Lanfan Medical (002382) Annual Report 2018 Review: Double Main Businesses Together to Start New Development

Lanfan Medical (002382) Annual Report 2018 Review: Double Main Businesses Together to Start New Development
Event: The company released its 2018 annual report with an operating income of 26.53 ppm, a 68-year increase of 68.35%; net profit attributable to mother is 3.470,000 yuan, an increase of 72 in ten years.61%.Parkson International consolidated the company’s profits significantly, but due to major asset reorganizations in September 2018, and gradually completed the listing of new shares and payment of consideration in October, resulting in a corresponding increase in costs and expenses during the period, the company’s performance is slightly expected.  Support business: The domestic market share has been steadily increasing, waiting for the new products to be listed for 18 years.900 million, performance commitment completed as scheduled, its June 18 consolidated consolidated statement scope, contributed to the mother’s net profit1.7.4 billion.In 18 years, Parkson International’s stent sales reached 39 in the international market.400,000; its wholly-owned subsidiary, Jiwei Medical, has sold 30 in the domestic market.980,000 items, the sales implantation volume has increased by more than 20% each year, and the internal domestic market share is estimated to have exceeded 21%.  Parkson International Strength.BioFreedomTM developed by the company is a stent in the world that can take antiplatelet drugs after PCI surgery from 12 months to 1 month. The treatment concept and performance are in the leading position in the industry.Company market competitiveness.  Gloves business: gradual release of production capacity Due to environmental protection upgrades and other factors, the growth rate of the glove business in 18 years slightly exceeded expectations, and sales of gloves 156.2 billion, an increase of 6 in ten years.At 72%, gross margin dropped 8 averages to 23.91%.  At present, the production capacity of the first phase of the nitrile gloves project 杭州桑拿网 has been successfully released, and the second phase of the project has been partially completed and put into operation on November 27, 2018. It is expected that the volume will begin in 19 years.With the release of new capacity, the company’s glove business growth rate is expected to recover to more than 10% in 19-20.  Revision of profit forecast, investment rating and estimate: The acquisition of Parkson International was completed and entered the field of high-value consumables. We raised our 19-20 year net profit forecast to 5.9.8 billion, 7.4.9 billion, while adding 2021 net profit forecast is 8.9.9 billion.According to the latest diluted equity, the EPS for 19-21 years is 0.62 yuan, 0.78 yuan and 0.93 yuan.”Medium and low value consumables + high value consumables” are two-wheel drive.  Risk warning: production capacity release is less than expected risk, product development is less than expected risk