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835 Yibi (835066)-The main cardiovascular stent and other products achieved net profit of about 20.8 million yuan in the first half of the year

835 Yibi (835066)-The main cardiovascular stent and other products achieved net profit of about 20.8 million yuan in the first half of the year

The company’s revenue in the first half of the year doubled its net profit: The 2019 Interim Report of the company showed that the company achieved sales revenue of about 1.

07 million yuan, an increase of 65 in ten years.

82%; net profit attributable to mothers is about 20.8 million yuan, an annual increase of 48.

03%.

The company mainly develops, produces and sells Class III implant / interventional medical devices such as manual cardiovascular stents and balloon catheters.

The company mainly organizes the procurement of raw materials and product production according to market demand, and controls product quality and provides complete after-sales service through its own management and technical testing.

In the first half of 2019, the company’s new product sales achieved breakthrough growth, and market sales steadily increased.

The company has corresponding research and development capabilities.

The announcement shows that the company’s polymer-free micro-blind hole drug-loaded coronary stent is the first polymer-free drug-free stent developed in China.

In terms of technology and performance, balloon dilatation catheters can compete with foreign first-class products, and show outstanding advantages in terms of thrust transmission, developability, passability, tracking and folding technology.

The drug-implanted balloon catheter is the first domestically approved drug to replace the balloon catheter with a bifurcated coronary artery, providing a new treatment strategy for clinically needed bifurcation interventional therapy.

In the first half of 2019, the company’s R & D expenses were about 1.71 million yuan.

The company currently has 8 invention patents and 13 utility model patents.

The company’s sales model is based on direct sales, supplemented by distribution.

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The company’s direct sales customers are hospitals.

Sales personnel can find information about customers by searching the website of the medical device industry, participating in industry fairs, etc., finding new potential customers, actively expanding new business, and obtaining target customer orders by participating in customer recruitment and bidding.

Distribution is the sale of company products to customers such as hospitals through distributors.

The distribution model is conducive for the company to focus more energy on product development and production, and improve product quality.

In order to improve the company’s after-sales service level and customer satisfaction with the company’s products, the company has established a comprehensive after-sales service system. The sales management department is fully responsible 西安耍耍网 for handling after-sales service work, handling customer inquiries, feedback, complaints, and other issues.Follow-up visits of customers for satisfaction surveys.

In terms of after-sales service, the distribution and direct-sales products are provided by the company’s sales management department.

Investment suggestion: The intensified competition in the internal medical device industry may cause the price of related high-value consumables such as cardiovascular stents to decrease; the net cash flow generated by the company’s operating activities in the first half of the year is about-24.75 million yuan, which has improved from 2018.

In the latest closing, the company’s market size was 3.

430,000 yuan, corresponding to PE (TTM) is 10X.

Companies are currently widespread (2.

5 yuan) has been lower than the net net assets (2.

72 yuan), it is recommended to pay attention.

Risk reminder: industry competition intensifies the risk, and the proportion of accounts receivable to income continues to increase