"Wangyue Finance" series of observations:
Become the largest supplier of Tesla's on-board first aid kits, can Lanfan Medical's flagship ecology set sail?
Comprehensive/Yongzhi Micro Mang Beibei
(Photo: Lanfan Medical Car First Aid Kit)
In recent years, with the implementation of the "dual carbon" strategy, new energy vehicles have ushered in a favorable era. As a leader in the global new energy automobile industry, Tesla's safety performance, accessories and driving performance are also concerned by consumers. A few days ago, Lanfan Medical said on the interactive platform that "the company is a global supplier of Tesla's on-board emergency kits and its largest supplier."
Lanfan Medical also said that after the "annual output of 10 million sets of first aid kit project" reaches all the production, the production capacity of the core product of the company's nursing division will be roughly doubled, and the largest single production workshop of first aid kits in China has been built, which not only solves the current bottleneck of first aid kit production capacity, but also further improves the production efficiency of first aid kits, providing strong support for the nursing division to break through the United States and other markets.
(Photo/Bluesail Medical disposable PVC examination gloves Image source: Bluesail Medical official website)
Under this caliber, we can see that one: Lanfan Medical, which started with disposable protective gloves, has been committed to finding the company's second growth curve in recent years; 2. As a local medical enterprise in Shandong, Lanfan Medical aims to be global.
(Photo/Lanfan Medical epidemic three-year revenue data of various products Image source: Baidu Stock Connect)
In fact, the "second growth curve" that Lanfan Medical is working on is not only in the direction of first aid kits. In recent years, as a professional, high-quality, one-stop medical device supplier, Bluesail Medical has been able to reconstruct its product system based on its strong service capabilities and supply chain integration capabilities. Bluesail Medical deeply explores the needs of corporate customers and employees to create "Bluesail Four Product Centers":
(1) With medical gloves as the core, comprehensively layout the protection division of medical health protection and epidemic prevention products;
(2) Cardiovascular and cerebrovascular products division with cardiac stents as the core and interventional devices;
(3) Medical nursing division with first-aid kits as the core and comprehensive layout of emergency nursing consumables;
(4) With stapler ultrasound as the core, the surgical division of minimally invasive surgical equipment is comprehensively arranged.
(Figure/Competitive landscape of the global disposable medical gloves market in 2021 Image source: Sina Finance)
On the official website of Lanfan Medical, the author saw the following statement: the company's product lines are in a leading position in the industry, among which the production capacity of health protective gloves ranks among the top five in the world, and it is the world's first company with the most complete four categories of health protective gloves; Parksun International's cardiac stent products ranked fourth in the world, and JW Medical's cardiac stent products ranked among the top three in China; Wuhan AutoNavi first-aid kit products ranked second in the world, and is also the largest leading enterprise in Asia in the production of first-aid kits for nursing products, is a global supplier of Tesla, and has formed long-term strategic cooperation with cooperative Mercedes-Benz, BMW, Audi, Renault and other car companies; Minimally invasive surgery comprehensively lays out various innovative surgical products such as general surgery and thoracic surgery, takes the lead in releasing intelligent electric stapler 3.0, and strives to build the first brand of domestic surgical instruments.
(Photo/Lanfan Medical's new intelligent electric laparoscopic stapler-Xinghui ™ Image source: Lanfan Medical official website)
It is worth mentioning that although the four major business units of Blue Sail Medical are "synergizing" efforts, looking back at the past 2021 and 2022, its performance trend is weak, especially in 2022, which has lost money in the first three quarters that have been announced.
(Photo/Blue Sail Medical's net profit data in the past eight years Image source: Oriental Fortune Network)
(Photo/Lanfan Medical three-year financial report data Image source: Oriental Fortune Network)
On the evening of January 30, Lanfan Medical released the 2022 performance forecast, showing that in 2022, the company's net profit loss attributable to the parent was 290 million yuan to 410 million yuan.
Although the 2022 annual report of Lanfan Medical has not yet been released, it is foreseeable that it will not be a bright "report card". However, it is worth noting that the main reason for Lanfan Medical's loss in 2022 is no longer the "lack of strength" of the cardiovascular and cerebrovascular division, but the former main force of revenue - with medical gloves as the core, the comprehensive layout of medical protection and epidemic prevention products protection division.
The performance forecast shows that in 2022, the loss of the cardiovascular and cerebrovascular division of Lanfan Medical is less than 100 million yuan, which is significantly narrower than the loss in 2021 (loss of 737 million yuan). At the same time, "the listed company's protection division showed an operating loss in 2022, which is in sharp contrast to the company's health protection products contributing a net profit of 2.492 billion yuan in 2021 under the extremely prosperous situation of the industry spawned by the epidemic; This is the fundamental reason for the company's turnaround from profit to loss in 2022, and it also largely masks the reversal or growth trend of other business units. ”
As for why the protection division will lose money, Lanfan Medical said: First, during the reporting period, the disposable glove industry was still in the period of explosive growth during the epidemic and the painful adjustment period after the expansion of production capacity in the whole industry, and the production capacity and channel inventory were in the stage of gradual clearance, and the price was still at a low level; Second, the uncontrollable force of the new crown epidemic during the reporting period had a serious impact on normal production and operation, including the lockdown and control contract caused by the multi-point spread of the epidemic during the year, and the serious shortage of production and logistics personnel after the optimization and adjustment of prevention and control measures in the fourth quarter, especially the huge impact of large-scale infection of employees on production.
From this point of view, although the cardiovascular and cerebrovascular division of Lanfan Medical has not yet "supported the overall situation", it is already in a "leading" position in the industry, so it may be expected in the future.
On March 8, Lanfan Medical said on the investor interactive platform that in the field of cardiovascular and cerebrovascular products, the domestic market share has increased to 23%, and the international market accounts for about 11%.
(Photo/Drug-coated stent DCS Image source: Blue Sail Medical Company official website)
According to the official website of Lanfan Medical, recently, the world's first uncoated drug stent BioFreedomTM developed by Lanfan Medical was approved for registration in China, which is the world's first stent that can reduce the postoperative taking of dual antiplatelet drugs from 1 year to 1 month, completely preventing the patient's bleeding risk from the source, and gradually growing into the only imported drug stent approved by the China Food and Drug Administration that can perform 1-month DAPT for patients with high bleeding risk.
(Photo: Blue Sail Innovative Medical Device Baiteng BA9 Drug Balloon Officially Approved)
The operating performance of the cardiovascular and cerebrovascular division of Lanfan Medical has gradually recovered from the impact of the global epidemic and domestic centralized procurement: excluding the impact of exchange rates, its coronary product revenue increased by 14% compared with the same period of the previous year, and the global stent sales volume of Lanfan has now returned to the pre-epidemic level; Coronary stent sales in overseas markets have steadily rebounded, the domestic market share of coronary stents has increased to 23%, leaping to the second in the country, domestic blockbuster new product BioFreedom® stent has entered most provinces in the country, as a global "gold standard" product, Lanfan Medical brings good news to domestic patients with high bleeding risk: the revenue of diagonal intervention products has achieved nearly 100% growth compared with the same period last year, and now covers 16 European countries, and it is expected that the cardiovascular and cerebrovascular division will usher in a new performance engine for Lanfan Medical.
Under this situation, with the arrival of the "aging" society in neighboring countries such as the mainland and Japan and South Korea, Lanfan Medical's cardiovascular and cerebrovascular medical products may usher in the market.
On the other hand, the medical industry is a typical long-term, high-investment, heavy research and development industry, although it belongs to the "just demand" of big health, but also faces the pressure of fierce market competition, in this context, Lanfan Medical's global layout in medical consumables and devices, opportunities and risks.
At present, Bluesail Medical has built "Blue Sail Global Eight R&D Platforms" in Singapore, the United States, Switzerland, Germany, Shandong, Beijing and Shanghai, and built a "Blue Sail Global 24-hour R&D System". A multinational medical device platform enterprise with more than 40 subsidiaries in more than 20 countries and regions around the world, with more than 200 doctoral students and more than 100 directors, one-third of the core team is overseas employees.
As with the development trend of cardiovascular and cerebrovascular divisions, when and to what extent these "high-end" R&D and production centers will bring returns to enterprises, it is necessary to leave time.