Jiang Jincheng • 2022-08-10 14:30:55 Source: Prospective Industry Research Institute E4231G0
- 2022-2027 China's intelligent pension industry market prospect forecast and investment strategic planning analysis report
Major listed companies in the industry: At present, the listed companies in the domestic intelligent pension industry mainly include Yanhua Intelligent (002178), Wanda Information (300168), Yihualu (300212), Kangtai Medical (300869), Jiuan Medical (002432), Ainong Pension (870925), Guanxin Software (834376), etc.
The core data of this article: business layout history, product layout, production and marketing, operating income, gross profit margin
1. Jiuan Medical VS Kangtai Medicine: The layout process of intelligent pension products
Intelligent pension is an important development trend of the mainland pension industry. At present, the leading enterprises of intelligent pension products in China are Jiu'an Medical and Kangtai Medicine, and the layout of the two enterprises in smart pension products is as follows:
2. Intelligent pension products and operation status: Jiuan Medical is slightly better
——Intelligent pension related product layout: Kangtai medical products are more abundant
In terms of smart pension related products, jiuan medical's main products cover blood pressure, blood sugar, body temperature, body fat/weight, blood oxygen, ecglyctic, sleep, exercise and other fields of relatively complete personal health vital signs monitoring product line. Kangtai Medicine's main products cover a wide range of medical devices such as blood pressure, blood glucose, EEG, blood oxygen, digital imaging and so on. On the whole, Kangtai Medical's intelligent pension related products are more abundant.
——Shortlisted product category: Jiuan Medical leads
According to the "Smart Health Pension Products and Services Promotion Catalog (2020 Edition)" (hereinafter referred to as the "Catalog") jointly released by the Ministry of Industry and Information Technology, the Ministry of Civil Affairs and the National Health Commission, Jiuan Medical has 5 kinds of products including electronic sphygmomanometers and intelligent blood glucose monitoring systems, and Kangtai Medicine has 4 products including ambulatory blood pressure monitors and pulse oximeters. In addition, Jiuan Medical's iHealth co-care management model was shortlisted for the list of chronic disease management services in the Catalogue, and Kangtai Medical did not have any services to be shortlisted.
——Sales area layout: The main business of the two major companies is overseas
From the perspective of the sales layout of the two companies, the sales revenue of Jiuan Medical and Kangtai Medical mainly comes from overseas, of which the overseas revenue of Jiuan Medical accounts for 91%, the overseas revenue of Kangtai Medical accounts for about 81%, and the domestic revenue accounts for about 19%, of which the domestic business of Kangtai Medical is mainly laid out in North China, accounting for 7% of the total sales revenue.
——Product production and sales: Jiu'an medical output increased significantly
From the perspective of related product output, the product output of both companies has increased, of which the output of related products of Jiuan Medical has increased significantly to 9.31 million units in 2021, mainly due to the addition of iHealth kit products in the company's production statistics in 2021. In 2020, the product production and sales rate of the two companies is not much different, the production and sales rate of Jiuan Medical is 47.96%, and the production and sales rate of Kangtai Medicine is 94.92%. In 2021, the production and sales rate of Jiuan medical products has dropped significantly, mainly due to the fact that some of the company's orders have not yet been completed and delivered.
Note: The statistical caliber of Jiu'an medical output is the output of medical and health products, and the statistical caliber of Kangtai medical output is the output of all medical devices.
——Technology research and development: The number of Kangtai medical patents is more, and the investment in research and development is increasing year by year
According to the data of Wisdom Bud Inquiry, as of June 2022, from the patent situation of Jiuan Medical and Kangtai Medicine, Kangtai Medical has more patents, with a total of 336 patents and Jiuan Medical has a total of 249 patents.
In addition, from the perspective of the R&D investment of the two enterprises, from 2019 to 2021, the R&D investment of Jiuan Medical has been higher than that of Kangtai Medical, but it has shown a downward trend year by year, and the R&D amount of Jiuan Medical has dropped to 108 million yuan in 2021, while the R&D investment of Kangtai Medical has increased year by year, rising to 0.66 billion yuan in 2021. From the perspective of R&D investment in total revenue, both companies have shown a trend of first falling and then rising, and the proportion of R&D investment in Jiuan Medical in 2019-2020 is higher than that of Kangtai Medicine, and the proportion of R&D investment in Kangtai Medicine in 2021 is more than that of Jiuan Medical to reach 7.27%.
——Customer concentration: Kangtai Medical's large customers are less dependent
In 2021, from the sales ratio of the company's top five customers, the sales proportion of the top five customers of Jiuan Medical is higher, reaching 53.09%, while the sales of the top 5 customers of Kangtai Medicine account for 20.51%, on the whole, the dependence of Kangtai Medicine on large customers is lower than that of Jiuan Medical, and the production and operation fluctuations of major customers have less impact on the company.
3. Comparison of the performance of intelligent pension products: Jiuan Medical has a leading revenue scale and profitability exceeds that of Kangtai Medical
From the perspective of the operation of smart pension products, from 2019 to 2021, the revenue of smart pension products of Jiuan Medical is ahead of Kangtai Medicine, and in 2021, Jiuan medical intelligent pension products to achieve revenue of 2.231 billion yuan, Kangtai medical intelligent pension products to achieve revenue of 905 million yuan, of which, Jiuan medical revenue in 2020 a substantial increase in sales of epidemic prevention related products such as thermometer rose sharply, Kangtai medical revenue in 2020 is due to the large demand for new products medical infrared thermometer orders.
From the perspective of the gross profit margin of smart pension products, since 2020, the gross profit margin of Jiuan Medical has exceeded that of Kangtai Medical; From the perspective of the trend of gross profit margin changes, the gross profit margin of Jiuan Medical's intelligent pension products has risen overall, while the gross profit margin of Kangtai Medical has risen first and then declined. In 2021, the gross profit margin of smart pension products of Jiuan Medical and Kangtai Medical was 64.92% and 52.49%, respectively.
4. Forward-looking view: Jiuan Medical is China's "leading intelligent pension products"
Due to the wide layout of Jiuan Medical and Kangtai Medicine in the intelligent pension industry, the product strategy is differentiated, and the business focus is different. Based on the results of the previous analysis, Forward-looking believes that Jiuan Medical is currently the "leader" in the mainland intelligent pension product enterprises due to its advantages in product production and sales, performance, etc.
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