Nine medical Encounters "Waterloo" two short boards this year look "fix"

Every reporter Liu Mingtao from the performance growth rate decline, and then to the full year negative results, listed also less than a year of nine health care (002432, closing price 27.13 yuan) operating "Waterloo". The company 2009 years of fair performance, steady growth, to 2010 years why there is such a huge contrast, this makes many investors are puzzled, and four-quarter net profit year-on-year sharp drop of 87.78% is confusing. This week, the daily economic news reporter, through a variety of snooping, finally solved the nine health care performance behind the fall of the secret. Two short boards affect performance prevention needle in fact already injected, but who did not expect to deteriorate so quickly! October 29, 2010, the nine health care in the release of the third quarterly report, the annual results of 2010 forecasts, the company expects the annual net profit is lower than the same year year-on-year decline 0%~30%, one of the reasons for the performance change is affected by the lag effect of the financial crisis, the European market in 2010 a certain degree of contraction The second is the expansion of the company after the listing, the increase in the number of personnel, resulting in management costs and sales costs, the third is the impact of appreciation of the renminbi. The impact of the three major factors indeed in the four quarter continued to increase, this January, nine health medical performance correction, said 2010 company to achieve a year-on-year decline in net profit reached 30%~50%;2 end of the month, the company performance letters published, its 2010 to achieve a net profit of 22.5746 million yuan, the year-on-year decline of 42.18%. Rapid performance, so that investors on the health of the nine-point disappointment, February 28, in the SME board refers to a 1.08% increase in the case, the company's share price fell 1.35%. "Daily economic news" reporter found that if only from the single quarter of net profit, the nine health care 2010 years of operation of the Four Seasons is undoubtedly a big problem. Data show that the nine health care in the first three quarters respectively achieved a single quarter net profit of 4.7965 million yuan, 7.1831 million yuan, 8.1523 million yuan, both to achieve stable growth, to four quarters of the company's net profit of only 2.4427 million yuan, the chain down 70.04%, Compared with the same period last year, nearly 20.03 million yuan was a 87.8% drop! Some people in the industry analysis that the sudden drop in the four-quarter results of the nine-year medical service may be caused by two major reasons, the first is that after the company went public last June, it did spend a lot of overhead and advertising costs in the process of expanding production capacity and marketing new products, combined with the impact of poor sales in Europe and appreciation Led to a sharp decline in performance, on the other hand, the company's 2009-year seasonal performance surge, and the unconventional increase in its performance base, which many had previously questioned, led to a decline in overall performance this year. For the decline in performance, the reporter as an investor call nine health care director Mayaj. Mayaj said, "poor performance is affected by the entire European economic situation, the company in Europe, a relatively large customer to do worse, affect performance; second, the company listed in the sales costs, management fees and advertising investment, also led to a decline in performance. Chen, an analyst at Xiang Choi Securities and pharmaceutical industry, also told the DailyEconomic news reporter, "Nine health care last year, the results of the decline in two, one is that the blood pressure sphygmomanometer in Europe is not good, mainly because of the poor economic environment throughout Europe and the overall volume of blood pressure in Europe, the second is the company's management costs and sales costs too much impact on performance. "2011 Years or improved press enquiries nine health care prospectus found that the company's main customers from Europe, but the current sphygmomanometer in the entire European market is almost saturated, the company's performance will be affected by this, resulting in 2011 years of performance continue to collapse?" Mayaj said, "The future of corporate income is certainly stable growth." First, the big customers who did poorly last year will get better this year, and in this case the company will be tightly controlled this year. At present, the sphygmomanometer in the European market has matured, and there is a certain space in the country, so the future performance growth is still relatively stable. Haitong Securities through the investigation of the nine health care, also analyzed that the nine health care in 2010 export electronic sphygmomanometer income drop mainly because of the decline in European Germany, sales are expected to be slightly below 200 million yuan, the domestic part of the steady growth. 2011 As the global economy improves, the European region will have a recovery in the income of blood pressure, the performance of this part is not flexible, basically maintain a steady growth trend. The brokerage also said that the nine health care 2010 years ago three quarter sales cost of 19.5 million yuan has exceeded 2009 annual sales cost of 17.5 million yuan, the increase in sales costs mainly because of the 2010 company to develop blood glucose meter investment in advertising costs. In the promotion of blood glucose meter, the company's main electronic sphygmomanometer (income accounted for more than 80%), and the electronic sphygmomanometer more than 80% of the income from the OEM, sales costs less. 2011, the company will focus on promoting its own brand ihealth, sales costs will continue to improve. Ihealth is known as the first blood pressure meter designed for Apple products that can be applied to ipods, iphones and ipads, and was presented at the 2011CES International Consumer Electronics Show, held in Las Vegas, USA, in January this year. Lift apples into the biggest bright spot blood sugar meter, ihealth, the introduction of these two products cost nine health care a lot of sales and management costs, but these two products in the future can bring to the company what kind of return? In this respect, Mayaj said, "Ihealth with Apple has now sold, 99.95 dollars/A, about 600 yuan A, this thing is certainly very high gross margin, but how the sales are not clear now, the company is high valuations, in fact, because this business has a certain expectation, However, it should be noted that the company valuation is too high, the level two market risk is still large. "A broker, a pharmaceutical industry analyst who declined to be named, also told the Daily Economic news reporter," The future of the company is the blood glucose meter and the products developed with apple, blood glucose meter in the United States market is relatively large, it has about 2 billion yuan in the market space, but taking into account the competitiveness of a series of factors, the company estimated this year can have tens of millions ofYuan's income; things that work with Apple, though they start to sell, don't know who the sales are and how much profit they can make to the company. Haitong Securities that Ihealth is the company's biggest bright spot, its U.S. potential market is huge, products have been gradually spread out in the Apple channel, the estimated 2011 market will have 200 million ~3 billion IPhone4, the IPad, and the United States have 15%~16% users over 50 years of age, There is therefore a constant measure of blood pressure demand in the 30 million ~4800 million people. Ihealth is the company's test water on the Apple platform on the first product, we anticipate the success of the product, the follow-up on the Apple Platform for the blood glucose meter, weight scales, fetal right and so will be launched. In addition, because of consumption habits and other reasons, the European sphygmomanometer capacity is greater than the United States, the company is expected to promote ihealth in Europe in the second half, the region will give priority to the use of Apple system more countries, comprehensive consideration of the above factors, the product this year, sales are expected to reach 300,000, Or will bring the company 0.64 yuan earnings per share.