Release time: 04-0312:04 Beijing yiou netunion Technology Co., Ltd
When it comes to "intelligent factory", it may come to people s mind for the first time: in the white workshop, countless mechanical arms are working in an orderly manner, and sometimes they emit fire when welding.
Maider (688310. SH) focuses on the R & D and production of intelligent equipment, an important part of intelligent factory. However, unlike mechanical manufacturing, the intelligent equipment produced by MedTech is mainly used to assemble medical consumables for safe infusion and blood purification. The backward domestic technology once occupied the market of such equipment by overseas enterprises, while a large number of imported equipment raised the production cost of medical consumables, which increased the burden of enterprises.
After more than ten years of development, MedTech medical has solved the problem that China s high-end equipment depends on imports, and its blood purification equipment has broken the overseas monopoly, filled in the domestic gap, and established stable cooperation with famous medical consumables manufacturers at home and abroad, such as Shandong Weigao (01066), Jiangxi Hongda, Sanxin medical (300453. SZ), kantlai (603987. SH), and talmao Relationship.
With the continuous penetration of production automation technology, how will the medical consumables production industry, which originally relies heavily on human resources, change dramatically? What kind of growth will be shown by MedTech, which has gained capital market support?
Domestic medical consumables equipment "little giant"
The so-called medical consumables are consumptive devices and equipment used in the process of diagnosis, treatment, health care, rehabilitation, etc. from medical cotton swabs to various types of syringes belong to its scope. It is also the most frequently consumed accessory products in hospitals, and also the material basis for medical work.
Among them, some medical consumables contain many parts that need to be assembled. For a long time, China s manufacturers are mainly manual assembly and manual testing. However, with the continuous improvement of the quality of medical consumables, the increasingly strict supervision of the production process, and the problem of recruitment caused by the gradual disappearance of "demographic dividend", manual assembly has failed to meet the needs of medical consumables, and automatic production will become the mainstream of future development.
Maider business focuses on the intelligent equipment of medical consumables for safe infusion and blood purification. It has successively developed the first domestic full-automatic assembly machine of retention needle for Sanxin medical (SZ. 300453), the first domestic automatic production line of dialyzer, the first SP catheter connector automatic assembly machine for telmao, and the first domestic female catheter assembly machine.
In recent years, the performance of medec, which has successfully opened the door of localization and substitution, is also remarkable. From 2016 to 2018, its revenue increased from RMB 139 million to RMB 214 million, and its net profit increased from RMB 23.39 million to RMB 55.65 million.
Among them, safety injection equipment is the core business of MedTech medical, with a revenue of 157 million yuan in 2018, accounting for 73% of the total revenue. Mede medical safety infusion equipment is mainly used for the assembly and detection of medical consumables such as indwelling needle, insulin needle, blood sampling needle, catheter, infusion set, central venous catheter, etc.
(photo source: MedTech medical prospectus)
Although safe infusion equipment is the mainstay of revenue, the rapid growth of blood purification equipment should not be underestimated. Such equipment is mainly used for the assembly of hemodialyzers and dialysis pipes. In 2016, the revenue of medical blood purification equipment was 11.89 million yuan. By 2018, the revenue reached 46.91 million yuan, an increase of nearly four times, and the market share of domestic manufacturers was more than 30%.
It is worth mentioning that the blood purification equipment is also the first step in the field of medical consumables. Compared with low value consumables, high value consumables are mainly suitable for medical specialty treatment. According to the data of the health care Commission, in 2018, China s medical device market exceeded 530 billion yuan, of which the medical device market was the largest, reaching 302.1 billion yuan, accounting for 57%, followed by high-value medical consumables market, accounting for 20%.
(photo source: MedTech medical prospectus)
Behind the growth of performance is the technical support of medec. As a high-tech enterprise, technology is the core competitiveness. MedTech also knows this, and has maintained a high R & D investment. In 2018, its R & D investment accounted for 9%, while the average value of peer enterprises was only 6%.
The transformation of automatic production expansion has come
It seems that everything is under the control of MedTech, so it will continue to grow step by step. It will firmly take the top position in domestic safety injection equipment, and further seize more market share from foreign enterprises. However, 2019 s performance did not meet the expectations of Medvedev.
In 2019, MedTech s medical revenue was 210 million yuan, down 2% year on year, and its net profit was 47.46 million yuan, down 15% year on year. Although the medical performance express explained that its performance decline was caused by the late delivery of some equipment, and this part of the performance will also be included in the mid-2020 revenue.
However, MedTech also exposed the problem of slow growth. The amount of products delayed this time is 31.03 million yuan. If the 31.03 million yuan of delayed delivery is included in the revenue in 2019, the revenue in 2019 will reach 241 million yuan, an increase of 12% year-on-year. Although it is still growing, there is still a big gap compared with the growth rate of 24% in 2018 and 2017.
(Note: it is assumed that the amount of delay is also included in the total revenue after 2019 revenue)
MedTech seems to be entering a bottleneck period.
In fact, the short-term slowdown in growth is only a "squat", and Medvedev medical still has a lot of room for growth. The production automation of medical consumables is not only the development trend of the industry, but also the direction strongly supported by the state.
Made in China 2025 takes high-performance medical devices as one of the key development fields, and points out that it is necessary to promote the deep integration of informatization and industrialization, focus on the development of intelligent equipment and intelligent products, promote the intelligent production process, cultivate new production methods, and comprehensively improve the intelligent level of enterprise research and development, production, management and service.
In 2016, the guidelines for the development planning of the pharmaceutical industry issued by the state also proposed to change the industrial situation of most medical devices, which are mainly manual assembly and manual testing. Improve the level of mechanical assembly, realize automatic material distribution, quality inspection and customized production, and improve the stability and reliability of medical devices. And it is required that by 2020, the level of automation and informatization of pharmaceutical production process in China should be significantly improved, the key process of large enterprises should be basically automated, and the utilization rate of manufacturing execution system should be more than 30%.
Driven by the national policy, the medical consumables manufacturing enterprises in China will begin to carry out automatic transformation one after another.
At present, the automation level of most domestic manufacturers is not high. According to the estimation in the medical prospectus of MedTech, the market stock of intelligent equipment for infusion consumables in China is only 2-4 billion yuan at present, and the market demand is expected to be about 750-950 million yuan annually in the next 10 years. At the same time, there is also a big gap in intelligent equipment for blood purification. It is estimated that the market capacity of intelligent equipment for blood purification in China will be about 500-1 billion yuan per year in the next 5-10 years.
Mede medical has also seized the powerful market of medical consumables. When the medical consumables manufacturing enterprises accelerate the process of automatic transformation, mede medical will benefit.
In addition to policy driven, the volume of downstream market will reverse the technological change in the upstream.
In terms of infusion consumables, as the most widely used disposable medical consumables in clinical use, the market scale of infusion and puncture equipment industry in China reached 39.56 billion yuan in 2017, and the market demand scale of infusion and puncture equipment industry in China is estimated to be 54.48 billion yuan by 2021.
Looking at blood purification consumables, the market of blood purification consumables shows a very high growth, and its market scale growth rate in 2018 reached 22%. According to the data of China s medical device Blue Book (2019 Edition): in 2016, the number of dialysis patients in China was 447000, and the rate of receiving dialysis treatment was less than 20%, far from the data of 37% of the world average and 75% of the European and American countries. It is predicted that by 2030, the number of patients with end-stage renal disease in China will exceed 4 million. If the dialysis treatment rate in China is increased to 37% of the international average level, the number of dialysis treatment will reach 150.
With the increase of the number of patients treated, the demand for dialyzers will also surge. Based on the treatment of one patient three times a week, in 2016, the demand for dialyzers in China will be about 69.73 million, and by 2030, the demand for dialyzers in China will reach 23.4-46.8 million. More importantly, due to the high technical barriers, dialyzers in our market mainly rely on imports, and the market share of domestic brands is less than 30%.
However, behind the "low" share, there are also huge opportunities for domestic manufacturers, which will benefit from localization. When they start to build production lines, the demand for intelligent blood purification equipment will rise.
In the face of the huge demand in the downstream, these medical consumables enterprises can only cope with it by expanding production or improving efficiency. No one wants to be affected by the production capacity in the process of seizing the market increment, and intelligent equipment is a reliable choice for expanding production and improving efficiency.
With the deepening of the automation transformation process of medical consumables enterprises, MedTech also faces the capacity challenge. With the continuous development of new customers and rapid growth of orders, the existing capacity has been difficult to meet the development needs of MedTech. Downstream demand is about to reach the critical point of the outbreak, and only with the trend of expanding production can medec further expand.
In this listing, out of the funds raised by MedTech, 285 million yuan will be used to expand production capacity (medical consumables intelligent equipment construction project).
The medical industry is related to people s health and the development of people s livelihood. As the material basis of medical work, it also gives the market demand of medical consumables that will not dry up. In the face of this market, it is an urgent task for medical consumables enterprises to upgrade production capacity and improve production efficiency through automatic upgrading. The change of production automation not only makes Chinese medical consumables enterprises leap to the international arena by virtue of efficiency, but also is expected to give birth to a world-class giant of medical consumables equipment.