01
Shantou Ultrasound seeks to go public
In the past two years, the medical and pharmaceutical industry has shown a "ice and fire". Some companies have struggled to survive with sharp decline in conventional business demand, and some companies have won growth opportunities by helping fight the epidemic.
has been shouting "post-epidemic era" since the second half of 2020. As a result, after two years of shouting, the epidemic is still raging.
The epidemic broke out again in Shanghai, Shenzhen, Jilin and other places. It was basically several rounds of COVID-19 nucleic acid testing, which caused violent rises in the company's stock prices and profits in the COVID-19 testing companies.
The brightest star in the sky belongs to Jiu'an Medical . Because he received a large order for antigen abroad, he launched a wave of magnificent surges, and the stock price increased by more than ten times compared with the beginning of 2021.
Judging from the performance report of the New Coronavirus concept company, the relevant companies have indeed made a lot of money and deserve a better valuation.
A shares 20 listed companies related to the new crown testing doubled their net profit attributable to their parent company shareholders in 2021, and Jimin Medical ranked first with a 2206% increase.
Some time ago, the semi-annual report of the concept of COVID-19 detection was released in a concentrated manner:
Jinyu Medical's net profit was 1.643 billion yuan, a year-on-year increase of 55.11%.
Anxu Bio's net profit was 2.878 billion yuan, a year-on-year increase of 1323.67%.
Kepu Bio , Lanwei Medicine and Wantai Bio's performance in the first half of the year showed double growth, with net profits increasing year-on-year:
150.19%, 338.53%, and 273.24%. It would be more miserable if you didn’t get this wave of “new crown bonus”.
In recent years, a saying has been circulating in the pharmaceutical industry, saying "Cherish life and stay away from centralized procurement."
Since July 2021, the pharmaceutical index has undergone significant adjustments for four consecutive quarters. Many investors have been devastated by the pharmaceutical sector, and have recently been hit hard again.
In fact, from the current point of view, both sector valuation and public fund holdings are in the bottom area, and many data have hit historical lows this year.
But there is a dark line that is silently exerting force, that is, domestic medical devices replace .
Recently, a long-standing state-owned enterprise that has been deeply involved in the field of domestic medical devices is also seeking to make some achievements in the capital market.
On June 15, Shantou Ultrasonic Instrument Research Institute Co., Ltd. applied to change the review status of GEM IPO to "accepted".
sponsor is China Galaxy Securities Co., Ltd. ; the accounting firm is Huaxing Accounting Firm (Special General Partnership); the law firm is Guohao Lawyer (Guangzhou) firm.
02
The "original origin" of the ultrasound founded by the repairman
Shantou Ultrasound is an unknown company.
But the awesomeness of this company is also the
that many people would not have imagined - this repairman founded the first "domestic B-Super" in China.
300s was the spring of reform and opening up. After a large number of foreign-funded enterprises flocked in, the unformed medical equipment field in China suffered a dimensionality reduction and quickly handed over the market.
Until 1983, a B-type ultrasound diagnosis system called CTS-18 emerged, sounding the first clarion call for domestic substitution and breaking the situation of domestic B-ultrasound zero domestic production.
The one who undertakes the research and development of this ultrasound is a Guangdong-based company called Shantou Ultrasonic Instrument Research Institute Co., Ltd. (Shantou Ultrasonic).
1957, the local state-owned enterprise Shantou Radio Plant was established. In 1965, it was renamed Shantou Ultrasonic Electronic Instrument Factory. The predecessor of Shantou Ultrasonic Instrument Research Institute Co., Ltd. is the original research institute of Shantou Ultrasonic Electronic Instrument Factory. In 1978, the original factory office of Shantou Ultrasonic Electronic Instrument Factory was changed to an independent unit.
In 1982, Shantou Ultrasonic Instrument Research Institute was officially registered and opened.
Its director "the father of Chinese ultrasound" Yao Jinzhong , The last job was a wireless repairman at Shantou Infinite Power Plant.
Under the leadership of Yao Jinzhong, Shantou Ultrasound achieved complete self-sufficiency in enterprise costs in 1988. and made a scientific research institution with a total asset of only more than 3 million yuan, becoming an industrial giant with a total asset of 170 million yuan, becoming The pioneer of China's medical equipment technology.
Although Shantou ultrasound listing is a new thing for the company, the company itself is an old state-owned enterprise with very profound qualifications.
To this day, Shantou Ultrasound has become a national key high-tech enterprise integrating the research and development, manufacturing and sales of medical ultrasound, portable DR, industrial ultrasound, and intelligent service platforms. Business scope: Develop, produce and sell various ultrasonic electronic instruments, X-ray equipment and related equipment, as well as supporting equipment for the above products (medical device production, medical device operation).
At present, Shantou Ultrasound has only three shareholders, namely Ultrasound Asset Management, Shantou State-owned Assets Supervision and Administration Commission and Defu Fund. Among them, Ultrasonic Asset Management is an employee stock ownership platform, holding 60.38% of Shantou Ultrasonic's equity and is the company's controlling shareholder.
Although the company is getting better and better, Shantou Ultrasound's revenue in recent years is not optimistic.
2019-2021, Shantou Ultrasound achieved operating income of 336 million yuan, 322 million yuan and 284 million yuan respectively, and its net profit was 101 million yuan, 80.0698 million yuan, and 75.9208 million yuan respectively.
operating income and net profit scale are all showing a downward trend, mainly due to the impact of the epidemic factors and the rapid lag in the sales strategy in the post-epidemic era.
There will be adverse factors such as continued epidemic situation in the future, the company's sales strategy changes less than expectations, and intensified market competition, which will adversely affect the company's production and operation, and the company's performance will be at risk of decline.
However, although the profits have gradually shrunk in recent years, the company's dividends have never stopped.
2019-2021, Shantou Ultrasound's cash dividend amount was RMB 143 million, RMB 106 million and RMB 59.2265 million, respectively, totaling RMB 309 million, while the total net profit during the same period was only RMB 257 million.
On the other hand, Shantou Ultrasound's IPO is about to raise 311 million yuan.
In other words, the amount of Shantou Ultrasonic cash dividend is almost the total amount of fundraising.
03
Domestic substitute air outlets can blow?
Shantou ultrasound freezes the medical device field, but the current market sentiment is very low for the medical sector.
If the company really goes public in the future, will it be affected by the big market, resulting in:
peak on the day it was listed?
Since it is said that it is affected by external circumstances, it must start with the macro environment of domestic replacement of medical devices.
The medical and pharmaceutical industry has experienced a super bull market in the past few years. At that time, the market logic was that China's aging trend was becoming more and more obvious, and the demand must be getting bigger and bigger, but it has not been possible since the middle of last year, and it has been miserable this year.
will fall for a long time. Everyone can understand this principle. Therefore, at the beginning, the market's prediction of the medical sector was considered to be:
kills the valuation.
In addition to killing valuations, it is also killing logic - centralized procurement of the medical and pharmaceutical industry.
This is the most deadly thing.
The market is becoming increasingly aware that the medical and pharmaceutical industry cannot escape centralized procurement, and no sub-track can be escaped. Centralized procurement is very terrifying, and centralized procurement prices are very fierce. Those companies that make generic drugs have no future. So the generic drug sector collapsed first.
Since generic drugs have no future, the way out lies in innovative drugs, so innovative drugs are rushing again, but there is a new logic behind innovative drugs: the track of is too crowded. Innovative medicines collapsed!
It is said that medicine is not as good as equipment, and China's medical devices have relatively weak strength and the pressure of centralized procurement is relatively small. Then the funds went to the medical device sector, but later they found that medical devices are also centralized procurement, and the prices of centralized procurement are as fierce as medical devices, and medical devices are also in a state of terrible condition. collapse.
Neither medicine nor medical devices can work, so medical services will not be able to be purchased in a centralized manner. The funds went to medical devices again, and after the popularity was made, it also collapsed.
Because the market found that medical services may actually be purchased centrally, or the pricing will be regulated.
But if we judge from the trend, the domestic medical devices of were completely injured this time.
Although the unit price may decrease due to centralized procurement, due to the continuous expansion of the alternative market, the expectation of the industry's growth rate is still considerable.
From the perspective of global market distribution, Europe and the United States occupy nearly 70% of the market share in the medical device market, while China's global market share is about 15%, and most of them are low-value consumables with low technical content and low value share. .
However, with the development of the domestic medical device industry in the past decade, China has become an important production base for medical devices worldwide, and its output ranks among the top or first in the world in the field of various mid- and low-end medical device products.
In the foreseeable future, medical devices will remain a rapid growth gold industry within more than ten years.
A shares history, medical devices are one of the few industries that have been ten times more in ten years. According to statistics from the "China Medical Device Blue Book", the compound growth rate of medical devices has remained at around 20% in recent years, and it is expected to grow at a rate of about 10% in the future. The industry has a high prosperity and is a strong certainty. A fast-growing long-term investment track.
Take the leading domestic medical device Mindray Medical as an example. The 2020 annual report and first quarter report data showed that the revenue in 2020 was 21.026 billion yuan, increased by 27% year-on-year , and net profit was 6.658 billion yuan, and increased by 42.24 year-on-year 0. %.
Revenue in 2021 was 25.27 billion yuan, an increase of 20.18% from 21 billion yuan in the same period last year. Mindray Medical's total profit in 2021 was 9.017 billion yuan, an increase of 21.22% over the same period of last year.
2022 interim report has achieved growth again, with net profit of 5.288 billion, and increased by 21.73% year-on-year.
centralized procurement did not have a significant impact on the actual operation of domestic medical devices. It affected the sentiment of the stock market, which was completely considered to have been mistakenly killed by the news!
On the contrary, because of the emergence of centralized procurement, more people may have known the previously unknown high-quality domestic brands.
Take the B-Superior, which is mainly engaged in Shantou Ultrasound. In 2006, my country exported only more than 100 B-Superior instruments to Eastern European countries such as Poland , Hungary and Bulgaria .
In the past two years, export volume has soared to thousands of units, and the total amount has also jumped from just a few hundred thousand dollars a few years ago to tens of millions of dollars. The trend represented by
is self-evident.
Once the epidemic is out of the impact, the medical sector will emerge from the shadow of "centralized procurement", and these companies that have been accidentally injured will definitely usher in a return to value.
