Lanfan Medical (002382) 2019 Interim Report Review: Performance in line with expectations

Lanfan Medical (002382) 2019 Interim Report Review: Performance in line with expectations
Event: The company released its 2019 Interim Report and achieved operating income16.870,000 yuan, an increase of 74 in ten years.23%; net profit attributable to mother 2.350,000 yuan, an increase of 58 in ten years.83%.Parkson International’s consolidated and health protection gloves business has developed steadily, and the company’s performance has grown as expected. Opinion: Two-wheel drive, coordinated development of heart stent business: Parkson International consolidated and made great profit contribution.In the first half of the year, the company’s cardiac stent business achieved revenue8.3.8 billion, an increase of 424 in ten years.5%, contributing about 200 million net profits, becoming the company’s main source of profit.Parkson International is a world-renowned multinational company for cardiac implantation devices. The market segment of coronary stent ranks fourth in the world and China’s top three.The sales volume of its domestic subsidiary, Jiwei Medical Stent Products, has been steadily increasing. Since its launch, EXCEL stents have continued to reach 2.15 million in June 2019, with more than 1.3 million patients benefiting from its products.And therapy. Health protection gloves: production capacity increased, and revenue growth was stable.In the first half of the year, the company’s protective gloves business realized revenue7.9.9 billion, an annual increase of 2.62%; At the same time, due to the fluctuation of the RMB exchange rate and intensified market competition, the decline in gross profit margin 苏州夜网论坛 fell13.05 averages to 13.74%.The company continuously upgrades existing products and exits new products. The domestic and foreign markets continue to grow. At present, the total production capacity has exceeded 18 billion pieces per year. Extending the product line and perfecting the layout To expand the medical device product line of the cardiovascular department, the company intends to raise no more than 31 by issuing convertible bonds.400 million, of which about 13.9 billion US dollars acquisition and value-added Swiss transcatheter aortic valve replacement (TAVR) implantation device company NVT AG (one of the only five major TAVR manufacturers in the European market).This time, the company acquired the golden track of NVT plus medical equipment TAVR to replace the industry-leading cutting-edge technology and products, achieve rapid entry and fully enter the TAVR market, and fully cooperate with Parkson International’s global sales network in the field of coronary interventionCustomer resources, enhance the competitiveness of the cardio-cerebral-vascular division, and realize the diversified extension of product layout. We maintain our profit forecast and maintain the “Buy” rating without considering the impact of the public issuance of convertible bonds. We maintain our profit forecast. It is estimated that the EPS in 19-21 will be 0.62 yuan, 0.78 yuan and 0.93 yuan.”Medium and low value consumables + high value consumables” are two-wheel drive. Risk warning: product development is less than expected risk, exchange rate risk.