Caijing Capital Market News On September 13, Shanghai Lanwei Medical Laboratory Co., Ltd. (hereinafter referred to as “Lanwei Medical”, stock code: 301060.SZ) was listed on the Growth Enterprise Market of Shenzhen Stock Exchange.
According to the prospectus, Lanwei Medical’s public offering of shares is 48.062 million shares, and the issue price is 4.17 yuan per share. According to the results of the subscription, after the call-back mechanism was initiated, the final number of shares issued under Lanwei Medical Network was 26,433,800 shares, accounting for 61.11% of the current issuance after deducting the number of strategic allotments; the final number of shares issued on Lanwei Medical Online was 16.8222 million shares, accounting for After deducting the number of strategic allotments, 38.89% of the number of this issuance.
On September 13, as of the noon close, Lanwei Medical rose 353% to 18.89 yuan per share.
The prospectus shows that Lanwei Medical is a comprehensive service provider that provides overall solutions for the inspection and diagnosis industry. It provides third-party medical inspection and pathological diagnosis services for medical institutions at all levels, in vitro diagnostic products of well-known brands at home and abroad, and other professional technical support. To meet the differentiated needs of medical institutions at all levels.
During the reporting period, Lanwei Medical’s main business income came from the sales of third-party medical diagnostic services and in vitro diagnostic products. From 2018 to 2020, the operating income of Lanwei Medical is 1.053 billion yuan, 1.153 billion yuan, and 1.238 billion yuan. Among them, the sales revenue of medical diagnostic services were 256 million yuan, 291 million yuan, and 469 million yuan, accounting for 24.52%, 25.38%, and 38.08% of the main business respectively; the sales revenue of in vitro diagnostic products was 789 million yuan respectively. , 857 million yuan and 762 million yuan, accounting for 75.48%, 74.62%, and 61.92% respectively.
“Product Agent + Third Party Service”, Strong bargaining power
Medical examination is an important part of medical services. Through the use of corresponding instruments, equipment and reagents to obtain all-round information of patients, disease prevention, diagnosis, treatment monitoring, post-observation, health evaluation and other processes can be carried out. It is the basis for doctors to decide treatment plans. .
The medical laboratory diagnosis service industry in my country has a relatively high degree of marketization, fierce market competition, a wide variety of market participants, and low concentration. It is in the initial stage of development. Lanwei Medical has formed a sales network covering many provinces across the country through the sales of world-class medical inspection and pathological diagnosis products such as Roche, Sysmex, Leica and DAKO for many years.
Since 2007, Lanwei Medical has established independent medical laboratories in Shanghai, Hunan, Hubei, Jiangsu, Anhui, Guangdong, Chongqing, Yunnan and other provinces and cities, which can not only provide third-party medical inspection and pathological diagnosis services for medical institutions at all levels. , Has also become a regional R&D center and technical support center for agency sales and services. Through the service model of “product agency + third-party service”, Lanwei Medical provides personalized overall solutions for the medical inspection business of various medical institutions, which can adapt to the diversity and complexity of my country’s current medical inspection industry.
During the reporting period, Lanwei Medical provided medical diagnostic services and in vitro diagnostic products to more than 3,000 customers. Multi-level customer resources can form a strong supply chain alliance, create bargaining power for suppliers for Lanwei Medical, and can more purposefully select high-quality suppliers or partners, thereby introducing more advanced inspections for customers Diagnostic technology and products to meet customer needs.
On the other hand, Lanwei Medical has established a supply chain center, formed a centralized procurement model according to the requirements of chain operations, unified brand, procurement channels and inventory control, and analyzed the factors affecting cost fluctuations through the establishment of a standard cost model to achieve laboratory inspection business Optimizing management and gradually reducing internal transaction costs.
From 2018 to 2020, Lanwei Medical’s net profits attributable to shareholders of the parent company were 73.385 million yuan, 92.241 million yuan and 110 million yuan, respectively, representing year-on-year growth rates of 1043.55%, 25.69%, and 19.66%.
The market prospect is broad, and R&D investment will be further increased in the next 3 years
According to the medical service development plan set by various government departments in my country, for a long time in the future, my country’s medical service industry will take the promotion of hierarchical diagnosis and treatment as the key direction of reform to improve the problem of insufficient medical resources and unreasonable distribution structure. Meet the needs of the broad masses of people for high-quality medical services. In this process, the differences in the needs of medical institutions at all levels will further increase.
For the medical laboratory industry in which Lanwei Medical is located, large-scale tertiary hospitals must not only continue to improve the level of diagnosis and treatment, introduce international advanced diagnostic technology, but also use LDT and other models to participate in medical laboratory technology innovation; medium-sized hospitals will serve as a regional medical consortium In cooperation with third-party inspection institutions, the center will build a regional medical inspection and pathological diagnosis platform; it will radiate primary medical institutions in the area to improve primary routine inspection capabilities.
According to Pacific Securities’ calculations, the scale of my country’s third-party medical inspection market in 2017 was 14.4 billion yuan. Based on this calculation, the market share of Lanwei Medical Diagnostic Services in 2017 was 1.62%. In order to further expand its market share, Lanwei Medical launched an impact on the Growth Enterprise Market and plans to raise 206 million yuan of funds for laboratory upgrade construction projects, information platform construction projects, and medical laboratory research and development center projects.
Among them, the laboratory upgrade construction project will upgrade the software and hardware of Lanwei Medical’s existing testing laboratory, improve the company’s laboratory testing equipment and testing capabilities, and help expand the testing scale of the existing laboratory and improve testing efficiency. Consolidate the company’s market position in East China and Central China. According to Lanwei Medical, the project can increase operating income by 120 million yuan after it reaches production capacity, the after-tax investment payback period is 5.66 years (including the construction period), and the internal rate of return is 21.85%.
The information platform construction project through the investment of private cloud and big data analysis platform, the unified data management of Lanwei Medical’s subsidiaries will enable the company to have more accurate business data analysis functions, greatly improve operational efficiency, and enhance corporate competition It provides strong support for the company’s long-term and rapid development.
The medical laboratory research and development center project will integrate the scientific research resources of Lanwei’s entire system, introduce high-throughput sequencers, quantitative PCR machines, digital PCR machines and other advanced equipment, seek breakthroughs in innovative detection methods and improve detection efficiency, and at the same time create a domestic first-class The expert database has reached the top domestic level in the diagnosis of difficult lesions and causes.
According to the future development plan of Lanwei Medical, the company will further increase its investment in technology research and development in the next three years. The company will take the construction of the R&D center project as an opportunity to build an international-level R&D and experimental environment; continue to train and introduce multi-disciplinary and multi-level technical talents, and build an international-level R&D team; based on the existing core technology, gradually overcome Technical obstacles promote the rapid development of technological innovation. Through the enrichment of the product service system, the improvement of scientific and technological research and development capabilities, the improvement of the quality control level, the expansion of the marketing network and the strengthening of brand reputation, the company’s core competitiveness is further improved, and medical institutions at all levels are provided with more complete and diversified Inspection and diagnosis service.