2020 Mar 25 By admin 0 comment

Yuyue Medical (002223): Revenue growth of each segment keeps growing and capacity growth attempts to solve
2018 results are in line with expectations The 2018 results announced by Yuyue Medical: operating income 41.830,000 yuan, an increase of 18 in ten years.1%; net profit attributable to parent company 7.270,000 yuan, an increase of 22 in ten years.8%, corresponding to a profit of RMB 0.73 yuan.In line with expectations. Development Trends The online platform of the home medical sector has grown rapidly.In 2018, the revenue of the online platform of the home medical business exceeded the growth rate of 40% + (the revenue of the e-commerce platform in 2017 was about 900 million US dollars), and the offline platform recovered to 10% + growth.Electronic sphygmomanometers We expect an annual budget increase of about 30%. The blood glucose meter and test strip revenue reached about 2 billion, which increased mainly through e-commerce channels.New products such as temperature guns, electric wheelchairs, etc. are available through existing channels.In terms of medical breathing and oxygen supply, the business of this segment is growing by 26% per year.40%.Among them, ventilator sales exceeded 100 million. Medical clinical income increases by 24 each year.57%.Shanghai Zhongyou’s income is 5.24 ppm, an annual increase of 25%, Suzhou Supplies Factory revenue was 2.14 ppm, an annual increase of 22%, AED medical emergency global business revenue is 1.3.5 billion, the domestic market growth rate is over 180%.Shanghai medical device revenue and net profit decreased by 3.9% and 0.8% to 5.6.7 billion and 0.70 ppm was mainly due to technical transformation of the main production lines.The integration effect of Shanghai medical equipment is expected to be further reflected.In the future, the company will further integrate the surgical instrument + disinfection business. Every 0% increase in gross profit margin.One single, to strengthen the management of accounts receivable.In 2018, gross profit margin rose to 39 in ten years.8%, mainly due to the increase in gross profit margin of the home medical sector4.04 averages to 35.6%.And EBIT increased by 16.5%, down by 1 every year.1 fine, mainly due to an increase 杭州夜网 in the rate of sales expenses.Net operating cash flow 7.9.8 billion yuan, an annual increase of 229.68%. The profit forecast is maintained in 2019, and the EPS forecast in 2020 is RMB0.87 yuan and RMB 1.03 yuan, corresponding to 19.5% and 19.0% growth. Estimates and recommendations are currently expected to reduce the market surplus by 28 and 23 times in 2019 and 2020.Maintain recommendation.Considering the release of the company’s new capacity and the upward movement of the sector’s hub, the target price is raised by 13% to RMB27.4 yuan, corresponding to a 31 and 27 times increase in market earnings in 2019 and 2020, which is 15% more room than currently expected. Risks M & A integration risks; rising raw material costs; e-commerce development is worse than expected