On October 18, Jinhao Medical released its third-quarter performance forecast, and is expected to achieve a net profit attributable to shareholders of RMB 30 million to RMB 31.26 million from January to September 2022, with increasing by 68.47%-75.54% year-on-year. There are two main reasons for the performance growth of
. First, the hearing aid product structure is rich and optimized, which affects product revenue. The proportion of hearing aid product revenue and the average gross profit margin of the product in the first three quarters have increased; second, affected by the appreciation of the US dollar, foreign exchange income has increased accordingly, and investment income has increased year-on-year, which has contributed to performance growth.
However, after the announcement was released, the stock price of Jinhao Medical fell: the stock price fell 0.41% on the 18th, and the stock price closed at 15.76 yuan/share on the 19th, up 0.9%, and closed at 15.59 yuan/share on the 20th, down 1.27%.
This may be related to the reduction of its shareholders' holdings. On September 27, Jinhao Medical issued an announcement on reducing its holdings, with Borle Far East, a shareholder holding more than 5%, planning to reduce its holdings by no more than 980,000 shares, and the reduction ratio is not higher than 1.9888%.
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's stock price did not rise sharply, which may also be related to the overall performance trend of Jinhao Medical. Although judging from the Hexun SGI index scores in the past five quarters, the overall trend is showing.
But if you extend the timeline, you can find that the revenue and net profit attributable to shareholders in the first half of 2022 are less than half of that in 2020.
In terms of profitability, the weighted average return on equity has declined in the past four years, from 42.7% in 2018 to 14.14% in 2021. The profit from net assets has declined, and the overall management level has excellent profitability has shown a downward trend.
gross profit margin and net profit margin fluctuated between 37%-46%, 11%-22%, respectively, and also slightly declined from 2018 to 2021, especially the net profit margin fell from 18.98% in 2018 to 11.54% in 2021.
From the perspective of cash flow , the net cash flow generated by Jinhao Medical's operating activities is on the rise, but its proportion of revenue is on the decline, falling from 15.62% in 2018 to 13.14% in 2021.
From the perspective of R&D investment, Jinhao Medical's R&D efforts are constantly increasing. The proportion of R&D investment and R&D investment showed a tortuous growth trend, rising from 4.71 million and 4.48% in 2018 to 12.14 million and 6.32% respectively.
Although from the current perspective, Jinhao Medical's performance and operating capabilities have not steadily improved, it does not mean that there will be no chance in the future.
According to the "2021 World Hearing Report" released by World Health Organization , the global hearing impairment in 2019 reached 1.582 billion people, and the hearing impairment reached 430 million people. The World Health Organization predicts that by 2050, about 2.5 billion people worldwide may be affected by hearing loss. Without treatment actions, at least 700 million of them will need medical services such as otology and hearing care, that is, 25% of the world's population will suffer hearing loss by 2050, and 7% of the population will need hearing therapy or assistance.
Although Jinhao Medical has great market opportunities, it should be noted that the global hearing aid market is a highly monopoly market. As first-line hearing aid brands, sub-brands of the world's five hearing aid groups occupy nearly 90% of the global market share. Therefore, how to compete with international companies and increase market share is a problem that it urgently needs to solve.
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