\u3000\u3000 Nanjing Vishee Medical Technology Co.Ltd(688580) (688580)
Event:
The company released the performance express in 2021, and the revenue, net profit attributable to parent company and net profit deducted from non attributable to parent company were 430 million yuan, 178 million yuan and 150 million yuan respectively, with a year-on-year increase of 13.66%, 23.81% and 16.96%. After excluding the impact of share based payment expenses, the net profit attributable to the parent company and net profit deducted from non attributable to the parent company in 2021 were 196 million yuan and 168 million yuan respectively, with a year-on-year increase of 36.46% and 31.11%, which has reached the performance assessment goal of the 2021 restricted stock incentive plan.
Comments:
The performance is in line with market expectations, and the large volume of magnetic stimulation products promotes the high increase of profits. It is estimated that the company’s revenue, net profit attributable to the parent and net profit deducted from non attributable to the parent in the fourth quarter increased by 2.79%, 21.09% and 22.82% year-on-year respectively. After excluding the impact of share based payment expenses, the net profit attributable to the parent and net profit deducted from non attributable to the parent in the fourth quarter increased by 25.33% and 27.89% year-on-year respectively. The slowdown in revenue growth is estimated to be related to the pressure on the sales of electrical stimulation products. With the adjustment and improvement of the sales team and marketing policies, we expect that electrical stimulation products will return to steady growth after 2022. Considering the repeated epidemic and the high base of 2020q4 performance, it is true that the net profit of the company in the fourth quarter increased by more than 20% year-on-year. The volume of magnetic stimulation products has increased rapidly, and has become the first category of the company’s revenue.
Position high-end and growing markets, and actively expand rehabilitation Siasun Robot&Automation Co.Ltd(300024) and medical beauty equipment. The company adheres to the strategic positioning of the blue ocean market, and its products mainly focus on the cutting-edge fields of electrical stimulation, magnetic stimulation, electrophysiology and rehabilitation Siasun Robot&Automation Co.Ltd(300024) 4. The demand of pelvic floor and postpartum rehabilitation is broad, and the industry continues to be booming. As the leader of magnetoelectric joint rehabilitation equipment, the company is expected to fully benefit. The rehabilitation Siasun Robot&Automation Co.Ltd(300024) industry has high technical barriers. China is still in the initial development stage and has great growth potential in the future. The xwalk100 / 200 / 300 lower limb walking exoskeleton Siasun Robot&Automation Co.Ltd(300024) independently developed by the company has been certified, and some of them have been listed and sold in 2022. Such rehabilitation projects have been covered by medical insurance in Beijing, Jiangsu and other places. In addition, the x-locom series active and passive rehabilitation training system for upper and lower limbs is in the process of registration. The three products are expected to be certified in the second half of 2022 and put on sale in 2023. The medical insurance coverage of this part of the rehabilitation project is high. The company is also steadily promoting the development of research projects such as the next generation magnetic stimulator and medical energy source equipment. The product reserve is rich and the future growth can be expected.
Under the policy dividend, technological innovation contributes to long-term development. In recent years, under the background of healthy China strategy and population aging, the state has issued a series of policies to encourage the development of rehabilitation medical services, promote the R & D and innovation of rehabilitation medical equipment, and improve the popularization rate of rehabilitation equipment. In June 2021, the health commission and other eight ministries and commissions jointly issued the “opinions on accelerating the development of rehabilitation medical work”, encouraging and supporting high-intelligent, high-tech and high-quality rehabilitation aids and rehabilitation treatment equipment. In October 2021, the Health Commission issued the notice on carrying out the pilot work of rehabilitation medical services, requiring to accelerate the development of rehabilitation medical services, effectively increase the service supply, and support the software and hardware construction of rehabilitation medicine. In December 2021, the Ministry of industry and information technology and other ten departments jointly issued the “14th five year plan” for the development of medical equipment industry, which listed health care and rehabilitation equipment as one of the seven key development areas. We believe that high-quality head companies with R & D iteration and channel capabilities are expected to fully benefit from the dividend of industry policies. In the first three quarters of 2021, Nanjing Vishee Medical Technology Co.Ltd(688580) R & D expense rate reached 15.32%, which was significantly higher than 9.06% in 2020. The company continued to increase talent reserve and R & D investment, with remarkable results. The company has a systematic and perfect academic promotion and marketing service system, and has gradually established an excellent brand image. It is expected to grasp the policy dividend and actively explore the market.
Profit forecast, valuation and rating: as the leader of magnetoelectric combined rehabilitation equipment, the company has a high growth blue ocean track, adheres to innovation driven, and actively distributes rehabilitation Siasun Robot&Automation Co.Ltd(300024) and medical beauty equipment products, which is expected to benefit from the high prosperity of rehabilitation industry and the upgrading of residents’ consumption. Considering the continuous listing of new products, the net profit forecast for 2021-2023 was raised to 178 / 236 / 321 million (2.4% / 1.2% / 0.1% higher than the previous forecast), with a year-on-year increase of 23.8% / 32.5% / 36.4%. The current stock price corresponds to PE of 36 / 28 / 20 times, maintaining the “buy” rating.
Risk warning: the construction of rehabilitation department is slowing down; The research and development of new products fails or the market promotion is not as expected; Safety accident risk, etc.
