company's sustained high growth. Based on the company's new product launch and volume rhythm, adjust and add the EPS forecast of 5.95, 7.97 and 10.53 yuan from 2022 to 2024 (the original forecast of 5.47 and 7.39 yuan from 2022 to 2023), and maintain the "recommended" rating.
Risk tips: 1) there is pressure to reduce the price of high-value consumables. If the decline exceeds expectations, it may affect the growth rate of the company; 2) Several important products of the company have just been listed or are about to be listed. If the clinical / listing / bidding results are less than expected, the subsequent growth momentum of the company may be weakened; 3) If the company's newly launched products cannot be fully integrated into the platform to achieve rapid volume, it will have a negative impact on performance growth.
