Yuyue Medical (002223): High-speed growth of medical clinical plate, respiratory oxygen supply plate is expected to increase in the second half of the year

Yuyue Medical (002223): High-speed growth of medical clinical plate, respiratory oxygen supply plate is expected to increase in the second half of the year
The company released a brief report on the results of the incident. The results continued to grow rapidly, and the profit growth rate was slightly lower than the company’s revenue in the first half of 2019 in the next quarter25.2.0 billion, a growth of 12 in ten years.53%, net profit attributable to mother 5.3.3 billion, an increase of 13 in ten years.49%, deducting non-net profit 5.1.1 billion, an increase of 14 in ten years.42%, EPS is 0.53 yuan.In the second quarter, it achieved operating revenue of 1.3 billion yuan, a year-on-year increase of 10.06%, net profit attributable to mother 2.8.7 billion, an increase of 10 years.89%, deducting non-net profit 2.7.2 billion, an increase of 12 in ten years.77%, about 16 in the first quarter.36% decreased slightly. The respiratory oxygen production segment was negatively affected by the channel inventory, and the medical clinical accelerated growth. 1) The revenue of the home medical segment increased by 25%, which was an improvement of approximately 17% in the annual report.Among them, 都市夜网 the growth rate of blood glucose meters and test strips exceeded 40%, maintaining a high growth rate; electronic sphygmomanometers, wheelchairs, thermometers, AED and other products grew more than 20%, achieving good growth. 2) The income of the medical breathing and oxygen supply segment is reduced by 6 every year.55%, mainly due to the company’s history of accelerating the clearance of the channel’s historical inventory. We expect that there will be a certain degree of growth after the impact of replacement of inventory, of which the sleep ventilator increased by more than 20%.With the elimination of the influence of channel factors, and the introduction of new products of oxygen generators and atomizers, the growth rate in the second half of the year is expected to gradually increase, and the gradual growth rate is expected 南宁桑拿 to return to more than 0%. 3) Online business has now reached physical volume, with the growth rate of more than 20% in the first half of the year, a slight downward trend, mainly due to the existing mass and the overall weakness of the consumer market and other factors. 4) The medical clinical segment is growing by 20% each year, and it is improved by 10% of the annual report. The revenue of TCM equipment business of Suzhou Supplies Factory reached 1.580,000 yuan, an increase of 30 in ten years.39%; the major technological transformation of the main production capacity of the Shanghai Machinery Group has achieved staged results and achieved operating income in the first half of the year3.3.4 billion, an increase of 18 in ten years.91%.The performance of Shanghai Zhongyou was outstanding and realized operating income2.7.2 billion, an increase of 17 in ten years.52%, achieving a net profit of 0.7.1 billion, an increase of 61 in ten years.65%; gross profit and net profit of the products have increased, mainly due to factors such as toothpaste sales of civilian market products relying on the company ‘s platform to increase volume growth, environmental audits affecting the improvement of washing products, replacement tax rates and other factors. The gross profit margin increased and the research and development expenses increased. The company’s sales gross profit margin was 41.22%, slightly higher than the same period last year, is expected to be related to the reduction of raw material prices of major products and the increase in the proportion of clinical segments with higher gross profit margins; the company’s period expenses4.12 trillion, the period expense ratio of 16.46%, an increase of 2.27 averages, an increase of 30 per year.56%, mainly due to the online Tmall flagship store being self-operated, which resulted in the increase in related sales expenses and the report caused the company’s research and development to expand and increase.Among them, the company’s high sales expenses increased by 22% each year. The main companies increased their marketing system construction and online brand promotion efforts, as well as the first quarter; the management expense rate increased by 28%, mainly to increase staff training, office equipment and software upgrades.To.The company’s R & D investment increased by 39%, mainly due to the company’s continuous increase in new product R & D, enhancing product competitiveness, and expanding R & D investment. Optimistic about the company’s long-term growth potential, the company’s respiratory oxygen supply segment will gradually increase in the second half of the year, the home medical device segment is expected to continue to introduce new products, the medical clinical segment is expected to release more accumulation through the migration of production capacity, the company is expected to achieve sustainedRapid growth.As a leading domestic appliance company, the company has formed a brand and channel barrier. In the long run, it strives to achieve rapid and stable development under the internal production + epitaxial two-wheel drive.We estimate the company’s net profit attributable to its parent to be 8 in 19-21.76, 10.56, 12.72 trillion, a growth rate of 20.5%, 20.5%, 20.4%, corresponding to PE is 26, 22 and 18 times, maintaining the overweight rating. Earnings forecast We expect revenue for 2019-2021 to be 49.78, 59.74, 71.09 million yuan, a ten-year increase of 19%, 20%, 19%, net profit attributable to the mother is 8.76, 10.56, 12.72 trillion, a growth rate of 20.5%, 20.5%, 20.4%, corresponding to PE is 26, 22 and 18 times, maintaining the overweight rating. Risks indicate that product launch progress is less than expected, and mergers and acquisitions integration is less than expected.