The company specializes in testing instruments, in the domestic market share is second only to five foreign companies, ranked No. 6. the company's business is concentrated in the X-ray machine and nuclear magnetic **** vibration instruments, the development of a more stable. From the sales model, part of the provincial and municipal government's unified bidding procurement, mainly the relatively low-end X-ray machine, accounting for about 1/3 of sales. the other part of the direct sales to hospitals, part of the agent, part of the direct sales, including part of the X-ray machine and a relatively large nuclear magnetic *** vibration apparatus, accounting for about 2/3 of sales.
The company is expected to benefit from the release of primary health care demand. The construction of primary health care system is an important element of the new health care reform, the country's investment in the construction of community health care and rural health care system has increased significantly, the overall growth rate of the medical device industry has also remained at about 20%, the growth of primary medical equipment may reach the level of 30%. This part of the new demand on the one hand from the new primary care institutions, the other part is 5
from the existing medical institutions of medical equipment replacement. The release of new demand in the bidding market is very obvious. The company currently accounts for about 60% of the X-ray machine bidding market, is expected to become the largest beneficiary. Higher-end X-ray machines and nuclear magnetic **** vibration instrument growth is relatively stable.
After-sales maintenance business is the company's new growth point in the future. After-sales service business is an important source of profit for foreign medical equipment companies, while the company's current business accounted for a relatively low, which is also related to the company's product mix. In the future, with the product upgrading and product structure adjustment, the business is expected to become a new growth point of the company.
The company's asset integration is expected to be clearer. The company's controlling shareholder for the North Drug Group, North Drug Group by the China Resources Group and the Beijing Municipal State-owned Assets Supervision and Administration Commission, respectively, hold 50% of the equity. In China Resources' pharmaceutical development strategy, medical equipment is an important part of its Shanghai Medical Devices Group business includes surgical instruments, X-ray machines, sanitary materials, medical instrumentation, etc., the net profit of 63 million yuan in 08, in the field of X-ray machines is the company's biggest competitor, and the mutual competition also greatly reduces the profitability of both sides. Therefore, the integration of assets in line with the development strategy of China Resources and North Drug, from the industry point of view, the integration is also imperative, although the current temporary stagnation, but we judge that the possibility of completion in the future is greater.
Comprehensive analysis of the above, we predict that the company's 2009-2011 EPS of 0.20 yuan, 0.25 yuan and 0.30 yuan, because the company is the beneficiary of the release of demand for primary health care, and the existence of asset integration is expected to give the company's target price of 12.00 yuan in the next 6-12 months, to give the company a "recommended The company's "recommended" rating.