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    Home > Medical News > Latest Medical News > Lepu Medical: The results of the mid-to-long-term business layout are bright and fruitful

    Lepu Medical: The results of the mid-to-long-term business layout are bright and fruitful

    • Last Update: 2021-02-27
    • Source: Internet
    • Author: User
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    company released its semi-annual report, achieving operating income of RMB2,955 million, up 35.37 percent from a year earlier; At the same time, the Company forecast a net profit of RMB1,101-1,162 million in the first three quarters of 2018, up 49-57% YoY, and a net profit of RMB292-352 million in the third quarter, up 20%-45% YoY. In addition, the company issued the first phase of the employee shareholding plan (draft), holding shares of not less than 200 senior executives and core backbone employees, holding a total of no more than 600 million yuan.Reporter Endoensum maintains high growth, New Eastport and shows thickened results
    net of investment income of $150 million from the disposal of shares of Viralytics, Australia, and one-time loss of $32 million due to the closure of the Dutch subsidiary ComedB.V. due to the failure of strategic synergies to achieve expectations. Home-grown net profit increased 36.67 percent year-on-year, and the company acquired a 45 percent stake in New Donggang Pharmaceuticals in the first half of this year, net of the co-profit generated by New Donggang (from the second quarter onwards, 18-year H1 net profit of 126 million yuan, net profit increased 40.78 percent year-on-year), we expect the company's endo-life growth rate of more than 30 percent, in line with our expectations. The company's gross margin for the first half of the year was 72.80%, up from 64.62% and 67.23% in the 2017 in-year and annual reports, mainly due to the impact of the two-vote system and the cost of scale-up.
    third quarter, the company's net profit remained high. The Company forecast a 49-57% year-on-year increase in net profit for the first three quarters of 2018 and a 20%-45% year-on-year increase in the third quarter. After deducting non-recurring profit and loss of RMB150 million, the net profit attributable to non-attributor increased by 35-45% in the first three quarters, of which the net profit attributable to non-attributed parent in the third quarter grew by 35-55%, maintaining a high endoensive growth rate.equipment sector maintained rapid growth, net profit growth increased
    the medical device sector is still the company's largest weighting sector (revenue accounted for 47%), the report achieved operating income of 1.396 billion yuan, up 15.56% YoY; By product, the bracket business achieved operating income of 712 million yuan, up 20.76% YoY, of which Nano sales accounted for 45%; Among them, POCT and thrombosis tried to be fist products, the primary hospital interventional diagnosis and treatment and cardiovascular department cooperation business achieved operating income of 271 million yuan, up 1.81% YoY, mainly due to the adjustment of short-term distribution mode, and surgical instruments such as matching devices achieved operating income of 130 million yuan, up 41.75% YoY, the market share further increased.
    in the research product layout is rich, will soon enter the harvest period. The company's two-year clinical data on Neovas biodegradable stents released in the first half of the year are excellent, compared to the world's most challenging Abbott Xience stents, and we expect the company's biodegradable stents to be approved in the second half of the year and are expected to grow into the company's largest source of profit in the next 3-5 years. In other products, we expect the left ear sealer to be approved next year, the biodegradable blocker clinical trial is progressing smoothly, AI electroc ?e-electric products have been submitted to the United States, Europe and China registration applications.Drug sector maintained high growth, consistent evaluation of the bend oversized
    the pharmaceutical sector is currently the fastest growing sector, the first half of the operating income of 1.428 billion yuan, up 70.63 percent year-on-year, net profit of 435 million yuan, up 70.71 percent year-on-year, with the 2017 annual and semi-annual reports of 71 percent. By product, hydrogen sulfate clopidogrep tablets achieved operating income of 566 million yuan, up 70.50% YoY, and the winning provinces increased to 29;
    company's strategic layout in the field of pharmaceuticals is forward-looking and is expected to achieve corner oversized vehicles. The company has now laid out all the major categories of cardiovascular drugs, multi-product joint marketing diluted the marketing costs of a single product, in the OTC side formed a strong competitive advantage; At present, the company's consistency evaluation is progressing smoothly, of which Clopidogre 75mg and 25mg products have been declared to CDE in June for consistency evaluation, is expected to be approved in the second half of the year; In the area of sugar-lowering pharmaceutical products, Essena peptide is in the registration and declaration stage, insulin glaucin is expected to be declared within the year, both products are expected to be approved next year;Oncology drug layout for the growth momentum after 5 years, the investment results are fruitful
    Oncology immunotherapy field is the company's rapid growth of the next 5 years or more of new momentum, has invested in a number of mainstream technology pathways of cancer immunotherapy and precision diagnostic treatment projects, investment results. Lepu BioPD-1 has completed the first phase of clinical trials, clinical results excellent, into clinical phase II; Riverside Bio's recombinant person GM-CSF solute II. type herpes simplex virus (OH2) injection (Vero cells) has obtained the national drug clinical trial approval;
    company has successfully expanded from its initial cardiovascular device business to cardiovascular medicine, with significant results in the layout of oncology drugs in recent years. We believe that the company has grown into a large health platform enterprises, platform barriers gradually appear. In terms of business layout, the company focuses on balancing the cyclical and complementary nature of each business segment, short-term business has entered the harvest period, long-term business layout reflects good development potential: in the short term, biodegradable stents approved, multiple drugs through consistent evaluation will contribute to the performance increment; In terms of talent management, the company intends to implement the first phase of employee shareholding plan, by fully mobilizing the enthusiasm and creativity of employees, attracting and retaining outstanding management personnel and business backbone, will provide a guarantee for the stable development of the business.Financial indicators are basically normal
    sales expenses increased by 69.84 percent year-on-year, mainly due to the integration of drug sales platform, sales team configuration layout and marketing input increased; The increase in interest expense in the reporting period resulting from the expansion of the scale of financing, such as borrowings, resulted in a 93.64% year-on-year increase in net cash flows from investment activities, mainly due to an increase in the amount of investments made by companies in the construction of fixed assets, intangible assets, the acquisition and increase of capital participation companies, investment in financial assets available for sale, etc., and a 250.25% year-on-year increase in net cash flows from financing activities, mainly due to the inflow of capital into corporate bank deposits and bond issuance funds of 2.1 billion yuan. Net capital inflows increased by 980 million yuan year-on-year after offset payments of 1.05 billion yuan from New Donggang, a holding subsidiary.Earnings Forecast
    We expect the Company's operating income to increase by 33.9%/31.0%/28.5% YoY in 2018-2020, and the attributable net profit to be 48.8%/31.3%/29.7% YoY, respectively, and PE to maintain its buy rating by 43.2/32.7/25.3 times. (CITIC Jian investment)
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