On January 12, Winner Medical (300888) announced the 2020 annual performance forecast. The company expects its operating income in 2020 to be 11.5 billion-13.5 billion yuan, a year-on-year increase of 151%-195%; the net profit for 2020 is expected to be 36.5 RMB -39.5 billion, a year-on-year increase of 568% -623%.

For Prudent Medical, which has just landed on the capital market in September 2020, this performance will also become the company's first annual "transcript" after its listing. According to the announcement, the company's substantial annual increase is mainly due to two reasons.

On the one hand, during the outbreak of the new crown pneumonia, the company responded quickly and worked overtime to produce anti-epidemic products, and related medical protective equipment (mainly masks, protective clothing, isolation gowns, etc.) online and offline channels, domestic and overseas market sales were substantial improve.

On the other hand, the company has widely used the self-developed cotton spunlace non-woven materials in surgical gowns, isolation gowns, protective clothing, masks and other products, which not only solves the shortage of raw materials, but also enjoys the advantages of comfort and other advantages by customers. Highly recognized. The self-developed raw materials have been produced on a large scale, which has reduced product costs and further effectively improved the annual performance.

According to the third quarter report of 2020 disclosed by Wenjian Medical, the company achieved a net profit of 3.15 billion yuan in the first three quarters, a year-on-year increase of 678.64%. Based on this calculation, the company's fourth-quarter net profit is expected to be 500 million to 800 million yuan, compared with 142 million yuan for the same period last year (2019).

After the 2020 performance forecast was released, Huachuang Securities released a research report and maintained its strong recommendation rating for stable medical care. Huachuang Securities believes that the epidemic has catalyzed the rapid growth of the company's medical business, and its revenue is in line with expectations. At the same time, the national level put forward a reserve plan, the epidemic has raised residents’ awareness of protection, masks may become normalized and necessary temporary protective equipment, the company’s medical business overseas customers, domestic hospitals and pharmacies have expanded channels, and the future medical business growth rate may be normal.化 Improve.

Huachuang Securities also pointed out that the online channels of the company's consumer goods business has rapidly increased in the cotton era, and private domain traffic operations such as small programs have performed well, and the number of members has increased significantly. In terms of offline channels, in the second half of the year, the company's offline expansion stores resumed to accelerate expansion and sinking. The new brand Jinliang's life layout was steadily advancing, and the mid- to long-term consumer goods business may become the main source of revenue contribution.

According to the information from Tianyan Check, Wenjian Medical was established in 1995 and was mainly engaged in the production and sales of medical dressings at the beginning of its establishment. After years of development, the company has gradually changed from OEM OEM to independent brand and OEM OEM, and from foreign markets to domestic and foreign markets. From single product sales to providing comprehensive wound care solutions, the company has become the domestic medical dressing industry. Leading enterprises.

In the whole year of 2020, the prevention and control of the new crown epidemic will undoubtedly bring a significant boost to the performance of the cotton era. However, with the gradual improvement of the epidemic prevention and control situation, on the basis of the "high base" of 2020 performance, how to maintain the growth of the performance of Steady Medical in the next year seems to pose a certain challenge.

It is worth mentioning that in December 2020, Winner Medical launched an equity incentive plan. It intends to grant restricted stock incentive plans to no more than 1053 objects of the company. The planned number of shares to be granted is 6.5 million shares, accounting for approximately the company's total. 1.52% of share capital

In this equity incentive plan, Winner Medical also gives the evaluation goals for future performance. The goals are divided into two levels, corresponding to the ownership ratio of 80% and 100% of the stocks. The corresponding income targets for the two levels in 2021 are not low. At 10 billion yuan and 12 billion yuan, the corresponding revenue targets for these two tiers in 2022 are not less than 20% and 30% relative to 2021 revenue growth.

Cai Xin, the chief analyst of Southwest Securities' Home Life, believes that if the target of part of the sales restriction in the 2021 incentive plan of Prudent Medical is reached, the company’s average annual compound growth rate from 2019 to 2021 is about 47.9%, and the assessment target is high, which shows that the company is in Confidence in maintaining rapid income growth in the post-epidemic period.

Jiang Han, a senior researcher at Pangu Think Tank, also pointed out that the medical business of Prudent Medical has become a key supplier of epidemic prevention materials for the government and many hospitals in China, and it has also achieved effective development of new customers overseas, and still faces good development prospects in the future. In the cotton era and other healthy consumer sectors, in a sense, it is the integration of the industrial chain. Its main health concept has a unique market advantage and will become the second curve of the company's performance growth.