Good companies never have to be black technology, those products that require a rigid reputation, and consumers repeatedly pay for the company, like Buffett bought by Buffett. Today's analysis of Yuyue Medical is such a company. The company started with the simplest home medical equipment , accumulated enough industry experience, and continuously expanded its advantages through reasonable mergers and acquisitions. In the context of the current population aging and medical reform, the company's flagship products face excellent industry opportunities and may usher in the company's second glory.
[Investment Highlights]
1. Benefiting from the aging of the population and the strong support of national policies, the medical device industry has a broad growth space. The relevant data believes that the future growth rate is estimated to be 17.7%, which provides a high enough for Yuyue Medical's home medical devices and commonly used medical devices. ceiling.
2. The reputation of commonly used medical devices is extremely important. Many series of Yuyue Medical have ranked first in the segmentation market for many years, forming a good customer perception and becoming a motive for future competition. The new products currently being promoted are in line with the aging household demand and the prospects are promising.
3. The company's marketing strategy and execution are very strong. After the major shareholder controls Wandong, the channel advantage will be further utilized to provide a reliable guarantee for the growth of Yuyue Medical. The e-commerce platform has promoted its ideals and has become an important sales channel.
4. The company's compound revenue growth rate was 25.85%, the growth rate in 2015 was 25.09%, and the growth rate in the first half of 2016 was 30.84%. It is predicted that the growth rate of 25-30% in the next 3-5 years will be conservative. The company in June 2016 The employee stock ownership plan invested 240 million yuan to subscribe for the company's non-public offering of A shares at a price of 30.64 yuan per share. In combination with the current share price, it is currently offering buy advice.
ã€Company Profile】
Evergreens for home medical devices and commonly used medical device industries
Yuyue Medical was established in 1998. After years of hard work, it has created a large health ecosystem consisting of family medicine, clinical medicine and Internet medicine, and established a professional service platform covering medical equipment. Headquartered in Shanghai, China, it has seven R&D centers and five production bases in San Diego, Tuttlingen, Taipei, Beijing, Shanghai, Nanjing, Suzhou and Danyang.
The company currently has three main brands: “yuwell fish jumpâ€, “Hwato Huaying†and “JZ Jinzhongâ€. The Yuyue brand is mainly used in medical equipment such as oxygen generators, electronic blood pressure monitors , blood glucose meters and test strips; Suzhou Medical Products Factory Co., Ltd., a wholly-owned subsidiary of Huaying Brand, is mainly used for acupuncture needles and other Chinese medicine equipment; the subsidiary of the “JZ Jinzhong†brand, Shangfa Group, is mainly used for medical surgical instruments.
[Policy background and aging trend]
Home and common medical devices face very good growth opportunities
1. The policy is prosperous in the field of big health, the support for domestically produced devices is increasing, and the domestic replacement trend, the growth rate of the medical device industry will be greater than the industry average, which is very beneficial to the commonly used medical device segment of Yuyue Medical.
Previously, the studio's research report has already discussed the policy support for medical devices, especially this year's National Health Assembly. The high specifications indicate that there will be further implementation rules in the next step.
The medical industry policy is as follows:
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The medical reform for the control of drug costs, the downgrade of large-scale inspections and tests, will cause the spring of medical devices, after all, in the case of government investment is not in place (limited financial capacity is bound), the latter will become an important source of revenue for hospitals. In particular, to improve the level of county-level public hospitals, grading diagnosis and treatment has become the first task after the National Health Conference, which is of great significance for commonly used medical devices. Therefore, CIC believes that the future growth rate is estimated at 17.7%, which provides a high enough ceiling for Yuyue Medical's home medical equipment and commonly used medical equipment.
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Legend: Industry growth in the past few years.
The Ministry of Industry and Information Technology released the "Analysis of the Economic Operation of the Pharmaceutical Industry in 2014". In 2014, the revenue from the main business of medical equipment and equipment was 213.607 billion yuan, a year-on-year increase of 14.63%. The total profit was 219.29 billion yuan, an increase of 12.57% year-on-year. The total growth rate is higher than the overall growth rate of the pharmaceutical industry.
Combined with the further promotion of the policy and the willingness of the demand side, CIC believes that the future growth rate is estimated to be 17.7%, which is a relatively probable expectation.
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