\u3000\u3000 Nanjing Vishee Medical Technology Co.Ltd(688580) (688580)
Event: the company released the performance express of 2021, and achieved an operating revenue of 430 million yuan in 2021, with a year-on-year increase of 13.66%; The net profit attributable to the parent company was 178 million yuan, a year-on-year increase of 23.81%; Deduct non net profit of 150 million yuan, with a year-on-year increase of 16.96%. Excluding the impact of share based payment expenses, the net profit attributable to the parent company was 196 million yuan in 2021, with a year-on-year increase of 36.46%; Deduct non net profit of 168 million yuan, with a year-on-year increase of 31.11%.
The performance is in line with expectations. Share based payment fees affect the apparent growth rate. Magnetic stimulation products continue to be sold in large quantities. Exoskeleton rehabilitation Siasun Robot&Automation Co.Ltd(300024) is expected to bring new impetus to growth. In 2021, the company’s revenue and net profit maintained a rapid growth. After excluding the impact of RMB 18.165 million after tax of share based payment expenses, the net profit attributable to the parent and deducted from non parent increased by 36.46% and 31.11% respectively year-on-year. We expect the company’s magnetic stimulation products, especially pelvic floor magnetic products, to continue to increase in volume and continuously drive the growth of performance. In addition, with the inclusion of transcranial magnetic stimulation (TMS) in medical insurance in more and more provinces, it is expected to accelerate the sales of the company’s transcranial magnetic products. In a single quarter, Q4 achieved a revenue of 127 million yuan, a year-on-year increase of 2.79%, a net profit attributable to the parent company of 70.3 million yuan, a year-on-year increase of 21.10%, and a deduction of non net profit of 59.58 million yuan, a year-on-year increase of 22.83%. The fluctuation of Q4 revenue growth is expected to be due to the high base in the same period last year on the one hand, and the slowdown of electric stimulation products on the other hand. At present, the company’s magnetic stimulation products have become the largest category of revenue, and exoskeleton rehabilitation Siasun Robot&Automation Co.Ltd(300024) has also been put on the market. The research projects of the next generation magnetic stimulator and Yimei energy source equipment have been steadily promoted, which is expected to bring sustained growth power.
Adhere to the R & D innovation drive, the original business continues to be iterated and upgraded, the new product exoskeleton Siasun Robot&Automation Co.Ltd(300024) starts product transformation, and adds an energy source technology platform for the medical and aesthetic field. The company pays attention to independent research and development, pushes through the old and brings forth the new, and enriches the product pipeline. In the first three quarters of 2021, the R & D investment was 46.46 million yuan, a year-on-year increase of 95%. 1) Iterative upgrading of the original business line: electrical stimulation, magnetic stimulation, electrophysiology and other fields continue to innovate, improve patient experience, expand treatment fields and optimize clinical treatment effects. 2) Positive achievements have been made in the research and development of new products, and the fields of sports rehabilitation and medical aesthetics have been laid out: the exoskeleton Siasun Robot&Automation Co.Ltd(300024) has started product transformation, the xwalk200 / 300 lower limb walking exoskeleton auxiliary training device and xwalk100 rehabilitation and weight reduction walking training vehicle have been successfully certified, and the x-locom series upper and lower limb active and passive rehabilitation training system is being registered, so the company has formed a sports rehabilitation product line, Broaden the strategic layout in the subdivided field of rehabilitation; The R & D project of new energy source technology platform will be applied to gynecology and obstetrics, dermatology, medical beauty institutions and non-medical institutions. At present, the pre research on the core functions of new technology platforms such as RF and laser has been completed, and the RF concept prototype has been designed and realized the basic functions. The company has entered the field of medical beauty, Continue to expand product lines and target markets.
Profit forecast and investment suggestions: according to the performance express, we adjusted the profit forecast and estimated the company’s revenue of 430, 534 and 671 million yuan from 2021 to 2023 (487, 632 and 825 million yuan before adjustment), with a year-on-year increase of 13.7%, 24.1% and 25.6%; The net profit attributable to the parent company was 178, 238 and 315 million yuan (180, 244 and 322 million yuan before adjustment), with a year-on-year increase of 23.8%, 33.8% and 32.2%; The corresponding EPS is 2.60, 3.48 and 4.60 yuan. At present, the company’s share price corresponds to 36 / 27 / 21 times of PE in 2021 / 2022 / 2023. Considering that the company is one of the leaders of pelvic floor rehabilitation, it is expected to continue to expand its leading edge with the combination of magnetoelectricity. At the same time, it is expected to have a multi-point layout in the subdivided fields such as mental, neurological rehabilitation, motor rehabilitation and medical aesthetics, which is expected to benefit from the increasing rehabilitation needs of China for a long time and maintain the “buy” rating.
Risk warning events: R & D failure risk, policy risk, market competition risk, and the public data used in the research report may be delayed or not updated in time.
