Weisi medical transferred to scientific and technological innovation board, and there are hidden dangers in the proportion of R & D and sales!

Original author: at that time, it was common for the three board enterprises to move to the science and technology innovation board Would these three board enterprises have a better development if they went to the science and technology innovation board? This time, we will analyze Weisi medical, which was listed on the new third board in 2016, to see how the company grows The subdivision industry develops rapidly, but the company with intensified competition is a technology innovation driven enterprise in China's rehabilitation medical device industry, which is committed to providing safe and effective rehabilitation products and overall solutions for medical and professional institutions in the subdivision fields of pelvic floor and post natal rehabilitation, neural rehabilitation, mental rehabilitation, etc In recent years, with the rapid growth of market demand for pelvic floor and postpartum rehabilitation, nerve rehabilitation, mental rehabilitation and other market segments, the rehabilitation medical device industry has maintained a good development trend Based on good market development expectation, many domestic and foreign rehabilitation medical device manufacturers enter the industry, and the industry competition is increasingly fierce At present, the domestic rehabilitation medical device enterprises that have publicly disclosed the operating data mainly include Promen technology and Guangzhou longzhijie The relevant operating revenue from January to June 2019 is 73 million yuan and 73 million yuan respectively, while the main business of Weisi medical is 140 million yuan China's demand for rehabilitation medical services and rehabilitation medical devices will continue to grow: China has a large number of pregnant women, patients with mental disabilities, patients with nervous system diseases, patients with bone, joint and muscle diseases, the elderly and other people who need rehabilitation, resulting in a huge demand for rehabilitation medical services and rehabilitation medical devices According to Frost & Sullivan data, from 2014 to 2018, China's rehabilitation medical device market scale increased from 11.5 billion yuan to 28 billion yuan, with an average compound annual growth rate of 24.9%, higher than the overall market of the medical device industry It is expected that China's rehabilitation medical device market scale will grow to 67 billion yuan in 2023 with a compound annual growth rate of 19.1% Revenue growth is stable, new products and new expectations at present, the company's products are mainly electrical stimulation, magnetic stimulation, electrophysiological equipment, consumables and accessories and other rehabilitation medical devices and products At present, the company's products have been widely used in more than 6000 medical and professional institutions in China During the reporting period, the company achieved operating revenue of 96 million yuan, 144 million yuan, 208 million yuan and 140 million yuan respectively, with an average compound growth rate of 47.19% in 2016-2018 The company ranks first among the domestic rehabilitation medical device enterprises that have publicly disclosed operating data At the same time, Weisi medical's exoskeleton lower limb rehabilitation robot and intelligent walking rehabilitation weight-loss training vehicle have started product transformation, and will enter the clinical trial stage of medical devices, which is expected to bring new business to Weisi medical Rehabilitation robot is a high-end rehabilitation medical technology developed in recent years It is the product of the combination of robot technology and medical technology It can help the disabled patients to recover their movement function and bring the hope of returning to society Rehabilitation training robot can replace the mechanical repetitive operation of rehabilitation doctors Free the therapists from the heavy and repetitive training work, so that the professionals can focus more on the improvement of the treatment scheme, and also provide the possibility for the remote rehabilitation and centralized rehabilitation With the decrease of R & D investment and the high proportion of sales, the medical industry attaches great importance to an indicator: the ratio of sales expenses to R & D expenses, which can determine how a medical enterprise occupies the market During the reporting period, Weisi medical R & D expenses were 8.9869 million yuan, 13.0412 million yuan, 18.5431 million yuan and 11.3155 million yuan, respectively Although the absolute value continued to increase, the proportion of Weisi medical R & D expenses in revenue decreased year by year, 9.37%, 9.03%, 8.92% and 8.08% respectively Among the five comparable companies, the R & D investment of Weisi medical is only higher than that of aipeng medical and lower than that of the other four comparable companies Therefore, the R & D investment of Weisi medical is about 4 percentage points lower than the average value of comparable companies, and the average value of peer comparable companies is 16.27%, 13.79%, 13% and 12.48%, respectively However, the proportion of sales expenses of Weisi medical is far higher than the average value of comparable companies During the above-mentioned reporting period, Weisi medical sales expenses increased year by year, which were 32.0649 million yuan, 41.9299 million yuan, 53.1696 million yuan and 33.7733 million yuan respectively, far exceeding the R & D expenses of each period, while the sales expenses accounted for 33.43%, 29.02%, 25.59% and 24.1% of the revenue, respectively, with the proportion declining year by year The average value of comparable companies is 23.19%, 21.86%, 22.41% and 19.25% respectively, which is lower than the proportion of sales expenses of Weisi medical in each period From the perspective of four comparable companies with data, the proportion of Weisi medical sales expenses was only lower than that of aipeng medical in 2018 and the first half of 2019, and the rest were higher than that of comparable companies Summary: Weisi medical products have been basically finalized In the future, we will continue to optimize our products to expand the market But it's hard for me to go from the third board to the science and technology innovation board, and then let my business go to another high point This paper only represents the author's personal point of view, not the Tao science and technology innovation platform The opinions in this article are only for communication and sharing, and do not constitute any investment suggestions for investors Operate accordingly at your own risk Penicillin is the reprinted content of yaozhi.com, and the copyright belongs to the original author The purpose of reprinting is to transmit more information, which does not represent the view of this platform If the content of the work, copyright and other issues are involved, please contact our website message, we will delete the content in the first time.