\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 33 Sonoscape Medical Corp(300633) )
Ultrasound and endoscopy are leading enterprises, with diversified product lines and coverage for the first time. They are rated as "buy"
The company is a leading enterprise in China's ultrasound and endoscope track. Its products continue to innovate and diversify, and high-end products are expected to further break through the tertiary terminal market. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 213 / 283 / 366 million respectively, EPS will be RMB 0.53/0.66/0.85 respectively, and the corresponding P / E of the current stock price is 53.4/42.7/33.0 times respectively. Compared with similar companies, it has the valuation cost performance, covers for the first time, and is given a "buy" rating.
China's ultrasonic equipment market has broad domestic substitution space, and the company's products are developing towards high-end
China's ultrasound market has maintained steady growth, the localization rate of high-end ultrasound equipment is low, and there is great potential for domestic substitution. In the market of diagnosis and treatment of chronic diseases caused by the aging population, ultrasound equipment is expected to obtain demand space by virtue of its advantages of low cost, safety and non-invasive; At the same time, hierarchical diagnosis and treatment, new medical infrastructure, thousand County projects, mutual recognition of inspection and inspection results of medical institutions have guided the sinking of high-quality medical resources, and the increase in the number of medical terminals has driven the release of demand for middle-end ultrasound equipment; The company's products have achieved full coverage of medium, high and low-end ultrasound diagnostic equipment, which is in line with the development trend of color ultrasound specialization. P60 special high-end color ultrasound for obstetrics and Gynecology has been launched. The medium and high-end products continue to be in large quantities, and the market competitiveness in the field of ultrasound has been continuously enhanced.
The prosperity of China's soft mirror track is high. The company continues to enrich the types of mirrors and realize a soft mirror platform
The scale of China's mirror market is growing rapidly, and there is a large alternative space. Influenced by aging and unique lifestyle, the incidence rate of digestive system tumors in China is high. Endoscopy and biopsy are the gold standard for diagnosing gastric cancer. The demand for gastrointestinal endoscopy is increasing. The classification reduction policy accelerates the iteration speed of endoscopic products, and the graded diagnosis and treatment and new medical infrastructure policies promote the domestic soft mirror brand to the grass-roots level; The company continues to enrich the types of lens bodies. At present, it has deployed functional lens bodies such as optical amplification, variable hardness and fine lens bodies to make up for the shortcomings of soft lens products in high-end functions, further consolidate the product power of hd-550 platform in the terminal market and enhance its comprehensive competitiveness in the bidding process.
R & D and innovation enrich the product pipeline, and the two wheel drive of ultrasound + endoscopy business releases greater performance potential
Through years of technological innovation, product accumulation and channel expansion, the company has continuously improved its market share and brand recognition, and gradually realized the two wheel drive development of ultrasound and endoscopy business. The company has distributed R & D centers in many places, and has successively broken through the technical barriers of high-end products such as ultrasound endoscopy and 4K hard mirror through an efficient R & D system, and there are still heavy products such as intravascular ultrasound (IVUS) under research. The company's marketing network covers medical institutions at all levels, and further deepens and optimizes the overseas marketing layout to realize the transformation from technical achievements to business achievements. It has great market potential and is expected to accelerate the release of performance.
Risk tip: the promotion of the company's new products is less than expected, and the implementation of policies is less than expected.
