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Yuyue Medical (002223) Annual Report Comment: Rapid Growth of Household Online and Improved Clinical Profitability

Yuyue Medical (002223) Annual Report Comment: Rapid Growth of Household Online and Improved Clinical Profitability
Core point: Event: 18 years of operating income increased by 18.12%, net profit attributable to mothers increases by 22.82% of the companies released their annual reports. In 2018, they realized operating income, net profit attributable to mothers, and net profit 41 after deductions.8.3 billion, 7.2.7 billion, 6.42 trillion, an increase of 18 each year.12%, 22.82%, 25.26%.In the fourth quarter of 2018, the company achieved operating income10.30,000 yuan, net profit attributable to mother 0.9.9 billion yuan, the net profit of the mother after deduction is 100 million yuan.4.5 billion, an increase of 18 each year.13%, an increase of 53.64%, an increase of 1080.44%. The growth of home medical online platform is outstanding, and the offline platform is steadily growing. The home medical sector is the company’s largest source of operating income, and the annual revenue of this sector.34 ppm, an increase of 17 in ten years.05%, gross margin is 35.64%, an increase of 4 per year.04 points.The growth of the performance of home medical online platforms is more than 40% per year, and offline platforms have also achieved growth of more than 10% 北京桑拿洗浴保健 under the influence of personnel, institutional adjustments, and refined terminal strategies.Core products such as oxygen generators, electronic sphygmomanometers, blood glucose meters, test strips, and ventilators continued to maintain rapid growth. New products such as temperature guns and electric wheelchairs were used to increase volume. The clinical medical business has maintained rapid growth, and the AED products have achieved profitable medical breathing and oxygen supply revenues of 13 per year.190,000 yuan, an increase of 26 in ten years.40%, gross margin is 46.43%, a decrease of 1 per year.41pct; the annual income of the medical clinical segment is 10.28 ppm, an increase of 10 in ten years.28%, gross margin is 47.97%, a decrease of 3 per year.08pct, the in-hospital disinfection and infection control business of the core subsidiary of this sector, and the TCM equipment business have maintained rapid growth. Among them, Shanghai Zhongyou Hospital’s in-hospital disinfection and sensory control business revenue reached 5.24 ppm, an annual growth rate of 25%, and the revenue of TCM equipment business of Suzhou Supplies Factory reached 2.14 ppm, an annual increase of 22%, AED medical emergency global business revenue reached 1.3.5 billion, the domestic market growth rate is more than 180%, AED products have achieved profit. The 19-21 results are expected to be 0.89 yuan / share, 1.08 yuan / share, 1.The online channel of the home medical device segment of the company’s 30 yuan / share company has grown rapidly, and the profitability of various medical clinical subsidiaries has gradually improved.The company has obvious advantages in R & D, production, and sales capabilities, and has become a platform-based enterprise. It is expected that EPS will be 0 in 19-21.89/1.08/1.30 yuan / share, according to the comparable company’s 2019 PE34X, the corresponding reasonable value is 30.23 yuan / share, maintain “Buy” rating. Risks indicate the risk of the decline in the growth rate of the online channels of the household equipment sector; the integration of the subsidiaries in the medical clinical sector is not up to the expected risk; and the risk of excessive clinical business expenses.