"We lost the 'ceiling' last year." Chen Jian, director of the fish and medical director of the company, was interviewed by reporters in the past, and made the above position on the company's current operations.
In Chen Jian's view, the market capacity of the medical device industry segment is limited and the “ceiling†is too low. It has always been the main problem that restricts individual companies to become bigger and stronger. In recent years, Yuyue Medical has continued to grow endogenously and expand. Mode layout, especially the acquisition of Shanghai Medical Devices (Group) Co., Ltd. (hereinafter referred to as: Shangmao Group), the company has more than 700 registration certificates and more than 9,000 SKUs. The product line is rich and expanded. The sales team and sales channels have broken through the “ceiling†of the industry and opened up the path of extension.
Chen Jian further said that after the "ceiling", the company is further integrating M&A resources in terms of endogenous growth, and the company has already tried the project partner and business partner system in the home medical sector. This mechanism will continue later. In the other sectors of the company, in the expansion of the expansion, Yuyue Medical will further promote the merger and acquisition, logically fill the company's product line, and deepen the integration of resources between the company and the target company, get 1+ 1>2 M&A benefits, and then achieve leapfrog development.
Get rid of the "ceiling"
There are many sub-divisions in the medical device industry, and the policy control barriers are high. If a company with a single product has proprietary technology, the operating income of 20 million to 30 million yuan is relatively simple, and it can also be obtained in a higher segment. Market share, "But as soon as you do, you will encounter 'ceilings'. Because the market space and capacity of individual products are limited, the development prospects of single-product companies are often hindered." The head of Shengyu Medical Fund, which focuses on medical industry mergers and acquisitions Qin seems that the "ceiling" phenomenon in the medical device industry segment is obvious.
The domestic medical device industry generally has the characteristics of small scale and single product, and the “ceiling†phenomenon can be confirmed in the performance of listed medical device companies. Statistics show that last year, 23 listed medical device companies achieved an average growth rate of 24%, and the gross profit margin of sales was as high as 46.7%. However, the average operating income of these listed companies was only 1.1 billion yuan, of which the operating income exceeded There are only 2 billion yuan of Xinhua Medical, Lepu Medical and Yuyue Medical.
“The listed medical device companies have good profits, but the operating income is not going up, largely because the 'ceilings' in the medical device segment are too low, the market capacity and space are limited, and the 'ceilings' are hard to get rid of. Jian said.
Chen Jian further stated that in recent years, Yuyue Medical has continued to develop in an endogenous growth and extensional expansion mode, hoping to eliminate the “ceiling†in the industry segment, which was achieved last year.
In Chen Jian’s view, the completion of the acquisition of Shangyu Group by Yuyue Medical last year was an important step in eliminating the “ceilingâ€. After the acquisition of the Shanghai Machinery Group, the company held more than 700 registration certificates and more than 9,000 SKUs. The line is quite complete and covers a wide range.
"We have opened up the path of extensional growth." Chen Jian said that if the company continues to merge and acquire in the future, the company will gradually add the excellent target company to the relatively weak part of the company's product system, which can produce synergy and realize systematic and logical. Land-based development.
It is reported that last year, Yuyue Medical acquired SAIC Group for 700 million yuan and consolidated it in July last year. The core products of Shangmao Group mainly include surgical instruments, sanitary materials, medicinal plasters, etc., and there are many products and core products. It has a high industry position and market share, especially the "Golden Bell" brand of surgical instruments. It has a long history of more than 80 years and has a high reputation in the field of surgical instruments in China.
According to him, the rich product line means that the product's competitiveness can be enhanced through product bundled sales and collaborative expansion of marketing channels. In addition, the product structure of multiple categories can also bring strong risk resistance to the company. ability.
According to the annual report of Yuyue Medical, as of the end of last year, Shangyu Group achieved an operating income of 290 million yuan and a net profit of 23.05 million yuan. Chen Jian pointed out that last year, the gross profit margin of Shangmao Group was 36%, and the net profit margin was 14%. With the integration of Yuyue Medical and Shanghai Machinery Group, the net profit rate of Shangmao Group is expected to rise this year, and the net profit is expected to achieve rapid growth. .
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