Updated : May 22, 2020 in oatckjy

Xiangsheng Medical (A19140): Focusing on Ultrasound Medical Imaging Equipment to Build Technical Differential Advantages

Xiangsheng Medical (A19140): Focusing on Ultrasound Medical Imaging Equipment to Build “Technical Differential Advantages”
Investment points: Focus on ultrasound medical imaging equipment, leading domestic technology.The company is a domestic professional, leading provider of ultrasound medical imaging equipment and related technologies with completely independent intellectual property rights. It has been focusing on the research, development, manufacturing and sales of ultrasound medical imaging equipment for many years.The company has successively undertaken the projects of the “12th Five-Year Plan” National Science and Technology Support Plan “Development of Dedicated Ultrasonic Diagnostic Probe Components and Systems” and the “13th Five-Year Plan” National Key R & D Plan “Development of Three-dimensional Breast Ultrasound Imaging Systems and Area Scan Probes”R & D work.The products have been selected for the promotion of national key products such as “National Emerging Products” and “National Key New Products” for many times, and guide lists and catalogs, and are exported to more than 100 countries and regions at home and abroad.Mo Shanzhang, Mo Ruoli and Lu Jian held 94 companies in total.68% of the shares are the actual controllers of the company (of which Mo Shanyu and Moruo Li are the father-daughter relationship, and Moruo Li and Lu Jian are the husband and wife relationship). High performance growth and gross profit margin increased year by year.The company’s operating income for 2016-2018 was 1.67, 2.72, 3.27 ‰; net profit attributable to mothers was 3047, 644, 95.06 million yuan; net operating cash flow was 4215, 6220, 7142 million; gross profit margins were 57.49%, 59.42%, 61.14%; R & D expenses accounted for 16.93%, 12.19%, 12.65%; the proportion of sales expenses to revenue was 17 respectively.43%, 13.38%, 13.91%; asset-liability ratios are 50.13%, 39.37%, 35.34%.Benefiting from the continuous growth of the medical diagnostic market demand and its accumulated relative technical advantages, the company’s performance is in a period of high growth.Thanks to the release of the scale of production and sales, the improvement of man-hour efficiency and technological level, and the improvement of product yield, the company’s gross profit margin has increased year by year. Deeply plow the field of ultrasound to build “technical differentiation advantages”.The company has been deeply involved in the field of ultrasound medical imaging equipment for 23 years, and has accumulated 165 internal and external patents (including 45 invention patents), 62 software copyrights, and more than 160 patents pending.In terms of ultrasonic microscope technology, the company has made breakthroughs in high attenuation backing of probes, low attenuation matching layer sound transmission materials, low attenuation lens materials, new piezoelectric materials and 1-3 micron composite materials, and single crystal materials.The company has achieved a leap in image quality. In terms of the core algorithms of ultrasound artificial intelligence, the company ranks domestically and internationally. It has made 深圳桑拿网 progress in two diseases and has achieved three internationally advanced technologies: four classifications of ultrasound breastArtificial intelligence, dynamic multimodal artificial intelligence, carotid plaque stabilization / fragile artificial intelligence.The company intends to raise funds 9.US $ 5.3 billion, mainly for increasing production capacity and R & D innovation. The company complies with the “Listing Rules for Science and Technology Innovation Board” 2.1.2 The first condition.The company’s net profit attributable to the parent in the past two years was 64.04 million yuan and 95.06 million yuan, respectively. The company chose to apply the “Shanghai Stock Exchange Science and Technology Board Stock Issuance and Issuance Review Rules”.1.(1) Listing criteria of Article 2: The estimated market value is not less than 杭州桑拿 RMB 1 billion, and the net profit conversion in the last two years is positive and gradually the net profit is not less than RMB 50 million, or the expected market value is not less than RMB 10 billionIn the most recent year, the net profit was positive and the operating income did not exceed RMB 10,000. Risk reminder: industry competition and industry policy change risk, trade friction risk, single product structure risk