Institutional Research! The pharmaceutical stock has attracted the attention of more than 350 institutions

According to statistics from DataBao, in the past five trading days (October 31 to November 4), more than 360 listed companies in Shanghai and Shenzhen have been investigated by institutions, of which 48 companies have been surveyed
by more than 100 institutions.
From the perspective of individual stocks that have been surveyed by hundreds of institutions, there are many pharmaceutical stocks, among which Aohua Endoscopy has attracted much attention, and more than 350 institutions have participated in the survey, reaching 353
。 From the perspective of the main content of investor relations activities, the company first introduced the performance of the first three quarters, from January to September 2022, the company achieved operating income of 281 million yuan, a year-on-year increase of 22.
55%, Q3 achieved operating income of 113 million yuan, a year-on-year increase of 37.
96%, and the profit attributable to the owners of the parent company was 858.
21, a decrease from the same period of the previous year, mainly due to the company's increased investment in personnel and other resources
.
In the Q&A session, the company's cost investment, product launch rhythm, business situation, and response to challenges were asked
by the organization.
In terms of R&D expenses, the company said that its product strategy is innovation, differentiation and rapid iteration, and the R&D expense rate remains at about 20%; The sales expense ratio is expected to be stable at about 20%, and the higher sales expense rate in the first three quarters of this year is mainly due to the upcoming launch of AQ-300, which has a large investment from sales personnel, distributors and clinical promotion; The overhead ratio decreases
marginally with sales.
In general, the current high expense ratio is mainly due to the small volume of revenue, and with the clinical release of AQ-300 in the future, the expense ratio will be greatly improved, and the net interest rate will enter a relatively stable stage
.
It is understood that AQ-300 is a soft mirror, and no 4K soft mirror has been approved for marketing
in China.
At the beginning of November this year, the host + light source + basic gastroenteroscopy of AQ-300 was launched, and the company said that the variable hardness colonoscopy body will also be launched together; Optical magnifier and duodenoscopy will be launched in the first half of next year; Respiratory microscopes will be introduced
one after another.
At present, the company's product structure is constantly being optimized, and the proportion of high-end products is increasing, and in the first three quarters, high-end products such as AQ-200 series and AQ-100 series accounted for more than 60% of endoscopic equipment revenue, and VME series accounted for about 17.
5%
of endoscopic equipment.
The AQ-300 is aimed at high-end markets
.
In addition, in response to the challenge part, the company said that the localization rate of AQ-300 parts has reached 95%, some high-end chips need to be imported from abroad, the company has prepared in advance according to the expected sales volume of the entire product life cycle of AQ-300, the current supply chain is not affected, and the localization rate
will be further improved in the future.
At present, many institutions have expressed optimism about the performance
of AQ-300 after listing in research reports.
For example, an analyst at Kaiyuan Securities said that with the launch of domestic high-end soft mirrors, the gap with imported brands has gradually narrowed, benefiting from the growth momentum of "digestive endoscopy popularity + acceptance" and "population dividend + penetration rate improvement of early cancer screening", and the domestic production space is broad
.
The marketing of AQ300 has been paved, waiting for the release period
in 2023.
Deppon Securities also believes that with the popularization of endoscopic technology and the policy guidelines of graded diagnosis and treatment, the sinking market is expected to become a larger incremental market for endoscopy; Combined with the background of local substitution policies, it is estimated that the market share of soft mirrors of domestic manufacturers in the medium and long term is expected to be 24.
4 billion yuan, and the market share of hard mirrors is expected to be 16.
4 billion yuan.

Due to a medical device, since March this year, the share price of Aohua Endoscopy has been rising
all the way.
Since the end of March to the close of November 3, Aohua Endoscopy has risen by 68.
51%.

According to the data, the main business of Aohua Endoscopy is engaged in the research and development, production and sales
of electronic endoscopic equipment and endoscopic diagnosis and treatment surgical consumables.
The company's main products can be divided into endoscopic equipment and endoscopic diagnosis and treatment surgical consumables
according to their use.
Disclaimer: Under no circumstances does the information or opinions expressed in this article constitute investment advice
to anyone.