"Speed and passion" medical equipment track in the opening of science and technology innovation board ushered in the test of "ice and fire"

On July 22, the high-profile scientific and technological innovation board opened, the first batch of listed companies of scientific and technological innovation board were warmly sought after by funds, all of which rose in the opening, and multiple shares doubled in the opening, including two medical equipment companies: Xinmai medical (688016 SH) and Nanwei medical (688029 SH) As of today's closing, they showed 242.42% and 110.70% respectively, ranking third and 12th in the increase list As the first batch of listed away enterprises, Nanwei medical and Xinmai medical belong to different subdivisions of medical devices From the overall situation of the scientific and technological innovation board that has passed the meeting, among the 32 biomedical enterprises, 15 are medical device enterprises Why do these two enterprises stand out first? Why do medical equipment enterprises prefer the track of science and technology innovation board? Today we will explain it in detail South micro medicine, from twists and turns to acceleration From November 5, 2018 when the central government announced the establishment of science and technology innovation board and the pilot registration system in Shanghai Stock Exchange to July 22 when the science and technology innovation board was ready to open, in just over eight months, the capital market was a whirlwind of "science and technology innovation board speed" As a representative of highlighting its innovation speed, the IPO of South micro medical science and technology innovation board was accepted by Shanghai Stock Exchange on April 3 this year, entered the "inquired" state on April 14, and was accepted by Shanghai Stock Exchange on June 17 The municipal Party committee meeting passed the examination, submitted the registration on June 19, and the registration took effect on July 2 On July 22, it became the first batch of science and technology innovation board enterprises to be listed and traded The speed is amazing However, looking back on the listing process of South micro medicine, it can be said that there are many twists and turns In 2015, Nanwei medicine was listed on the new third board, and the listing was terminated in June one year later; in May 2017, Nanwei medicine submitted a draft application to the CSRC, raising 443 million yuan in public; and in December of that year, it made a pre disclosure update, preparing to rush the main board; in March 2018, Nanwei medicine appeared in the list of IPO termination review of the CSRC; On April 3, 2019, South micro medicine resubmitted the application draft and officially started the journey of science and technology innovation board! The data shows that from 2016 to 2018, the operating revenue of Nanwei Medical Co., Ltd was 414 million yuan, 641 million yuan and 922 million yuan respectively, and the net profit was - 36.45 million yuan, 101 million yuan and 193 million yuan, respectively The company's revenue growth was strong, and the growth of net profit was gradually accelerated, and everything seemed wonderful However, in fact, Nanwei medical was originally mainly engaged in the research and development and sales of endoscopic diagnosis and treatment equipment and consumables, with a flat growth rate of performance Since then, through M & A, it has increased tumor ablation equipment and related consumables product lines, making the performance in recent years start to improve, which makes it possible to be listed on the scientific and technological innovation board According to the data, the main business of Nanwei Medical Co., Ltd is the R & D, manufacturing and sales of medical devices It has established three technical platforms of endoscopic diagnosis and treatment, tumor ablation and optical tomography, and is the leading enterprise in the field of minimally invasive diagnosis and treatment devices in China At present, there is still a certain gap between the products of South micro medicine and those of Boston science In China, compared with Yuyue medical and Xinhua medical, Nanwei medical has a stable market position and R & D capability In addition, combined with the prospectus and previous experience of Nanwei medical, there are still risks such as excessive foreign trade risk, focusing on sales rather than research and development, no controlling shareholders and actual controllers Xinmai medical: it is far ahead but still suffering from internal and external problems Although Xinmai medical is not listed as fast as Nanwei medical, its growth rate is far ahead today, with a closing increase of 242.42% and a peak increase of 36.7%, which shows the capital enthusiasm Established in 2012, Xinmai medical is one of the subsidiaries of minimally invasive medical, a listed company of the Hong Kong stock exchange Its main products are vascular stent products such as large artery stent system and intraoperative stent system Many of its products have achieved the first place in China or even in the world According to the ranking of the operation volume of the product application, in 2018, the market share of cardiovascular medicine in China's aortic vascular intervention medical devices ranked second, and the market share of domestic brands ranked first In addition, the data shows that the company's products are widely used in more than 700 hospitals in 30 provinces, autonomous regions and municipalities directly under the central government, and exported to South America and Southeast Asia and other regions The sales channel network is very mature Data shows that in 2016-2018, the gross profit margin of main business of Xinmai medical was 77.66%, 78.69% and 79.21% respectively, showing a good financial performance It also looks beautiful, but there is still a test of internal and external troubles From the perspective of financial data, in 2016 and 2017, the company's capacity utilization ratio was only 39.59% and 54.07%, and gradually increased to 73% in 2018 In recent three years, the inventory balance was 24.1001 million yuan, 25.8981 million yuan and 33.7215 million yuan, accounting for 12.78%, 11.55% and 12.54% of the total assets, respectively The company included the risk of inventory impairment in the risk prompt From the perspective of the company's operation, like Nanwei medical, Xinmai medical is also in the situation of no actual controller There is even the risk of competition with the parent company's minimally invasive Xintong In addition, in China, the medical device industry has been occupied by the transnational competitors of Medtronic, Gore and cook for a long time Therefore, the price strategy and market strategy of transnational enterprises will have a serious impact on the market share and gross profit rate of cardiac care At the same time, after the successful acquisition of American ailang Medical Equipment Holding Co., Ltd., Weigao Co., Ltd., which involves tumor intervention, vascular intervention and image intervention, is also a powerful competitor of heart pulse medical Therefore, it still has a long way to go to heart pulse medical if it wants to fight out the siege under the condition of internal and external attack According to the statistics of the data, there are 32 medical enterprises in the current list of listed companies, including 15 medical equipment enterprises, which are mainly concentrated in three parts: imaging equipment, in vitro diagnosis and high-value consumables Before that, whether it is the main board, gem or Hong Kong stock market, it seems that drug R & D and manufacturing enterprises are more favored, such as medical device enterprises have never been listed in a large number "It's been many years since we've been chasing technology stars." today, the growth of scientific and Technological Innovation Board makes the chairman of Shengtuo Medical Co., Ltd puqiang Lingge feel and excited In his opinion, "the medical equipment industry has many and specialized segments, small and beautiful segments, and some invisible champions with excellent technology but small market share have begun to have the opportunity to land in the capital market with the help of scientific and technological innovation board." He believes that in the future, medical equipment enterprises may become the main team of scientific and technological innovation board, which is the unique soil of medical equipment industry Although at present, in the view of senior industry personages, the list of medical equipment enterprises landing in the Ministry of science and technology innovation seems to be "not very famous" in the whole industry, Pu qiangling thinks that maybe it's just that everyone still keeps a wait-and-see attitude towards the "experimental field" of science and technology innovation board, or maybe the current listing standard of science and technology innovation board still has a standard adaptation process for many enterprises But in any case, it's a great encouragement for entrepreneurs and entrepreneurial teams of small and medium-sized medical equipment enterprises like him to see that there are enterprises around him that can become star enterprises of science and technology innovation board Similarly, for one belt, one road is the veteran medical device investor, the European Union research and Innovation Center Advisory Committee and the Secretary General of the international incubation group in Beijing, Xia Wen Huan: "in the context of the vigorous development of the entire pharmaceutical industry, medical devices have always been a good target Compared with biomedicine, medical equipment enterprises have low threshold, short R & D cycle, and much better financial situation and cash flow Investors will have a greater sense of security when investing in equipment " However, in his opinion, it is precisely because of capital prudence that the list of scientific and technological innovation boards looks so conservative, which is the choice and helplessness of the environment He believes that the real need for long-term investment enterprises has not surfaced As for the significance of landing on the science and technology innovation board for medical equipment enterprises, Xia Wenhuan thinks that it is mainly about "innovation iteration" and "channel construction" Considering the development of the whole medical equipment, it has a very obvious feature, that is, import substitution, which means that our medical equipment enterprises should directly face the challenge of transnational giants Under the existing technology gap, in addition to In order to continuously innovate and catch up with the competitors, we should make use of the localization advantages to firmly occupy the sales channels At the same time, medical equipment enterprises are an industry that needs to continuously invest in innovation and iteration Therefore, landing in the capital market to obtain financing, so as to continuously realize the innovation and iteration of products and strive to lay network channels are the core demands of enterprises In general, medical equipment enterprises are leading the scientific and technological innovation board on the basis of a number of favorable policies, ushering in the era of innovative medical equipment However, combined with the risk judgment of Nanwei medical and Xinmai medical, we can see that at present, there are still great tests and risks in medical equipment, including the risk of "two vote system" leading to the change of marketing strategy, the change of international situation for overseas sales and raw materials The risks of procurement impact, technology research and development not as expected, and sales risks caused by rapid capacity expansion, etc.