Xinmai Medical (688016) New Stock Report: Leading Interventional Intervention in Aortic Intervention Provides New Kinetic Energy

Xinmai Medical (688016) New Stock Report: Leading Interventional Intervention in Aortic Intervention Provides New Kinetic Energy

Pioneer of domestic innovative aortic interventional stent: Benefiting from the expansion of micro-expansion interventional surgery, the increase in the detection rate of aortic diseases, the company’s performance achieved rapid growth in 2018.

31 ppm, a 39-year increase of 39.

96%, net profit attributable to mother 0.

910,000 yuan, an increase of 43 in ten years.

01%.

The stent system is rich in products, including aortic stent graft systems, intraoperative stent systems, and cross-vascular interventional products. It has formed a comprehensive product line in the field of minimally invasive interventional treatment of aortic vascular diseases.

Aortic stent products contributed major revenue and maintained rapid growth: the company’s aortic stent revenue reached 1 in 2018.

8.9 billion, accounting for 82% of the company’s total operating income, a year-on-year increase of 44.

04%; stent income during the operation was 0.

3.8 billion, accounting for 17% of operating income, an annual increase of 30.

18%.

The company has multi-type thoracic / abdominal aortic stent, including innovative stent 西安耍耍网 Castor branch aortic stent, Minos abdominal aortic stent will maintain rapid growth in the future.

Exclusive product intraoperative stent to solve the problem of secondary thoracotomy: CRONUS intraoperative stent system is currently the only intraoperative stent system approved for use in thoracic aortic dissection surgery in China.

The CRONUS intraoperative stent system can avoid the replacement of traditional elephant trunk surgery in the second-stage operation, simplifying the two thoracotomy operations to one completion, reducing the patient’s pain, significantly reducing the difficulty of the operation of the total arch replacement operation, and improving the success rate of the operation.

Distal insertion tube layout provides more volume: Cardiovascular medical insertion intervention product line is rich: 都市夜网 including the approved Reewarm cross-balloon dilatation catheter, as well as drug balloon dilation catheters under study, high-pressure balloon dilatation catheters, newThe first-generation drug balloon dilatation catheter, iliac vein stent system, vena cava filter, and venous thrombectomy system, etc., have led to increased revenue.

Based on the current public information and reasonable assumptions, the company’s secondary market is reasonably assessed as 30.

50-36.

60 ppm, the recommended inquiry range is 39.

19-47.

04 yuan / up and down.

It is estimated that Xinmai Medical’s net profit attributable to mothers for 2019-2021 will be 1.

2.2 billion, 1.

6.7 billion, 2.

27 ppm, an increase of 34 in ten years.

4%, 36.

7%, 36.

1%.

With reference to the estimated average value of comparable companies (26 times in 2019), we believe that Xinmai Medical is a reasonable estimate of 25-30 times in 2019, and Xinmai Medical has a reasonable market value of 30 in 2019.

50-36.

600,000 yuan, based on the total share capital of 0 after issuance.

719781 billion shares, the secondary market price of 42.

37-50.

85 yuan / cent, considering the primary and secondary market spreads of 5-10%, the recommended inquiry range is 39.

19-47.

04 yuan / up and down.

Risk reminder: Sales growth does not meet expected risk; medical accident risk; R & D progress does not meet expected risk; domestic pharmaceutical policy is uncertain