Dabo Medical (002901): Steady performance growth, broad prospects for multiple product line layouts

Dabo Medical (002901): Steady performance growth, broad prospects for multiple product line layouts

Performance summary: The company achieved operating income in the first half of 20195.

4 ten percent, an increase of 54 per year.

3%; achieve net profit attributable to mother 2.

10,000 yuan, an increase of 18 in ten years.

5%; net profit of non-attributed mothers is realized1.

90,000 yuan, an increase of 24 in ten years.

9%; Realize budgetary basic income of 0.

52 yuan / share, an increase of 17 in ten years.


Revenue and selling expenses rose simultaneously under the influence of the two-vote system, and the profit side grew steadily.

The “two-vote system” for high-value medical consumables has been trial-promoted in Shaanxi, Shanxi, Anhui, Fujian, and some parts of Guangdong. The company’s overall revenue has increased, and it has increased by 65 in the second quarter of 2019.

2% compared to 40 in the earlier quarter.

The 3% growth rate was further improved.

Affected by the “two-vote system”, the company’s sales expenses also increased, and the sales expenses in the first half of the year were 1.

6 ppm, an increase of 203 in ten years.


On the profit side, non-net 南宁桑拿 profit 1 will be deducted in 2019H1.

90,000 yuan, an increase of 24 in ten years.

9%, greatly affected by the “two-vote system”, with a relatively large and stable growth, of which Q2 deducted non-net profit was 1.

20,000 yuan, an increase of 27 in ten years.

7%, up from 20 in the first quarter.

6% increased.

The growth of trauma and spine was steady, and the growth of minimally invasive surgical products was significant.

The average value is reported, and the company’s product lines have maintained a good growth trend.

By product: 1) 2019H1 trauma products achieve revenue 3.

50,000 yuan, an increase of 56 in ten years.

9%, after deducting the impact of the “two-vote system”, it is expected to continue the steady growth trend; 2) 2019H1 revenue of spinal products1.

100 million US dollars, a year-on-year increase of 58%, replacing the impact of the “two-vote system”, and is expected to continue a steady growth trend; 3) 2019H1 revenue of minimally invasive surgical products is 3945 million, an increase of 104%, mainly due to the continuous introduction of new products, rapid volume.
At the end of July 2019, Jiangsu and Anhui Province have implemented some high-value medical consumables tape purchase pilots, which are conducted in the form of centralized bargain purchase negotiation and bargaining. The bargain of high-value medical consumables products will reduce the terminal cost, and it is expected that the industry concentration will further increase.As a leader in the field of orthopedics, the company’s rich product line will help the company continue to benefit.

Continue to expand R & D investment and continue to develop in multiple areas.

Based on orthopedics, the company actively deploys minimally invasive surgery, neurosurgery, dental and sports medicine. Based on the existing core technology platform, it continuously expands and enriches its product line. It has researched and developed some common indications and many products in the field of orthopedics.Upgrade, some research and development projects include lumbar joint prosthesis (high cross-linking / composite coating), lumbar joint prosthesis (ceramic / HA coating), anchor system (PEEK), implant system (acid blasting),Absorbing interface screws, etc., a rich product line layout will lay the foundation for the company’s long-term growth.

Earnings forecasts and investment advice.

It is estimated that net profit attributable to mothers will be 4-2019 respectively.

700 million, 5.

900 million, 7.

4 ‰, corresponding to an estimated 34 times, 27 times, and 22 times, maintaining the “buy” level.

Risk warning: the product may be significantly reduced in price, and the progress of research and development may be less than expected.