Tuesday's rise and fall dark horse stock exposure: Lepu Medical (300003) quick buy

Lepu Medical: Ecosphere develops smoothly and actively explores new profit models.
Category: Company Research Agency: Changjiang Securities Co., LtdResearcher: Liu Shuchang, Huang Weixuan Date: 2015-08-26 Event Description.
Lepu Medical released its 2015 half-year lying report: From January to June, the company achieved operating income of RMB1,332 million, up 68.11% YoY; net profit attributable to shareholders of listed companies was RMB288 million, up 36.61% YoY; net profit was RMB274 million, up 32.38% YoY; and earnings per share was RMB0.35.
Event comments.
Pharmaceuticals performed well and grew rapidly: the company grew rapidly in the first half of the year, with revenue up 68.11% year-on-year and net profit up 36.61 percentBy product, the stent system Nano release brought about a steady growth of traditional business, revenue of 434 million yuan, up 23.17% YoY; The company's scale effect was gradually reflected, with the period rate decreasing by 3.65 percentage points year-on-year, and the increase in the proportion of drugs had a structured impact on gross margin, with the overall gross margin increasing by 9.77 percentage points year-on-year.
Nano performance is excellent, the traditional bracket business short-term support: the company's first half bracket system-based asset heart supplies products to achieve revenue of 495 million yuan, up 15.98 percent year-on-year, completejilin, Liaoning and other 14 provinces and cities tenderAmong them, drug elution stent Partner revenue increased by 10.57 percent year-on-year, the new generation of non-carrier-containing drug-containing elution stent Nano performed well, up 52.93 percent year-on-year, is the company's traditional stent business to maintain a steady growth rate (23.17%) the main reasonIn addition, the company's blocker revenue of 517 million yuan, up 15.94 percent yoy; single-cavity pacemaker revenue of 6.39 million yuan, up 24.67 percent yoy; overseas high value-added home-grown supplies 45.83 million yuan, up 14.88 percent year-on-yearShort-term look at the company's bracket business basically completed import substitution, the current price bottom, a new generation of bracket Nano listed, the price is about 20% higher than the previous generation, product substitution is expected to have some performance support for the traditional business, growth is expected to be maintained.
Intervention almost, IVD, distribution, bring new growth momentum of the equipment sector: the company relies on cardiovascular products, sales advantages, and actively layout of primary hospital intervention in the diagnosis and treatment business, to help county-level hospitals to establish catheter treatment rooms and train local medical teams, while providing related supplies and medicinesAt present, the grass-roots market is developing well, with revenue of 113 million yuan in the first half of the year, up 124.73 percent year-on-yearWith the popularity of primary hospitals, rapid growth is expected to be sustainedThe company's IVD business is steadily advancing, in June to acquire 71.64 percent of Edcon equity, improve medical testing equipment research and development, production, the current in vitro diagnostic industry chain is gradually improved, the future will create a healthy management ecosystem to provide testing end coordinationIn the first half of the year, the company's POCT diagnostic reagents and equipment products revenue of 41.93 million yuan, an increase of 66.26 percent year-on-yearIn addition, the company's medical products distribution business development is stable, revenue of 183 million yuan.
Excellent performance of drugs, the company's second growth pole: the company in recent years actively extended the acquisition of drug targets, has gradually formed a cardiovascular, antihypertensive drugs, anti-sugar drugs three major drug platformsIn the first half of the year, the pharmaceutical sector performed well, achieving operating income of RMB437 million, up 506.19% YoY, and net profit of RMB82.39 million, up 21.57% YoYAmong them, the New East Hong Kong pharmaceutical atovastatin calcium tablets have completed Jilin, Guangdong, Hunan and other 8 provinces and cities tender, to achieve revenue of 33.17 million yuan, an increase of 492.29 percent year-on-year, and the list of the company's pharmaceutical sector growth has a greater improvement; As the main channel of future ecosystem realization, in addition to the current two major chemicals, the company will actively expand through extension mergers and acquisitions, independent research and development channels, the future pharmaceutical sector will become the company's new growth engine.
Mobile medical development is smooth, health management ecosystem gradually improve: the company's current steady development of mobile medical, through all-round resource spending, and actively build Lepu health management ecosystem1) Functional mobile medical equipmentThrough its participation in the Yugali Electrocardion Tele-Real-Time Monitoring System, the development of intelligent heart marker detector (Lenew800), smartphone glucose meter (Poctor880), the source innovation, access to multi-parameter physiological detector (Checkme) and other ways to continuously expand the user-side data portal2) The Internet community of cardiovascular patients, through concentric butler, heart failure butler-related postoperative and slow disease management APP clustercardioary vascular patients, to provide secondary servicesBy the end of June, the two APPS have been registered tens of thousands of people, covering more than 400 billion yuan, the future will provide an opportunity for the company's smart mobile medical device promotion3) Acquire and acquire the big pharmacy of The Guardoft, obtain the e-commerce license, and provide new sales channels for the company's independent products and other cooperative enterprises4) One-click family doctor service system, last August the company invested in Beijing Haidian District, "one-click" family doctor service equipment Jin Weijie, has installed nearly a thousand units, in addition to Xinxiang, Anqing, Xi'an and other places in the product testing promotion5) Medical servicesRelying on cardiovascular butler resources, the company with the help of concentric butler, heart failure management and other APPs to gradually try network hospitals, telemedicine, primary clinics and other forms of medical services, the future is expected to explore a new profit model.
Maintain a "buy" ratingThe company actively builda large health ecosystem, mobile medical and service will gradually improve, and promote the growth of equipment and medicinesEpS is expected to be 0.70 yuan, 0.92 yuan and 1.13 yuan for 2015-2017, corresponding to PE of 42X, 32X, 26X, maintaining a "buy" rating.
Investors can focus on Leprosy and make a favorable investment Southern Fortune Microsignals: Outmoney