Changjiang Business News ● Changjiang Business News reporter Xu Jia

Huitai Medical (688617.SH) in the field of medical devices has become the first high-priced stock in the current science and technology board.

as of the close of trading on September 14, huitai medical closed at 363 yuan per share, making it the highest listed company on the board. In the entire A- share market, Huitai Medical's share price is second only to Kweichow Moutai (600519.SH), Aimeike (300896.SZ), and Gigabit (603444.SH), making it the fourth largest high-priced stock in A shares. Compared with the initial price in early 2021, Huitai Medical's share price has risen by 387.5.

According to the data, Huitai Medical is a high-tech enterprise focusing on the R & D, production and sales of electrophysiological and vascular interventional medical devices. The company's electrophysiological electrode catheter and RF ablation electrode catheter are the first domestic products approved for listing, the first-mover advantage to help the company become the domestic electrophysiological market Chinese manufacturers of leading enterprises.

Changjiang Business Daily reporter noted that the fundamental performance of Huitai Medical is relatively bright. In the first half of 2023, Huitai Medical achieved operating income of 0.788 billion billion yuan, an increase of 41.81 percent over the same period last year; net profit and net profit after deduction of non-profit were 0.257 billion billion yuan and 0.242 billion billion yuan, respectively, an increase of 62.01 percent and 72.15 percent over the same period last year; and net cash flow from operating activities was 0.331 billion billion yuan, an increase of 84.17 percent over the same period last year.

It is worth noting that, based on strong profitability, Huitai Medical continues to increase its dividend. Since its listing in early 2021, Huitai Medical has implemented three cash dividends, with a total cash dividend of 0.21 billion yuan, accounting for about 31% of the company's total net profit in the same period.

The current share price ranks fourth in A shares

According to the data, in January 2021, Huitai Medical was listed on the board with an initial price of 74.46 yuan per share. On the first day of listing, Huitai Medical opened at 221.73 yuan per share, rising to 257.02 yuan per share.

After a period of adjustment, in March 2021, Huitai Medical's share price dropped to 180.5 yuan per share, and then the company's share price rose rapidly, reaching a record high of 468.77 yuan per share on July 22 of that year.

However, the downward trend of Huitai Medical's share price is obvious in 2022. In April 2022, Huitai Medical's share price bottomed out to 140.97 yuan per share, the lowest in its post-listing history. Since October 2022, Huitai Medical's share price has been hovering around 300 yuan.

Recently, with the small adjustment of the share price of other high-priced stocks on the board, Huitai Medical has been in the position of the first high-priced stock on the board. As of the close of trading on September 14, Huitai Medical closed at 363 yuan per share, making it the highest listed company on the board, followed by Jinshan Office (688111.SH), Tuojing Technology (688072.SH), Stone Technology (688169.SH) and Homei (688032.SH). And in the entire A- share market, Huitai Medical's share price is second only to Kweichow Moutai, Aimee, and Gigabit, and is currently the fourth largest high-priced A- share stock. Currently, the total market value of Huitai Medical is 24.267 billion yuan. Compared with the initial price in early 2021, Huitai Medical's share price has risen by 387.5.

As the current first high-priced stock on the board, Huitai Medical's fundamental performance is also relatively bright. Prior to the IPO, from 2018 to 2020, Huitai Medical's operating income and net profit increased from 0.242 billion yuan and 21.512 million yuan to 0.479 billion yuan and 0.111 billion yuan, respectively.

After the listing, with the gradual recovery of business after the outbreak, Huitai medical performance growth accelerated. In 2021 and 2022, Huitai Medical achieved operating income of 0.829 billion yuan and 1.216 billion yuan respectively, up 72.85 percent and 46.74 percent year-on-year; net profit of 0.208 billion yuan and 0.358 billion yuan, up 87.7 percent and 72.19 percent year-on-year.

Continuing this trend, in the first half of 2023, Huitai Medical achieved operating income of 0.788 billion yuan, an increase of 41.81 percent over the same period last year; net profit and net profit after deduction were 0.257 billion yuan and 0.242 billion yuan, respectively, an increase of 62.01 percent and 72.15 percent over the same period last year.

With the growth of business scale, in the first half of 2023, the net cash flow generated by Huitai Medical's operating activities was 0.331 billion billion yuan, a year-on-year increase of 84.17.

It is worth noting that, based on strong profitability, Huitai Medical continues to increase its dividend. In 2020 and 2022, Huitai Medical launched a dividend scheme of 10 5 yuan, 10 10 yuan and 10 16.5 yuan (including tax), respectively, and distributed cash of 33.335 million yuan, 66.67 million yuan and 0.109 billion yuan respectively, accounting for 30.09 percent, 32.07 percent and 30.58 percent of the net profit of each period, respectively.

Roughly calculated, since its listing, Huitai Medical has distributed a cumulative cash dividend of 0.21 billion yuan, accounting for about 31% of the company's total net profit in the same period.

the coverage of centralized purchase landing products is expanded

Data show that Huitai Medical is a high-tech enterprise focusing on the research and development, production and sales of electrophysiological and vascular interventional medical devices. It has formed a business layout with complete coronary access and electrophysiological medical devices as the leading factor and peripheral vascular and neurointerventional medical devices as the key development direction.

For a long time, the domestic electrophysiological market has been listed later than foreign brands, and there is a certain gap between domestic manufacturers and imported manufacturers in technology, resulting in high-end products in the domestic market are still dominated by foreign brands. In recent years, the technical strength of domestic manufacturers has developed rapidly and is gradually narrowing the gap with foreign manufacturers. At present, the main foreign-funded manufacturers in the electrophysiology market are Johnson & Johnson, Abbott, Medtronic and Boston Scientific, while domestic manufacturers are micro-electrophysiology, Xinnopp Medical, Jinjiang Electronics and Huitai Medical.

Among them, Huitai Medical's electrophysiological electrode catheter and RF ablation electrode catheter are the first domestic products approved for listing, the first-mover advantage to help the company become the domestic electrophysiological market Chinese manufacturers leading enterprises.

The semi-annual report shows that in the domestic electrophysiological product market, Huitai Medical currently covers more than 800 hospitals. With the gradual landing of the collection in 27 provinces, the company has achieved a breakthrough in the routine development of three-dimensional electrophysiological surgery in core hospitals in all provinces of the country. In the first half of 2023, Huitai Medical completed more than 3500 cases of 3D electrophysiological surgery in more than 400 hospitals.

in the domestic vascular interventional products market, in the first half of 2023, the number of admissions of Huitai medical products increased by more than 500 compared with the same period in 2022, covering more than 3000 hospitals as a whole.

in the international market, huitai medical's international business as a whole showed a good growth trend. in the first half of 2023, the company's PCI independent brand increased 96.29 year on year. EP independent brand increased 98.09 year on year; International OEM increased 77.95 year on year. PCI independent brand and EP independent brand are still the driving sources of international business growth.

It is worth noting that Huitai Medical pays attention to R & D innovation, and continuously strengthens and consolidates its R & D strength in the field of vascular interventional medical devices through continuous and high-intensity R & D investment. From 2020 to the first half of 2023, Huitai Medical R & D investment was 71.8994 million yuan, 0.135 billion yuan, 0.175 billion yuan and 0.109 billion yuan respectively, accounting for 15%, 16.28, 14.38 and 13.82 percent of operating income.

responsibility: ZB