On December 15, 2021, Aohua Endoscopy (688212) announced: CICC Asset Management, Huitianfu, Huaxi Securities, CITIC Construction Investment, Galaxy Fund, Changjiang Pension Insurance, Tamsui Spring, Soochow Self-Operated, GF Fund, Changsheng Fund, Shanghai Life, Centennial Asset Management, Tianfeng Asset Management, Ceibal Fund, Taiyang Asset Management, Hongdao Investment, Qianhe Capital, Xiniu Investment, Chongyang Investment, Gaoxin Bainuo, Haishi Beinengxin, Harvest Fund, Ruiyang Investment, Qingli Investment, Southern Fund, Huaxia Jiuying, Centennial Insurance Asset Management, Morning Glory Capital, Oriental Alpha Fund, Donghai Securities Self-Operated, Fushan Investment Member Zhaowan Assets, Guodu Securities, Huafu Fund, Huili Investment, Minsheng Jiayin Fund, Nord Fund, Everbright Sun Life, Yongying Fund, Everbright Prudential Fund, Chunhou Fund, TED Manulife Fund, Jingxi Assets, China Life Pension, Tengyue Fund, Chongqing Xinli, Everyone Assets, ICBC Credit Suisse, Chongqing Yufu Capital, Shanghai Investment Morgan, Pengyang Fund, Shanghai Heteng, Hansheng Assets, Shenwan Asset Management, Pacific Assets, Huaan Fund, Guotai Junan, APS, Tongyuan Investment, Langshi Investment, Industrial Securities, Hongze Research, JP Morgan, Jiupeng Asset Management, Southwest Securities, Xinhua Fund, Happy Life, Yian Investment, Yongyue Asset Management, Changjiang Asset Management, Changxin Fund, CITIC Construction Investment, and Bank of China Fund investigated our company on November 26, 2021.
The main contents of this survey are:
Q: What are the company's marketing models?
A: Multi-dimensional market promotion should be carried out by participating in and independently holding various conferences or exhibitions, putting prototypes to terminal hospitals for trial, and organizing product training activities. Among them, participating in industry exhibitions and academic conferences is the company's most important marketing model.
Q: What is the proportion of tertiary hospitals in the company's products? Are there differences in the configuration of the host and mirror body in tertiary hospitals, secondary and below?
A: The company's AQ-200 products account for about 15% of tertiary hospitals. Tertiary hospitals and secondary and below the host and mirror configuration is not significant difference at present, the company's endoscopic equipment in the sale of both complete sets of sales, can also be sold separately, a set of endoscopic equipment usually contains 2 hosts (image processor and light source) and 1-2 mirror body, medical institutions can buy a set of endoscopic equipment to use, can also buy a host, mirror rotation or collocation.
Q: What is the growth rate and space of the hospital market at the secondary level and below?
Answer: China's hierarchical diagnosis and treatment system continues to advance steadily, focusing on the allocation of medical resources at the grass-roots level, and the comprehensive service capacity of county-level public hospitals continues to improve. According to the 2012 national gastrointestinal endoscopy census data, 84.55% of the 6128 hospitals that carry out digestive endoscopy are secondary and above hospitals, and the development rate of grass-roots hospitals is only 15%, with the improvement of domestic health awareness and the promotion of the hierarchical diagnosis and treatment system, the demand for early diagnosis and early screening will continue to increase, and the demand for endoscopy in grass-roots medical institutions will have a large room for improvement.
Q: At present, the domestic soft mirror market is dominated by Oba, and Fuji and Pentax are actually not much different from Oba in technology, but the market share is not high. Will there be such a problem in the future after domestic products achieve breakthroughs in technology?
A: The company adheres to technological innovation in the field of endoscopy, takes independent research and development as the core competitiveness of the company, and realizes the full independent research and development of key components and systems. While adhering to innovation, we pay attention to differentiated competition, such as AQ-200 using wireless power supply and laser transmission, which improves the safety of endoscopic clinical use and the convenience of cleaning, making the company's products form a certain differentiated competitive advantage in safety and convenience compared with similar competitive products. In the future, the company will continue to improve its product strength, strengthen clinical cooperation with top three hospitals, and further enhance market share.
Q: The first-mover advantage of imported brands, including the stickiness of doctors' operating habits, will it be a resistance to domestic breakthroughs?
A: Compared with the new generation products of the main competitors at home and abroad, the company's latest soft endoscopic products have no substantial difference in overall performance parameters from the technical level of the main brands in the industry, and have comparative advantages in some functional characteristics. Compared with imported brands, the difference in product operation feel and viscosity is not completely exclusive. At present, through iteration, the experience of technological innovation and differentiation of domestic products will become better and better, and it will gradually be clinically recognized.
Q: What are the main factors for secondary hospitals to consider when choosing products?
A: The factors that hospitals consider in product selection are multifaceted: such as product quality, cost performance, dealer resources, etc.
Q: What strategic layout has the company made for the policy?
A: The company actively responds to the national import substitution, graded diagnosis and treatment and other policies, and gives full play to the advantages of domestic brands. In terms of product market positioning, the company adopts multi-level marketing and promotion strategies: first, focus on opening up the emerging market areas of endoscopy such as the central and western regions, increase market investment, and seize market opportunities; second, respond to the national graded diagnosis and treatment policy, focus on the layout of county DRG, grass-roots medical institutions and private hospitals nationwide; third, targeted development of domestic gastrointestinal endoscopic diagnosis and treatment strength of the top three hospitals, play a leading role in leading hospitals.
Q: What stage is the AQ-200 currently in China?
A: We feel that we have reached a critical point, from the clinical use side, there is not much difference between the main performance of AQ-200 and imported products, and some complex surgeries can be done. Of course, there are still slight differences in durability, reliability, and fatigue resistance, and it is also the aspect of subsequent key improvement and improvement. The domestic soft mirror market is mainly concentrated in the head hospital, our AQ-200 is also gradually penetrating into the tertiary hospital, the next generation AQ-300 will make up for the shortcomings of the current domestic products, the target is the tertiary hospital.
Q: What is the size of the company's current distributors? How does the company recognize revenue?
A: Under the background of policy support, continuous improvement of the company's product strength, and gradual improvement of brand awareness, the company now has a number of standardized, large volume and good channels of high-quality dealers. Revenue recognition: The company's current sales model is mainly distribution, and after the distributor confirms the receipt of the goods, the company recognizes revenue.
Q: Pentax Aohua and the company's cooperation model?
A: Pentax Aohua is the company's shareholding company, the cooperation model is ODM, product design and production are completed by Aohua, and then sold to Pentax Aohua, Pentax Aohua will sell the goods to Pentax Medical's global marketing subsidiaries, and finally through Pentax Medical's global marketing subsidiaries to Pentax Medical's distributors around the world, and eventually to end customers. The company does not participate in the marketing, after-sales, maintenance of products outside the warranty period and other work.
Q: Please introduce the company's marketing team and marketing system layout?
A: As of December 31, 2020, the company has 148 sales staff. In terms of the domestic market, the company has set up 6 branches in the country, most of the provincial capital cities have offices, in recent years, the company's product strength continues to improve, and constantly strengthen clinical cooperation, and the Capital Medical University affiliated to Beijing Friendship Hospital (National Clinical Research Center for Digestive Diseases) and Nanjing Drum Tower Hospital a number of top three hospitals to establish clinical research centers; in the international market, the company first established a European marketing service center in Germany, giving full play to local advantages to improve channels and serve clinical. In the future, the company will further expand its layout on the basis of the existing marketing system.
Q: Whether the company's core components are all purchased or commissioned, whether the company only needs to assemble the purchased core components, and how to reflect the core competitiveness? What is the proportion of domestic suppliers among raw material suppliers?
A: The core components of the company's products are all modules or components compatible with the issuer's endoscopic products formed through circuit design, software development, optical design, structural design, precision machining, assembly and debugging on the basis of raw materials purchased from abroad. The core components mainly include snake bone components, imaging modules, laser transmission components, image processing circuit modules, lighting optical path components, etc., and the raw materials required for the manufacture of the above parts are the basic materials that are easily obtained in the industrial field, rather than specially designed for endoscopic products. In recent years, a number of well-known domestic suppliers in the above product fields have emerged, with the gradual improvement of the supply chain in this field, domestic products in terms of quality and stability can meet the needs of the company's products, domestic manufacturers of related products in terms of quality, stability, price and other aspects can replace the products of overseas manufacturers, the company's domestic procurement of the amount and proportion has increased.
The main business of Aohua endoscopy: research and development, production and sales of electronic endoscopic equipment and endoscopic surgical consumables
According to the third quarterly report of Aohua Endoscopy in 2021, the company's main revenue was 229 million yuan, up 51.06% year-on-year; the net profit attributable to the mother was 20.7505 million yuan, up 174.58% year-on-year; the deduction of non-net profit was 19.3506 million yuan, up 165.17% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 82.2105 million yuan, up 41.18% year-on-year; the single-quarter net profit attributable to the mother was 11.586 million yuan, up 214.79% year-on-year. In the single quarter, the non-net profit was 11.381 million yuan, up 201.53% year-on-year; the debt ratio was 12.83%, the investment income was 422,600 yuan, the financial expense was 631,500 yuan, and the gross profit margin was 70.28%.
In the past 90 days, a total of 1 institution has given a rating and overweighted 1; the target average price of institutions in the past 90 days is 45.0; the net outflow of financing in the past 3 months is 13.1947 million, and the balance of financing has decreased; and the net outflow of margin is 107 million, and the balance of margin has decreased. The Securities Star Valuation Analysis Tool shows that Aohua Endoscopy (688212) has a good company rating of 3 stars, a good price rating of 0.5 stars, and a comprehensive valuation rating of 1.5 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)
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