\u3000\u3 Guocheng Mining Co.Ltd(000688) 677 Qingdao Novelbeam Technology Co.Ltd(688677) )
The upstream leading enterprise of fluorescent endoscope equipment is covered for the first time and is rated as "buy"
The company is a leading enterprise in the upstream of fluorescent endoscopes. Its products and service capabilities fully cover the market demand of fluorescent endoscopes. With the general trend of fluorescent endoscopes replacing white light endoscopes, the company gradually and rapidly releases its performance potential. At the same time, the successive registration, launch and sales promotion of the company's complete endoscope system will also increase revenue and profit for the company's future performance. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 118 / 156 / 210 million yuan respectively, EPS will be 1.41/1.80/2.41 yuan respectively, and the corresponding P / E of the current stock price is 49.1/38.6/28.8 times respectively. Compared with similar endoscope medical device companies, it has the valuation cost performance, is covered for the first time, and is rated as "buy".
The penetration rate of fluorescent hard mirror increased rapidly, and domestic brands benefited from policy support
The space growth of fluorescent endoscope industry is fast; Due to the unique clinical value of fluorescent endoscopes in terms of visual field compared with white light endoscopes, the penetration rate of fluorescent endoscopes in China is growing rapidly. According to frost Sullivan's calculation, the compound annual growth rate of fluorescent endoscopes in China is expected to be close to 99.8% in the next three years. Medical endoscopes have been listed as one of the key research and development fields. At the same time, endoscopes have been reduced from class III Registration to class II, and the product iteration speed will be further accelerated, which is conducive to promoting the import substitution process of domestic endoscope brands; Chinese policies encourage domestic enterprises to innovate medical devices. With the continuous promotion of policies, a large number of high-quality domestic endoscopic device manufacturers are gradually moving towards the market, and the market share of domestic brands is also expanding.
The company adheres to independent research and development for a long time, and its core technical strength is deep
The hard power of core technology is accumulated, and the soft power is continuously improved; Relying on the four technical platforms of optical technology, precision mechanical technology, electronic technology and digital image technology, the company has the innovation ability to quickly match the needs of customers and the transformation ability of scientific and technological achievements. The business development of medical endoscope instruments and optical products has increased steadily, the product power is outstanding, and the whole machine products have reached the international first-class level in terms of technology. At the same time, we pay attention to the cultivation of soft power such as R & D mode. The whole machine products under development directly hit the clinical pain points such as confocal fluorescent micro endoscopy, endoscope defogging hard mirror system and 3D laparoscopy, and the products form differentiated competition. At the same time, it can independently design and produce optical products and optical components in biomedicine, industrial laser, biometric and other fields.
By taking advantage of cost and R & D advantages, the United Nations pharmaceutical company has entered the middle reaches of the whole machine, and strengthened its channel strength
The company's products have cost and technical advantages; The company has the core competitiveness of combining core technology with integration technology and integrating vertically from core components to whole machine integration. The whole Endoscope Diagnosis and treatment system launched by the company has established clinical cooperation with many hospitals; The company fully understands the key position of the equipment sales channel, actively expands the extension at the channel end, and cooperates with Sinopharm equipment, which is combined with the advantage of abundant resources in the market channel of Sinopharm equipment, and takes the development of the complete medical endoscope system as the starting point to establish its own brand. At the same time, carry out R & D iterations of 3D, artificial intelligence and other minimally invasive medical technology products, build a leading enterprise of domestic medical endoscope machine and minimally invasive surgical products, and provide clinicians with comprehensive endoscope products and services.
Risk warning: downstream customer cooperation stability risk; Uncertainty risk of whole machine market promotion.
