Xinmai Medical (688016) In-depth report: Domestic aorta and prolonged vascular intervention faucet

Xinmai Medical (688016) In-depth report: Domestic aorta and prolonged vascular intervention faucet

Report Summary Xinmai Xinmai Medical is currently the leading domestic manufacturer of aortic and vascular interventional products, with rich products and leading market share.

The company developed and launched the world’s first split-type stent graft in the field of thoracic aorta stent grafts. In the field of abdominal aortic stent grafts, although there is still a gap with imported products, it is gradually upgraded and is expected to achieve import substitution.

The layout of distal vascular interventional devices is extensive and rich. Drug replacement balloons have been applied for marketing, and the market potential has broken through.

The company has rich research reserves, continuous high-intensity research and development, and expansion of innovation capabilities. It is a leader in aortic intervention and interventional vascular 苏州桑拿网 disease segmentation.

The domestic aortic intervention penetration rate is reduced, and drug treatment, surgical treatment index, intracavitary interventional therapy have less trauma to patients, better treatment results, fewer complications, high safety, and less pain for patients. Adopt inquiry card medicineThe evidence is gradually enriching, and the domestic aortic intervention market is expected to continue to grow.

In the field of transvascular intervention, in the context of improving health awareness and the continuous introduction of domestic innovative products, domestic products have been pushing to occupy some of the imported market space.

We believe that the barriers to entry in the field of aortic intervention therapy are relatively high (product design and process development are more difficult), and the mutual interference in the field of aortic intervention lies in the gradual upgrading of internal products to gradually achieve import substitution.

The competition pattern across the field of intervention is relatively better. Through the depth of education for doctors and patients, potential market space breakthroughs.

Profit forecast and investment advice: We estimate the company’s net profit attributable to its mother in 2019-2021 as follows: 1.

0.6 billion, 1.

3.6 billion, 1.

6.8 billion, with an average net income of 1.

48 yuan, 1.

89 yuan, 2.

34 yuan, based on the average PE PE level of comparable companies in 2019, we have concluded that the company’s reasonable estimate level is 30-35 times, and the company’s reasonable pricing range is: 44.

40-51.

80 yuan.

Risk reminder: the risk of price reduction of high-value consumables, the clinical promotion is less than expected, and the risk of increased competition