Analysis of 26 medical equipment listed companies 2018 semi-annual report, the three major defects have to know!

Medical Network September 26th At present, China's medical device industry presents industry consolidation and mergers and acquisitions highlights, 'localization' process is accelerating, market concentration is increasing, product diversification and intelligence are developing trends. According to China Medical Materials Association statistics It shows that the sales volume of China's medical device market has rapidly increased from 65.9 billion yuan in 2008 to 370 billion yuan in 2016, an increase of nearly 5 times, and the average annual compound growth rate is over 20%. In the future, the sales volume of China's medical device market will exceed 4400. 100 million yuan.

After years of development, China's medical device market has begun to take shape. China's medical device industry's GDP and sales will maintain steady growth. It can be seen that China's medical device industry, especially domestic medical device leading enterprises, is still in the golden period of development.

Recently, medical device listed companies successively released the semi-annual report of 2018. After the health statistics of 100 million euros, it was found that as of August 28, 26 medical device listed companies had issued semi-annual reports for 2018, the 26 companies The revenue was 18.58 billion yuan, up 21.10% year-on-year; the total net profit was 3.155 billion yuan, up 15.16% year-on-year; the total sales expenses were 2.592 billion yuan, up 24.18% year-on-year; the total R&D investment cost was 1.014 billion yuan, up 24.78% year-on-year. The total sales cost is significantly higher than the total R&D investment cost, which shows that the domestic medical device industry is still sales-oriented.

The development of the domestic medical device industry is relatively stable. Among the 26 companies in the statistics, 23 have an upward trend in revenue, accounting for 88.46%; 18 net profits are on the rise, accounting for 69.23%; and revenue and net The profit doubled up to 16 companies, accounting for 61.54%; 22 sales expenses showed an upward trend, accounting for 84.62%; 20 R&D investment costs showed an upward trend, accounting for 76.92%.

Among the 26 listed medical device companies, Meikang Bio, Mike Bio, Kehua Bio, Daan Gene, Sannuo Bio, DiRui Medical, Lidman, Bohui Innovation, Zhongsheng North Control, Mingde Bio All of them belong to the large-scale production enterprises in the in vitro diagnostic industry. Among them, except for Lidman and Zhongsheng North Control, the other eight in vitro diagnostic listed companies all showed a trend of double revenue and net profit.

Among them, Sannuo Bio's revenue and net profit performance were the strongest, with a revenue growth of 54.41% during the period, at 761 million yuan; a net profit of 79.65%, at 168 million yuan. Revenue and net profit double l, mainly due to the increase in operating income and the increase in operating income of the parent company during the reporting period.

According to the data, on January 11, 2018, the Changsha Municipal Administration for Industry and Commerce of Hunan Province approved the registration of Sannuo Health Management Industry and Commerce and renewed the “Business License”. 64.98% equity transfer procedures and related business registration of Sannuo Health Management. Completed. After the completion of the change, Sannuo Bio holds a 100% stake in Sannuo Health Management, and Sannuo Health Management becomes a wholly-owned subsidiary of Sannuo Bio.

For the acquisition of Sannuo Health Management, Sannuo Bio began planning two years ago. In June 2016, Sannuo Biotech planned to acquire a US company PTS. On April 29, 2016, after Sannuo Bio and PST Company Negotiating and in order to reach a deal, Sannuo Bio has established a wholly-owned subsidiary SPV in Indiana, USA. On June 17, 2016, Sannuo Bio and Sannuo Health Management signed the Transfer Agreement, which will be the fullest of Sannuo Bio in SPV. The shares, as well as the rights and obligations of Sannuo Bio in the M&A Agreement, were all transferred to Sannuo Health Management. In the end, Sanno Health Management acquired PTS Company, paid PTS Company's purchase price of US$110 million, and completed related delivery work. Upon completion of the delivery, PTS will become an overseas wholly-owned subsidiary of Sannuo Health Management.

PTS, Inc., incorporated in Indiana on November 10, 1992, is headquartered in Indianapolis, Indiana. It is principally engaged in the development, manufacture and sale of blood lipid monitoring systems and related test strips. The main products are blood lipid monitors and glycated hemoglobin. Detectors and related test strips, followed by the development and sale of some new products, including data indicator transfer devices and portable blood collection.

As for Zhongsheng North Control, where the net profit decline trend is more obvious, the profit attributable to shareholders of the company is 500,000 yuan, down 92.9% from 7.3 million yuan in the same period of last year. The main reasons are two aspects: On the one hand, the product mix changes result in the cost of sales. On the other hand, administrative expenses have increased in response to the Group's business and market expansion.

About 90% of China's in vitro diagnostic reagent products are concentrated in hospital customers. In addition to 22,700 hospitals, 37,200 township hospitals, and 450 blood stations, there are also physical examination centers and independent medical laboratories. As the homogenization of diagnostic reagents intensifies, customers choose diversification and other changes, and strong customer stickiness becomes the key to enterprise differentiation and competitiveness.

At present, the mainstream invoicing method in the domestic in vitro diagnostic industry is mainly based on 'multi-vote system'. In the course of business operation, agents have strong bargaining power. Under the background of medical insurance control fees, 'two-vote system' and 'graded medical treatment ' Gradually implementing in the whole country will lead to major changes in business channels and even business models, which will lead to major changes in the business ecology of the industry. Agents with terminal resources are more important. The implementation of the two-vote system can reduce circulation and intermediate Irregular behavior, but because of China medicine The complexity of the circulation system and the formation of many years Investment proxy Mechanism, the implementation of the two-vote system or the impact on the agent's model.

Among the 10 in vitro diagnostic listed companies in the statistics, Meikang Bio, Mike Bio, Kehua Bio, Dyre Bio, Lidman, Bohui Innovation, Zhongsheng Beikong and Mingde Bio are all using direct sales and The distribution is parallel, and the distribution is the main sales model. Therefore, in the face of rapid changes in the industry, the sales expenses of these 8 companies have all risen. The only company with a decline in sales expenses is the Daan gene, mainly because of its construction. The open-cooperative-win-win national networked multi-level business platform has consolidated the market network system covering product sales and diagnostic services.

26 in statistics medical instruments Among the listed companies, Yuyue Medical, Lexin Medical and Jiu'an Medical are all in the field of household medical equipment. In addition to the rising trend of Yuyue Medical's revenue, Lexin Medical and Jiu'an Medical have declined, and these three enterprise The net profit has shown an upward trend. It is worth mentioning that the sales expenses and R&D investment costs of Lexin Medical and Jiu'an Medical have shown a double downward trend, and only Yuyue Medical is on the rise.

Yuyue Medical is a company that provides home medical equipment, medical clinical equipment and Internet medical services. The development, manufacture and sale of medical device products and related solutions are core businesses and a major source of performance. In the first half of 2018, Yuyue Medical is affected by the consolidation factor. Endogenous growth is the main source of growth. Operating income has increased rapidly. All sectors have achieved rapid growth. The e-commerce platform of the household sector has grown at a rate of over 60%. .

Lexin Medical is engaged in the research and development, production and sales of home medical and health electronic products and the research and development and operation of the Lexin Smart Health Cloud Platform. In the first half of 2018, Lexin Medical achieved an operating income of 335 million yuan, a decrease of 15.83% from the same period of the previous year. Among them, the export business realized operating income of 227 million yuan, a year-on-year increase of 3.56%, and the export business income showed a steady growth trend; the domestic sales business realized revenue of 108 million yuan, down 39.53% year-on-year; the net profit attributable to shareholders of listed companies was 8,535,200 yuan. Compared with the same period of last year, it realized a turnaround of profit, which was 157.58% higher than that of the same period of last year. It was mainly due to the transfer of equity investment income of Zhongshan Yien Automation Technology Co., Ltd. and receiving government subsidies during the reporting period.

In addition, the decrease in sales expenses was mainly due to the adjustment of sales strategy, optimization of channel structure and accurate advertising, reduction of promotion expenses and brand promotion investment; reduction of R&D investment costs, mainly due to shrinking product lines and increasing input-output ratio. Optimize the personnel structure and reduce direct input.

Jiu'an Medical is a mobile medical solution provider, including research and development, production and sales of home medical and health electronic products and health management cloud platform systems and services. In the first half of 2018, Jiu'an Medical achieved operating income of 267 million yuan, compared with the same period last year. The decrease was mainly due to the company's adjustment of the sales structure and the decrease in eDevice's revenue; the net profit attributable to the parent company's owner was -45.764 million yuan, up 4.4% year-on-year, mainly to strictly control costs and expenses, improve production and sales efficiency. The measures have begun to bear fruit.