Science and Technology Board Inquiry Report of Nanwei Medical (688029)

Science and Technology Board Inquiry Report of Nanwei Medical (688029)
A leader in minimally invasive medical devices.The company’s main military minimally invasive medical equipment research and development, manufacturing and sales, the main products include two series of endoscopic minimally invasive diagnostic and therapeutic equipment, tumor ablation equipment, endoscopic diagnostic and therapeutic equipment widely absorb the clinical diagnosis and treatment of digestive and respiratory diseases, tumor ablation equipmentAnd consumables are mainly thermal microwave ablation 上海夜网论坛 treatment of tumors.The company’s products are sold to more than 2900 hospitals across the country, of which the coverage rate of the top three hospitals has reached 55% and exported to more than 70 countries and regions.In 2018, the company’s research and development expenses reached 49.12 million yuan, accounting for 5% of operating income.3%, the company’s newly developed endoscopic optical coherence tomography system (EOCT) is already in the approval stage. It is mainly used in conjunction with endoscopes and can be used for early cancer screening and surgical planning. It is expected to become the main of “noninvasive optical biopsy”means. The company’s main financial indicators and profit forecasts.The company achieved operating income in 20189.22 ppm, an increase of 43 in ten years.9%; net profit attributable to mother 上海夜网论坛 1.930,000 yuan, an increase of 90 in ten years.5%; The company’s gross profit margin in 2018 was 63.8%, with a net profit of 22.1%, ROE is 33.2%, asset-liability budget 36.0%, the overall operating conditions are good.We predict that the company’s operating income for 2019-2021 will be 12 respectively.05 billion, 15.19 ppm and 18.69 ppm; net profit attributable to mothers was 2 respectively.8.3 billion, 3.7 billion and 4.6.3 billion. Company valuation and inquiry analysis.This report focuses on the evaluation and analysis of companies using different methodologies and systems, and at the same time the corresponding reasonable inquiry interval.We use historical estimation reference method, relative estimation PE method and absolute estimation DCF method to analyze and calculate the company evaluation, and use different weights of various estimation methods according to the specific situation of the company.Based on comprehensive analysis, we use the historical estimation reference method to predict the company’s estimate as 90.10,000 yuan, using the PE method to predict the company’s valuation is 99.1 ppm, using the DCF method to predict the company’s valuation of 124.200000000.We gave 20% weighting to the historical evaluation reference method, 50% weighting to the PE evaluation method, and 30% weighting to the DCF estimation method, which ultimately led to the company’s estimated estimate of approximately 104.800 million.We assume that the number of new shares issued by the company this time is 33.34 million shares and the total share capital of the company after issuance is 133.34 million shares. Based on the company’s predicted market value, the company’s corresponding substitution is 78.62 yuan / share, the recommended inquiry range is[68.36,88.87]yuan / share.(Note: This report is for specific reference and is not intended as a specific investment recommendation.)