Maotai in medical equipment industry: Jianfan biology

As we all know, whether it is surgery or general adjuvant treatment, is inseparable from the medical equipment Depending on the huge market demand, our country has produced many leaders in the field of medical device segmentation, such as Hefei OPP CommScope, which makes cornea shaping mirror, Zibo blue sail medical which makes medical gloves, Shenzhen medical which makes color ultrasound equipment and so on, which are all emerging in the industry In the field of blood purification, there is also an industry leader, that is, Jianfan biology from Zhuhai, Guangdong Province The market share of the company's products is as high as 80% After listing in 2016, the company's share price has increased nearly 10 times With the continuous growth of industry demand and the steady internal financial indicators, Jianfan bio is expected to continue to maintain high growth with its strong products Let's meet the industry leader! 01 part focuses on blood purification, and Jianfan biology grows rapidly The history of Jianfan biology dates back to the establishment of Lizhu Shengcai factory in Zhuhai, Guangdong Province in 1989 After the reform of employee stock ownership, Lizhu group withdrew, and the company gradually entered the field of blood purification At present, the main business of Jianfan biology is the research, development and production of blood purification medical devices The company successfully listed a shares in 2016, and became the first share of blood purification in A-share gem According to the data in the annual report, in 2018, Jianfan biology achieved an operating revenue of 1.02 billion yuan, 90.1% of which came from disposable blood perfusion device, and almost all of the revenue came from China Obviously, the company's business is very focused So, what is this hemoperfusion device? In short, this product can filter and absorb toxins and other substances in the blood It is widely used in uremia, poisoning, severe liver disease, multiple organ failure and other fields, and can greatly save lives or improve the quality of life of patients This product of Jianfan biology has covered nearly 4000 medical institutions in China, with a market share of nearly 80% Focusing on the blood purification market segment, Jianfan bio's performance is also hot In 2016-2019, the company's operating revenue was 540 million, 720 million, 1.02 billion and 1.43 billion respectively, with a year-on-year growth rate of 7%, 32%, 41% and 41%; its net profit was 200 million, 280 million, 400 million and 570 million respectively, with a year-on-year growth rate of 1%, 41%, 41% and 42% It can be seen that the company has achieved sustained and substantial growth in both revenue and profit The strong ability to earn money has greatly improved the basic earnings per share of Jianfan biology, from 0.27 yuan in 2012 to 0.97 yuan in 2018 The improvement of earnings has also made the company recognized by the capital market, and the share price of the company has nearly doubled since its listing 02 the demand of part industry is increasing + the products are strong, which promotes the rapid growth of Jianfan Jianfan bio can grow so fast in the subdivision field, and has been listed, mainly thanks to the following points First, the industry needs a lot In terms of the scale of China's medical device market, it has grown from 120 billion in 2010 to 530.4 billion in 2018 The industry has grown rapidly, and Jianfan biology has shared this growth dividend In the subdivision field, at present, the market of hemoperfusion device in China is just in its infancy, and the penetration rate is less than 4% In the future, there will be more than 10 billion market scale, which will greatly contribute to the future performance of Jianfan biology Second, the product has obvious advantages According to the data, nearly 970 million of the 1 billion 430 million revenue of Jianfan bio in 2019 came from the HA130 blood perfusion device, which is mainly used for blood purification of uremia At present, the treatment methods of blood purification include hemodialysis, hemoperfusion, hemoadsorption, hemofiltration, etc., but in practical effect, hemodialysis and filtration mainly have the effect of removing small molecule toxins and water, but have poor effect on large molecule toxins, etc., while hemoperfusion has the effect of removing large protein binding toxins, etc., and only once a week is safe, so hemoperfusion is in urine The treatment of toxicosis is becoming more and more important By virtue of the strong market share of the hemoperfusion device, Jianfan biology has obtained the high premium ability of the product, which can be seen from the super high gross profit margin of the company In addition, at present, more than 24 provinces in China have included hemoperfusion in the medical insurance reimbursement, and the proportion of reimbursement is still rising, which will clear the obstacles for the large-scale use of this product Third, the financial indicators are stable In addition to external demand factors, the company's own operation is also very stable The inventory turnover days of Jianfan biology decreased from 198 days in 2014 to 124 days in 2018, which reflects the increasing sales of the company's products and the improvement of the company's operation ability In addition, cash flow is the guarantee for the company to obtain production factors and expand its operation, and the amount of cash flow from business activities of Jianfan biology is also increasing continuously On the one hand, it shows that the company has transformed the money earned into real cash, and on the other hand, it has enhanced the company's ability to resist risks And the company's asset liability ratio has been kept low, almost no debt pressure 03 part makes a summary because of the huge demand of the industry, Jianfan biology has made rapid growth with its strong market share of products, but with the improvement of the permeability of blood perfusion device and the upgrading of products, the company will still face a huge growth space in the future There is a small earthquake in Jinan today When we are determined to work hard to make our life more meaningful, God will send an earthquake to remind people that they should have fun in time and share the prosperity of the world Penicillin