A pharmaceutical IPO is a leading enterprise in the tide of domestic substitution of high-end equipment

【Pharmaceutical Network Pharmaceutical Stock Market】On December 7, the exchange news, another pharmaceutical new stock listed, that is, magnetic resonance imaging (MRI) upstream core components company Chenguang Medical
.
The stock is listed on the Beijing Stock Exchange today with an issue price of 6 yuan per share and a price-to-earnings ratio of 24.
29 times
.
According to the company's announcement on December 2, all the shares issued this time are new shares, the initial number of shares issued is 15 million, and the total share capital after issuance is 83.
5971 million shares, and the number of shares issued this time accounts for 17.
94% of the total share capital after the issuance (before the exercise of the over-allotment option).

。 Chenguang Medical is mainly engaged in the core hardware of superconducting MRI system and the research and development, production and sales of special magnets in high-tech fields, and has completed the independent research and development of four core components of high-performance high-field superconducting magnets, radio frequency systems, gradient systems and computer systems of MRI systems, and has the ability to manufacture MRI machines, and has also overcome a number of special superconducting magnet manufacturing problems
。 As a leading enterprise in the domestic substitution tide in the field of core components of MRI, Chenguang Medical has independently developed and successfully developed MRI system superconducting magnets: it has supplied 1.
5T superconducting magnets to domestic and foreign system vendors and integrators in batches; reserves 3.
0T superconducting magnets as the next generation of products; cooperates with 7.
0 superconducting magnets to build preclinical MRI systems, which are applied to the development process of innovative drugs, breaking the monopoly
of foreign companies in the field of magnetic resonance scientific instruments 。 According to the prospectus, Chenguang Medical's main products have market competitiveness, such as the uniformity of 1.
5T superconducting magnets, magnetic field stability parameters have outstanding advantages, of which the uniformity can reach 0.
483ppm, far lower than the industry average of more than 1.
0ppm (the smaller the value, the more uniform the magnetic field, conducive to the realization of advanced imaging functions and MRI quantitative analysis), in addition, the lightness and flexibility of RF detectors are also remarkable, the fifth generation of products "cloud coil" benchmarked against "AIR coil", weight, The fold thickness and flexibility are better
.
With its own strength, Chenguang Medical has many "fans", including Philips' "old friends", since the cooperation between the two parties in 2006, Chenguang Medical has developed more than 50 products for Philips; In China, the objects of cooperation include Wandong Medical, Longrun Medical, Kangda Intercontinental, Harlan Medical and other companies
.
In recent years, Chenguang Medical's operating income has shown a continuous upward trend
.
The company's revenue from January to June 2019, 2020, 2021 and 2022 was 134 million yuan, 142 million yuan, 196 million yuan and 56 million yuan, respectively; The net profit was 03 million yuan, 05 million yuan, 24 million yuan and -04 million yuan
, respectively.
In addition, due to obvious seasonal fluctuations in medical device sales, Chenguang Medical will receive more payments in the second half of the year and is expected to reach a new high
.
In terms of R&D investment, the company has invested nearly 200 million yuan in R&D expenses in the past 10 years
.
It is worth mentioning that according to the prospectus, during the reporting period, namely 2019-2021 and January-June 2022, Chenguang Medical had accounting treatment
for the capitalization of R&D investment.
If there are major changes in the macro environment, changes in the product market pattern or the commercialization of products is less than expected in the future, it may cause the R&D project to fail to bring the expected economic benefits to the enterprise, and the related development expenditure will form an impairment loss, which will adversely
affect the company's performance 。 At present, from the perspective of the market pattern, all the core components of domestic MRI have Neusoft Medical, United Imaging Medical and other head enterprises to participate in market competition, and have a certain market position, relatively speaking, Chenguang Medical, which is heavily dependent on the buyer's demand for nuclear components, has a situation of "full but not rich", in this regard, the company also revealed three possible development paths in the prospectus, including direct entry into the midstream, deep integration with midstream manufacturers, and continued to focus on further innovation of magnetic resonance components, winning with cost performance
。 Disclaimer: Under no circumstances does the information or opinions expressed herein constitute investment advice
to anyone.