Is British Medical Relying on the Loading Index, is it "benefit transportation" or exposed pessimistic expectations?

Fengkou Finance reporter Tan Fengmin

On the evening of June 14, due to the low equity incentive assessment indicators, the "glove Mao" Yingke Medical received a letter of attention from the Shenzhen Stock Exchange.

Since 2021, British medical treatment has fallen from the top 100 billion market value to 10 billion market value, shrinking by more than 85%. As of the close of June 15, the stock price fell from up to 164.37 yuan/share to 23.88 yuan/share today.

Behind the stock price of "roller coaster", the negative news of British medical treatment continues. The chairman took the lead in reducing holdings of cash and attracting public anger, and the 4 billion expansion project was suspended.

Ultra -low assessment indicators are delivered by suspected interests

"Unexpectedly," and "how to return to the market value of 100 billion yuan in this performance goal", British medical investors have a slightly word for the company's incentive plan.

The announcement shows that the British medical equity incentive scheme will be unlocked in four phases, and each period is unlocked by 25%. From the four years from 2022 to 2025, as long as the operating income is not less than 6.8 billion yuan, 7.82 billion yuan, 8.84 billion yuan, 10.2 billion yuan, 10.2 billion yuan, respectively The yuan, or net profit is not less than 600 million yuan, 690 million yuan, 1.02 billion yuan, and 1.32 billion yuan, respectively. You can purchase a company A shares with no more than 4.976 million shares at a price of 14.3 yuan/share.

The key to the plan caused by the plan lies in the assessment indicators. It is obviously very easy to realize for the current profit scale of British medical care. From 2020 to 2021, British Medical achieved operating income of 13.84 billion yuan and 16.24 billion yuan, net profit of 7.07 billion yuan and 7.43 billion yuan. In the first quarter of 2022, British Medical achieved a revenue of 2.288 billion yuan and a net profit of 418 million yuan. It has reached 2/3 of the 2022 net profit assessment index.

In this regard, the Shenzhen Stock Exchange expressed concern for two aspects: whether the production capacity and benefits do not match the incentive assessment indicators, and face the risk of idle production capacity; whether there is a deliberate reduction of the assessment indicators to be delivered to the interests of executives.

Last June, Weibo claimed that Liu Fangyi, chairman of British Medical, who had plummeted the stock price, had a daily limit of 20%of the stock price, which led to investors' anger. Essence In April of this year, the regulatory layer imposed public criticism and punishment for Liu Fangyi. At the critical moment of the stock price "falling", the chairman took the lead in "cash" and further disintegrated the confidence of investors' shareholding.

Today, British Medical has launched the "most easy to reach" equity incentive assessment criteria, which is inevitable that it is the conversion of interests.

Emergency suspension of 4 billion expansion projects

From another perspective, this incentive plan may expose the pessimistic expectations of British medical management for future performance. However, as the saying goes: thin and dead camels are larger than horses, why is the glove leader British medical treatment so conservative?

Reunited British Medical During the period when medical gloves were "flying into the sky", the scale of revenue and net profit was greatly different from the past two years. In 2019, British medical business revenue was only 2.083 billion yuan, and net profit was only 178 million yuan, which was even reduced by 1 million yuan compared to 2018.

Since the normalization of the epidemic, the situation of medical gloves in the market in short supply has been relieved, and the price has begun to return to normal level. Compared with British Medical's 2019 revenue and profit scale, revenue in 2022 is 6.8 billion, net profit 6 Evaluation indicators of 100 million yuan are required to be about three times that of 2019.

"The biggest problem in British Medical is the lowest value of the main glove business and a single business. If the epidemic will be effectively controlled, the performance will continue to go downhill, and may even return to the profit level before the epidemic." Analysts of asset management industry told Fengkou Finance.

The operating conditions may go downhill, and the British medical executives are obviously noticed, and the expansion project is stopped urgently.

On June 13, Yingke Medical issued an announcement saying that the annual output of 40 billion yuan (40 million boxes) high -end medical glove projects with a termination of 4 billion yuan and the northern area (Linxiang Industrial Park) in the Xingang District (Linxiang Industrial Park) of Chengling Lianqi project. This project was reviewed by the shareholders' meeting in September 2020 and established two subsidiaries of Hunan Yingke and Hunan Yingyi to promote the project. Therefore, in order to avoid "night dreams", Yingke Medical canceled the expansion plan.

In this regard, Yingke Medical explained that under the target of dual carbon, the approval of the coal consumption indicators was less than expected, and it was impossible to meet the company's continued production demand for production. At present, the new crown epidemic is gradually controlled, overseas countries have gradually liberalized, and market supply and demand tends to balance. After the company comprehensively considers various factors, in order to optimize the company's resource allocation, reduce investment risks, and safeguard the interests of the company and shareholders, the company plans to terminate the project.

Turn around the rehabilitation care industry

With reference to the focus of the Shenzhen Stock Exchange, when gloves have become "past", British Medical's "circle expansion" in recent years is likely to cause idle risks of production capacity.

Since the epidemic, Yingke Medical has expanded its crazy production capacity, and has built high -end Dingzhong medical glove production lines in Huaibei, Huai Ning, Shandong, Jiangxi, Jiangxi Jiujiang, and Henan, respectively. The position of the one -time Dingye medical gloves.

On May 12, British Medical said on the investor interactive platform that as of now, the company's annualized production capacity of one -time gloves is 75 billion, and it is disclosed according to the 2021 annual report: domestic operating income accounts for 15.24%, and overseas operating proportion It is 84.76%. In 2019, the total production capacity of British medical gloves was only 19 billion, and the production capacity doubled in two years. "At present, foreign outbreaks have not been effectively controlled. Foreign demand can still support British medicine for a period of time. Therefore, British Medical will not have to" return to liberation overnight "." An asset management industry analyst told Fengkou Finance.

However, the situation of the supply of disposable Dingye medical gloves is unsustainable, and the shortcomings of low -end medical consumables are insufficiently exposed. What should British medicine go from?

As early as 2018, Lan Fan Medical, the competitors in Zibo, Shandong, acquired CBCHII companies to deploy high -end medical device fields such as coronary brackets. In 2021, Lanfan Medical Production's beautiful Mosh Modu layer coronary arterial balloon expansion catheter entered the "green channel" of the innovation approval of the State Drug Administration, and the transformation took a solid first step.

Compared with Lanfan Medical, the transformation of British medicine is slightly slow. At present, British Medical has aimed at the rehabilitation industry, layout of wheelchairs and physiotherapy stickers, but the proportion of such business revenue is not high. The 2021 annual report shows that the revenue of British medical rehabilitation care business revenue is 254 million yuan, accounting for only the proportion 1.57%.

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