Nanwei Medical (688029): The future growth of the leader in the field of minimally invasive is expected

Investment Overview Leading company in the field of minimally invasive diagnosis and treatment based on the world is a group company that develops, manufactures and sells minimally invasive medical devices. After nearly 20 years of innovation and development, it has now become the leading scientific company in the field of minimally invasive diagnosis and treatment.

Under many years of medical-industrial cooperation research and development model, the company has formed its own technical characteristics and differentiated advantages. It has a series of endoscopic diagnostic equipment and tumor ablation equipment and consumables, which meets the needs of clinical 厦门夜网 departments for diagnosis and treatment, thus the company’s business income.Rapid growth.

Driven by the two-wheel drive in the domestic and international markets, the company’s performance is expected to continue to grow at a high speed in the future.

Successfully integrated the three major technology platforms and continued to enrich the research and development reserve. The company has now successfully integrated the three major technology platforms of minimally invasive diagnosis and treatment + tumor ablation + EOCT, focusing on the early cancer field, implementing product differentiation strategies, and replacing alternative products shared by some products with the same industry, Higher security and other competitive advantages, at the same time, the company’s internal sales price of products is much lower than well-known foreign manufacturers, has a price advantage.

In addition, in order to maintain the company’s market competitiveness, the company has continued to develop and expand the field of endoscopes in recent years, and has reserved many industry-leading research projects. From the completion time of the plan, the company will maintain multiple models in the next 3 yearsThe frequency of new product launches ensures rapid growth of the company’s performance.

The increase in production capacity will help the company to break through the performance ceiling. As one of the major internal endoscopy equipment manufacturers, the sales revenue has increased rapidly in recent years. The production and sales rate and production capacity of major products have been maintained at a relatively high level.saturation.

Under the background of the rapid growth of the market for built-in diagnostic equipment, the company’s existing production capacity is insufficient and the continuous market demand has limited the company’s further development.

Therefore, with the initial implementation of the company’s raised capital investment project, the company’s production capacity will be further improved, and its performance will break through the ceiling.

Risk reminder Risk of technology R & D failure; Market competition risk; Risk of industry policy change; Exchange rate risk profit forecast We expect 2019?
Realize income in 202112.

5.5 billion, 16.

7.1 billion, 21.

9.4 billion yuan, an increase of 36.

13%, 33.

11%, 31.

30%, net profit attributable to mothers was 272.

140,000 yuan, 362.

410,000 yuan, 476.

860,000 yuan, an annual increase of 41.

23%, 33.

17%, 31.

58%, the corresponding expected return after reduction is 2.

04 yuan, 2.

72 yuan and 3.

58 yuan.