Wandong Medical (600055): New products continue to be introduced. Product structure is upgraded to high-end. Revenue will accelerate in 2019.
The company released its annual report and first quarterly report. In 2018, the company achieved operating income, net profit attributable to mothers, and net profit attributable to non-mothers was 9, respectively.
55 billion, 1.
5.3 billion and 1.
3.7 billion, an increase of 7 each year.
56%, a cash dividend of 1 for every 10 shares.
00 yuan (including tax).
The first quarter realized operating income, net profit attributable to mothers, net profit attributable to non-mothers was 1, respectively.
6.2 billion, 0.
5.7 billion and 0.
1.8 billion, an increase of 20 each year.
The annual performance maintained high growth, in line with our expectations of the company’s operating income in 2018, net profit attributable to mothers and net profit after deducting non-attributions to mothers respectively.
56%, about 8 in 2017.
52% and 41.
53%, the company’s revenue maintained steady growth, and the profit side maintained rapid growth.
In 2018, the company strengthened the sales of 四川耍耍网 second-tier and higher-level medical institutions. Through the refinement of mission goals, strict sales assessment, and multi-regional promotion, the sales of second-tier and higher-level medical institutions gradually reached 30%.
Looking at the fourth quarter alone, it increased by -3 per year.
20 and 148.
The company’s profit growth rate is higher than the income growth rate mainly due to the effect of controlling costs and increasing efficiency.
In the first quarter of 2019, operating income, net profit attributable to mothers, and net profit after non-attribution to mothers increased by 20, respectively.
The revenue rose month-on-month. As the sales expenses increased by about 25%, it had some impact on the profit side.
The company’s previous performance quarter was obvious. The net growth rate of non-attributed net profit in Q1-4 of 2018 was 325.
59% and 148.
62%, of which Q1 is a high base. In terms of products, the sales volume of DR increased, and the revenue of nuclear magnetic resonance increased rapidly. In terms of sales volume, DR products were basically the same as last year, and superconducting 1.
5T formaldehyde, flat DSA, 16-slice CT, and molybdenum targets have all grown rapidly.
DR product line: In 2018, the company’s overall sales of DR products were 1,772 units, which was basically the same as the 2017 division.
Initially, the situation is that the government’s centralized procurement projects in primary hospitals in various provinces in 2018.The company achieved rapid growth in sales of DR products at the retail end by adjusting market strategies and marketing plans. As a result, overall revenue increased, and sales of secondary and higher medical structuresThe ratio has increased significantly, and the number of DR product sales has gradually ranked first in the domestic market.
In 2018, the company launched a 40kW high-power mobile DR product, and all 14 high-end DR models of flat DR were selected into the domestic excellent equipment list, becoming the manufacturer with the largest number of DR products.
In the future, the company will be committed to improving its policy advantages, increasing the sales ratio of tertiary hospitals, and consolidating the number one position in the domestic industry.
Magnetic resonance product line: In 2018, the company sold a total of 108 magnetic resonance products, an increase of 31 each year.
Sales of 5T superconducting MRI products have nearly doubled.
The company’s nuclear magnetic sales volume ranks second in the domestic market and is a product line with accelerated growth in the imaging product line.
New high-end superconducting magnetic resonance imaging system i_Space 1.
5T has cooperated with three domestic super-large hospitals to conduct clinical trials and cooperate in research and development to achieve gradual optimization from core components to image quality.It has been approved in February 2019 and is expected to be available in the second quarter of 2019.Guide 1.
5T products will provide support for the company’s large-scale imaging equipment to enter hospitals above the second level.
The company’s superconducting 3.
The development of 0T products is in progress, and registration is expected to start in 2019.
In the future, transformation 1.
Continuous volume of 5T superconducting MRI products, and new product i_Space 1.
With the listing of 5T, the company’s magnetic resonance products will gradually narrow the gap with international brands, gradually increase market share, and achieve rapid revenue growth.
Other product lines: DSA angiography system products have achieved low-dose imaging technology breakthroughs, benefiting from the National Health and Family Planning Commission’s policy of canceling the management of vascular interventional therapy products (DSA) configuration certificates.Become the preferred product of county hospitals.
The flat-panel digital turbine can achieve the advantages of far higher integration than other domestic brands, ranking the industry leader. In 2018, the sales volume ranked first among domestic brands, and most of the users were public hospitals above the second level. In 2018, the company launched two newThis dynamic flat rehabilitation product can meet the needs of various types of medical institutions. It is expected that the implementation of the company’s marketing team to expand the promotion efforts and the implementation of graded diagnosis and treatment policies will achieve rapid growth.
Wanliyun’s business layout is AI medical, and Wanliyun, a holding subsidiary of the online and offline collaborative development company, focuses on the three major segments of remote imaging diagnostic services, third-party imaging center business and imaging cloud SaaS services.
The initial online reading volume has gradually exceeded 10 million; in terms of AI image diagnosis technology, the development and testing of AI imaging diagnostic software for lung CT, osteoarthritis, and healthy lungs have been completed; and 15 third-party imaging centers have been completed.
At present, the company’s remote imaging diagnostic service business ranks first in the industry.
In the future, Wanli Cloud will achieve rapid revenue growth, turn losses into profits, and work with offline equipment and services to develop in a coordinated manner to build a smart medical blueprint.
The company has rich reserves of new product research and development. The company expects to launch new products such as the New Oriental 1000F medical X-ray photography system and DRF-5 / 6 medical diagnostic X-ray machine in 2019, which is expected to achieve new growth.
Other than that, the company 3.
0T superconducting magnetic resonance imaging systems, dynamic flat-panel detectors and other products are under study. It is expected that 64-row and 128-row X-CT products will be launched in the future and ultrasound products will be laid out to achieve full coverage of imaging products.
Financial indicators are basically normal. In 2018, sales, management and financial expenses were reduced by 3 respectively.
27% and 36.
Selling expenses have been reduced, and offline channels have been optimized for reporting, and new media brand promotion has been promoted; R & D expenses are 0.
62 ppm, an increase of 0 per year.
67%, initially to continue to increase research and development investment, increase the salaries of some key backbone research and development personnel, and reach a competitive level of expenditure with the industry.
The overall gross profit margin is 43.
60%, which is equivalent to an increase in 2017. The independent production of FPD (X-ray flat panel detectors) and miniaturized high-voltage generators have significantly increased the average gross profit margin of DR product lines.
The increase in net cash flow from operating activities as compared to the same period last year was mainly due to increased reporting and sales receipts.
Sales, management and financial expenses increased by 24 in the first quarter of 2019.
93% and -444.49%.
The net cash flow from investing activities decreased compared with the same period of last year, which was mainly due to the report of last year and the payment of investment funds from Shanghai Luzi Enterprise Management Consulting Center (Limited Partnership).
Profit forecast As the company’s higher-end new products continue to be introduced and the company’s sales capabilities increase, the company’s product structure will gradually upgrade to a high-end structure. In 2019, revenue growth and gross profit margin will increase.
In 2019, the company’s budget consolidated operating income was 11% (an increase of 15%), and the budget belonged to the parent company’s net profit of 2% (an increase of 30%).
We expect revenue to increase by 15% annually from 2019-2021.
4%, the growth rate of net profit attributable to mothers was 31.
0%, corresponding to PE is 34, 26 and 20 times, maintaining the overweight rating.
Risks indicate that the launch of new products is less than expected, and the number of successful bids for centralized procurement is less than expected.