Yuyue Medical (002223) Annual Report Comments: E-commerce Continues to Develop Stable Performance

Yuyue Medical (002223) Annual Report Comments: E-commerce Continues to Develop Stable Performance
Event: The company announced its 2018 annual report: the initial realization of revenue 41.8.3 billion, an annual increase of 18.12%; net profit attributable to mother is 7.2.7 billion, an annual increase of 22.82%; EPSEPS is 0.73 yuan.For every 10 shares proposed to be found, a bonus of 1 is found.50 yuan (including tax). Investment points: Revenue continues to grow and core products maintain rapid growth. Annual revenue for 2018 41.8.3 billion yuan, Q4 realized income 10.03 trillion, from the perspective of each quarter’s revenue scale, basically remained stable.In terms of different products, the household medical sector had an income of 15 in 2018.3.4 billion, an annual increase of 17.05%, of which blood glucose products began to be launched online in 2018, and gradually increased rapidly to reach about 2 billion.The growth rate of the online platform for the overall home segment over the past ten years has been over 40%, and the offline platform has resumed growth of over 10%.Revenue of the medical oxygen supply segment in 201813.1.9 billion, an annual increase of 26.40%, it is expected that the growth rate of medical oxygen generators will exceed 20%; the growth rate of ventilators will exceed 30%, and the sales will exceed 100 million yuan. In addition, the nebulizer also maintains rapid growth.As for the medical clinical segment, the revenue was 10 in 2018.2.8 billion, an increase of 10 in ten years.28%, of which Shanghai Instrument Group revenue 5.6.7 billion, down 3 each year.90%, mainly related to the technical transformation of the production line and affecting the operation; Shanghai Zhongyou income 5.2.4 billion, an annual increase of 25.06%, continued to grow rapidly.In addition, Suzhou TCM equipment business income2.14 trillion US dollars, an annual increase of 22%, AED medical emergency global business revenue1.35 billion, the domestic market growth rate is over 180%. The comprehensive gross profit margin is relatively stable, and the sales expense ratio has increased. In terms of gross profit margin, the company’s consolidated gross profit margin in 2018 was 39.83%, an increase of 0 every year.17 cases, of which home medical, medical breathing and oxygen supply and medical 四川耍耍网 clinical gross profit margin were 35.64%, 46.43% and 47.97%, an increase of 4 per year.04, (-1.41) and (-3.08) The average.In terms of period expenses, the selling expense ratio increased the highest, management expenses and financial expenses both decreased, among which selling expenses decreased.83%, an increase of 1 per year.54 dollars, the breakdown is mainly sales and after-sales service costs, Tmall platform fees and office expenses increased significantly.The financial expense ratio was 0 from the same period last year.33% fell to 2018 (-0.73%), mainly due to the appreciation of the US dollar in the past ten years.In addition, the net cash flow from operating activities in 2018 increased by 229 over the same period last year.68%, mainly due to the company’s efforts to collect more receivables, coupled with receiving government subsidies. Maintain the “Recommended” level. We expect the company’s EPS for 2019-2021 to be 0.87 yuan, 1.03 yuan and 1.23 yuan, PE is 29 times, 24 times and 20 times, the estimated level is at a reasonable level.However, considering the vast space of medical devices and the company’s leading advantages, coupled with strong sales strength, the performance promotes stable growth, and maintains a “recommended” rating. Risk warning: pressure on product price reduction; rapid cost increase; integration efficiency is not up to expectations.