\u3000\u3000 Nanjing Vishee Medical Technology Co.Ltd(688580) (688580)
The company released its 2021 annual performance express: during the reporting period, the company achieved a total operating revenue of 430 million yuan, 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%, and the net profit attributable to the parent company after deducting non-profit was 150 million yuan, a year-on-year increase of 16.96%. Excluding the impact of share based payment expenses, during the reporting period, the company realized a net profit attributable to the parent company of 196 million yuan, a year-on-year increase of 36.46%, and a net profit attributable to the parent company after deducting non-profit of 168 million yuan, a year-on-year increase of 31.11%.
The incentive fee affects the apparent growth rate, and the pelvic floor magnet has a rapid volume: 1) the cost amortization of the company’s new phase of equity incentive starts in 2021q2. If the after tax impact of share based payment fee is excluded in 2021, the company will realize the net profit attributable to the parent and the net profit after non deduction from the parent respectively, with a year-on-year increase of 36.46% and 31.11%, better reflecting the rapid growth level of the company’s business operation. 2) In a single quarter in the fourth quarter, the revenue is expected to reach 127 million yuan, with a year-on-year increase of 2.8%. In addition to the impact of the high base in the fourth quarter of last year, we expect the slowdown in the growth of electric stimulation business. 3) In terms of sectors, we expect that the pelvic floor health production business is still the main driving force for revenue growth. Since the pelvic floor magnetic stimulation products have been included in the clinical guidelines, they have entered a rapid volume stage this year, with a year-on-year increase of 102.9% in the first half of the year, and it is expected to maintain a high-speed growth throughout the year. With the increase of the sales proportion of high growth pelvic floor magnetic stimulation products and the embodiment of the company’s electromagnetic joint synergy advantages, it is expected that the overall pelvic floor health production business will maintain rapid growth.
Continue to increase R & D investment, and new products can be realized one after another: the company has comprehensive competitive advantages such as brand, academic, clinical, channel and after-sales service accumulated for many years. The continuous development of new products, new projects and new fields will help to open up long-term growth space. In 2021, the company overcame the impact of covid-19 epidemic, actively responded to market changes, continued to increase R & D investment, and adhered to innovation driven development. The magnetic stimulation products independently developed by the company have become the largest category of the company’s revenue, and the exoskeleton rehabilitation Siasun Robot&Automation Co.Ltd(300024) has also been put on the market. The next-generation magnetic stimulator, Yimei energy source equipment and other research projects are steadily advancing, injecting new growth momentum into the company’s business development.
Profit forecast and rating: we expect that the net profit attributable to the parent company from 2021 to 2023 will be RMB 178, 240 and 317 million, with a year-on-year increase of 23.7%, 35.0% and 32.3%, corresponding to PE of 37x, 27x and 20x. We are optimistic that the company, as the leader of pelvic floor and postpartum rehabilitation equipment segmentation, is expected to continue to drive the growth of pelvic floor health business through the combination of product end magnetoelectricity and channel end; At the same time, the new generation of electromagnetic stimulation, energy sources, rehabilitation Siasun Robot&Automation Co.Ltd(300024) and other research projects are advancing rapidly, which is expected to open the long-term ceiling and maintain the “buy” rating.
Risk tip: after the new product is certified, the sales promotion effect is less than the expected risk, the upgrading iteration is less than the expected risk, the policy risk and the risk of technical brain drain.
