——Reprinted from First Finance
New crown After the epidemic receded, many enterprises' anti epidemic business income shrank. As one of the leading enterprises in the domestic mask industry, Robust Medical (300888. SZ) was no exception. Chairman and In the words of General Manager Li Jianquan, 2023 is a year full of challenges.
On the other hand, Robust Medical is also carrying out self innovation, actively adjusting the product structure, actively looking for opportunities and breakthroughs, and eliminating infection prevention products. The company's revenue from conventional medical products still achieved double-digit growth, which has stabilized the basic foundation of long-term business development, reflecting the resilience of long-term business development Sex.
What will be the layout of the stable medical care after the business returns to normalization, and where is the new growth point of the company? Recently, at the 2023 and the first quarter performance presentation meeting held by the company, these problems were quite affected Investors' attention.
Highlight toughness nature
The performance report released by Robust Healthcare shows that in 2023, the company will achieve an accumulated operating revenue of 8.19 billion yuan, a year-on-year decrease of 2.7% 9% ； Realized net profit attributable to shareholders of the listed company of 580 million yuan, net of extraordinary The net profit from sexual gains and losses was 410 million yuan, down 64.8% and 73.6% year on year respectively.
The business income of Robust Medical mainly comes from medical consumables and healthy living consumables. In 2023, these two businesses will account for 47% and 52% respectively.
The company's profits declined mainly due to three factors. First, due to the impact of public health events, the market demand for infection prevention products declined significantly, and the operating revenue decreased by about 3.82 billion compared with the previous year; Second, in 2023, the company disposed of infection prevention products and production equipment, reducing the net profit attributable to the parent company by about 250 million yuan; Third, the net profit attributable to the parent company was about 188 million yuan due to the decrease of goodwill impairment.
In the past 2023, the problem of excess inventory of infection prevention products has plagued the whole industry. On the one hand, Robust Medical has resolutely and efficiently cleared the inventory and disposed of equipment. On the other hand, the company has taken the initiative to work with suppliers, dealers and customers to find a way out, share the pressure, and jointly survive the cold winter of the industry.
Li Jianquan said that many medical enterprises have certain inventory pressure, but the company did not transfer the inventory to dealers, partners, especially hospitals and pharmacies. On the contrary, the company actively helped them deal with the inventory. Although the company's profits have decreased, the company has also won the reputation of customers. "The company insists that the difficulties of its partners are its own difficulties. If the obstacles in the front end of sales are not solved, the subsequent sales will be almost impossible to achieve. The company also always adheres to the concept that when encountering difficulties, it is not to push the problem to others, but to work together to solve the problem; Only when we work together in times of crisis can we establish a long-term healthy cooperative relationship. "
In the face of the challenges brought by the industry, prudent medical care has taken various measures, and has done a lot of work around reducing production capacity, destocking, restructuring, and impairment. Most of the inventory and remaining problems of epidemic prevention products have been solved. At present, infection prevention products are mainly sold Flat face masks are still in normal demand in the market, and the business scale still has a basic volume.
"From profit water From a flat point of view, the gross profit rate of infection prevention products in 2024 will certainly be lower than that in 2023. However, the company continues to improve automation water through product innovation, cost reduction and efficiency increase In an equal way, ensure product competitiveness and continuously improve brand strength. We have also launched many new products, such as cotton lined masks and biodegradable masks, which are more comfortable to wear and more environmentally friendly, and continue to enhance the market influence of our products. " Li Jianquan said.
Robust medical conventional medical consumables business development highlights tenacity Sex. In 2023, excluding infection prevention products, the company's conventional medical consumables business will achieve an operating income of 2.95 billion yuan, and consumer goods business will achieve an operating income of 4.26 billion yuan, up 17.3% and 6.4% year on year respectively.
Specifically, in terms of various conventional medical consumables, high-end wound dressings and surgical consumables business grew significantly. In 2023, the operating revenue was 600 million yuan and 560 million yuan, respectively, with year-on-year growth of 27.7% and 17.7%.
In the first quarter of 2024, the company's operating revenue of conventional medical consumables reached 780 million yuan, up 4.3% year on year. Among them, the growth momentum of high-end wound dressing products continued, with operating revenue of 180 million yuan, up 33.9% year on year, higher than that in 2023.
growth potential
At the performance presentation meeting, the management of Robust Medical said that in the past few years, the company's performance has fluctuated due to the impact of public health events. From 2024, it is believed that such large performance fluctuations will not be repeated, and everything will return to normal production, sales and operation.
As the basic business of the company, the growth space of robust medical business is still expected by the market.
In the long run, in 2023, the operating income of the company's conventional medical consumables business has doubled compared with 2019, laying a solid foundation for the long-term development of the medical business.
According to Zhang Yan, the rotating CEO of Robust Healthcare, surgical kits and high-end dressings are serious medical product lines that have accumulated more than 10 years of R&D and channels of Robust Healthcare, and are also the key development direction of the company at present. Surgical kits are mainly sold through domestic hospital channels, and high-end dressings are sold through all channels. These two products are expected to maintain good growth throughout the year; Traditional wound dressings are mainly exported to overseas OEMs. Based on the current layout of the global supply chain and market trends, it is expected to maintain a stable and positive trend.
Since 2024, the centralized purchase of low value medical consumables has been in full swing, and how will the centralized purchase affect the industry? This is also affected by Investor concerns.
In Zhang Yan's opinion, the centralized purchase of consumables is a trend and inevitable, which will accelerate the industry integration and guide the healthy development of the industry, The national centralized purchase promotion rhythm and grading are in progress.
"At present, the company's centralized purchase of low value consumables is temporarily carried out in a small range in some products, focusing on provincial centralized purchase and hospital standard. In the face of centralized purchase, the enterprise's comprehensive competitive strength is particularly strong It is important. Product registration and access layout, cost management, quality assurance, capacity supply and other capabilities, as well as the past market foundation, are the basis for evaluation. The company relies on the hospital channel After more than 20 years of hard work, we have a solid foundation of capability in one-stop consumable product layout planning, market access, channel construction, intelligent manufacturing, etc. The company will actively embrace changes and meet future opportunities and challenges. " Zhang Yan said.
Some insiders said that for domestic enterprises, the promotion of centralized purchase is an opportunity to expand the market. Taking high-end dressings as an example, the domestic market is mainly occupied by imported brands. With the promotion of centralized procurement, it is the general trend that domestic brands gradually replace international brands. However, in the field of high-end medical dressings, there is a large domestic substitution space in the future, China's market concentration will be improved.
In recent years, Robust Medical has opened the road of M&A and further expanded the market scale of conventional medical consumables.
Zhang Yan said that Robust Healthcare has always adhered to endogenous development and external mergers and acquisitions. In the future, the company's The direction of investment and M&A is still the same as that of the past, mainly in the medical consumables business, focusing on the main business of brand, product, channel, supply chain, etc., and carrying out domestic and overseas strategies investment. The strategic goal of the medical business is to take the lead in the field of medical consumables and provide one-stop medical consumables solutions.
Long termism
At present, the macro environment is full of challenges, and the consumer market is stratified and changeable, which brings uncertainty to the operation of every enterprise Sex, how to cross the cycle, has become a business topic for every enterprise.
Since its establishment 33 years ago, Robust Medical has developed from a single medical consumables production enterprise into a medical and consumer health enterprise covering wound care, infection protection, personal care, home care, mother and infant care, home textile clothing and other fields.
"The industry cycle goes round and round. Since the establishment of Robust Healthcare, it has successfully passed through four economic cycles. Our confidence comes from always meeting the needs of target consumers and customers, from not changing strategic objectives for short-term benefits, and more from the core values of 'quality is prior to profit, brand is prior to speed, and social value is prior to enterprise value'. These have laid the foundation for the long-term development of the company, and are also the success factors we should stick to. " Li Jianquan said.
Li Jianquan said that the company has always adhered to the simultaneous development of medical business and consumer goods business. First of all, the steady development of the company's medical business and the good growth of its consumer goods business are due to the company's overall medical background. Its core value is that we hope that every product can bring consumers a sense of safety, comfort and ease of use. On the other hand, the company is also a manufacturing enterprise as a whole, and the production and manufacturing of consumer products use a medical level manufacturing environment. We constantly improve our competitiveness through the improvement of production technology, intelligent manufacturing and digitalization, rather than reducing the cost by reducing the quality of raw materials.
"In the past three years, the medical brand of sound medical treatment has accumulated valuable popularity and reputation. How to transform it into sales ability and channel ability to promote performance growth is Important business issues. In terms of consumer goods business, as a national brand, the product quality of the cotton era has been widely recognized, the product concept of comfort, health and environmental protection has been initially established, and the performance of core explosives has grown steadily. Face the present reason The problem we need to solve for the environment of sexual consumption is not to cater to short-term trends, but to create comfortable, healthy and environmentally friendly products for consumers with heart and action. " Li Jianquan said.
The development history of robust medical treatment also starts from a small piece of gauze, and continues to advance rapidly. Today, it has integrated research and development, production and sales National high-tech enterprises.
Over the years, the company has adhered to the organic unity and dynamic state of enterprise benefits, environmental benefits and social benefits Balance, integrate the sustainable concept into the enterprise development strategy, and promote a good cotton value chain Sexual development, building a sustainable business model from two dimensions of self operation and industrial chain management, while pursuing enterprise development Don't forget to contribute to green development.
Starting from raw materials, Robust Medical is committed to providing the best quality products and services, integrating into the society and the concept of environmental protection and sustainability in an all-round way, focusing on materials, innovating for change, adhering to the research and development of basic materials and cotton planting, and through cotton/genetic modification Sex and technology application, realizing more possibilities of cotton Technology enables cotton products. The company also contributes to the sustainable development of the cotton industry chain by constantly exploring and opening up diversified industrial cooperation forms, and is committed to bringing consumers a bright future of "non-woven instead of textile, and cotton instead of chemical fiber", and jointly forging a sustainable development business model for the cotton industry.
"In the long run, our cause has always focused on life and health, and People's pursuit of a better life; Our industry is a high-quality track with long-term existence and broad development space. Looking outside, green, healthy and sustainable development is the general trend. In the medical industry, the trend of silver economy, domestic substitution, and consumer medicine will bring huge market opportunities to the company. In the consumer goods industry, our products have the characteristics of rigid demand, high frequency, high quality and safety. The high-quality products in the cotton era will continue to meet the consumers' unremitting pursuit of safety and quality life. In addition, the brand awareness and reputation will continue to increase, which will become the toughness of the high-quality track The most important aspect of sexual development Important guarantee. " Li Jianquan said.
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