"Eight claw fish" turned: the Eastern soft group Nuggets local medical equipment

Long-term in the field of medical devices to sneak a low-key Neusoft group (600718. SH), has been unusually active in this respect over the past year.

Recently, Neusoft Group senior vice president, Dong Wang Wang nan in the 21st century Economic report interview, said Neusoft as IT solutions and services provider, in the automotive, medical, telecommunications, manufacturing, financial and other sectors of the solution are involved. The diversification of the business sector in the past has been a good support for the development of Neusoft, but now also to the nodes that have to be changed.

According to the East soft group recently released three quarterly display: The company report period to achieve operating income of 4.926 billion yuan, an increase of 1%, attributable to the parent company net profit is 214 million, down 24.1% year-on-year. Due to customer business adjustment makes outsourcing a big decline, fortunately, the medical subsidiary of the table to bring a certain increase in revenue.

In the context of the performance of the new growth point, betting on medical devices and Internet medical Services has become the center of Change of Neusoft group. "To get rid of only the low-end medical device equipment limitations, to a full range of development will be Neusoft's imaging equipment development direction, and the medical Internet Project Hee Kang is also an important part of the medical map." Wang Nan revealed.

Heavy-palm instruments to kill into the Red Sea

Although the East soft 1998 years has launched the first independent research and development of China's CT, and the second company's domestic CT after 16 years after the launch, but until last year brandished cut off medical equipment joint venture, the plate is the first time really outside the wide attention.

February 2013, Neusoft and the Royal Dutch Philips Electronics Group in 2004, the joint venture of Neusoft Philips Medical Equipment System Limited liability company to reach a deal memo: Neusoft at more than 55.73 million yuan to buy all the shares of Philips (originally Philips and Neusoft Medical Co., respectively, holding joint ventures 51% and 49 % equity).

After the completion of the deal, Philips promised exclusive to the original Neusoft Philips purchase by both sides confirmed ultrasonic products, and in the transaction completed two years to the original Neusoft Philips order value of not less than 405 million yuan of CT products. Since then, Neusoft has finally managed to complete holding of its most important medical device resources.

Founded in 1998, Neusoft is the first company in China to manufacture independent brand CT, MRI (MRI), X-ray machine and ultrasonic equipment, and the business also covers the medical solutions of the three major fields of diagnostic imaging, routine inspection and oncology. Coupled with the previous high-profile Shanghai joint Shadow, two are the current local medical imaging equipment giants.

2013, in the field of medical device diagnostic imaging, Siemens, GE, Philips and Japan Toshiba four companies in the global harvest of 10.5 billion, 8.4 billion, 4.7 billion and 4.1 billion U.S. dollars in sales, the market capacity is considerable. With the "GPS Army" (the industry on General Electric, Philips, Siemens, the three major medical device giants acronym) encirclement, with the Shanghai joint Shadow of the new pursuers, Neusoft in China's arch rivals many.

For and Philips "break Up" reason, Neusoft also for the first time external detailed. "The joint venture was originally made up of technology, talent and external funding from both the east and Philips respectively." Since then, its CT, ultrasound two product lines have become Philips Global center of the most respected production lines. It is also because of the smooth development of the joint venture, the two sides to what direction it is most conducive to their own differences. Wang Nan revealed.

It is reported that the Philips side to consider the layout of the global production lines, hope that the joint venture can be limited in the developing countries need low-end products, and strong performance growth of the Neusoft group is hoping to build a full range of products, high-end product and economic application of products will be the main line of its product expansion.

In recent years, the East soft earnings show that the medical device business gross profit margin of nearly 40%, become the company's well-deserved "cash cow." Since May this year, the superior Department for domestic medical devices in the field of support Dongfeng also frequently blows, Wei planning system also launched the outstanding domestic medical equipment related selection work.

Talking about the future of this business layout, Wang Nan revealed: "Neusoft produced by the linear accelerator currently in the world only not more than three can participate, and the domestic market for molecular Imaging (CT) equipment will also be listed in the year after tomorrow." ”

In the "cloud" of Hee Kang Project

Compared to the policy-favoured medical device business, Neusoft has been in the industry with a different reputation in recent years in the Internet Medical Service project of water testing.

At the end of 2011, Neusoft announced the launch of the health Cloud strategy "Hee Kang", which was also questioned in the context of the hasty withdrawal of internet giants such as Google. According to the Neusoft, the project integrates the service resources of the Regional Medical Center and the primary medical institution vertically through the combination of the health IoT, the healthy cloud platform and the excellent medical resources, and provides the whole life cycle health care service platform for the individual and the family, including the chronic disease prevention ecosystem.

Now three years have passed, Hee-kang seems to still be in the long "cloud" incubation period, the performance of a few help. Haitong Securities in the recent relevant research paper pointed out: "(Neusoft financial results) The huge increase in management costs from Hee-kang business investment increased, its health management and other new business training will take time." ”

For the project launch is "untimely" argument, Wang Nan responded that the company has been with the relevant government agencies to maintain very close communication, so far neusoft in the input of Hee-kang has not been encountered by the policy restrictions. "In China's medical It Information system services, Neusoft market share equivalent to the sum of the second to fourth, plus the company's medical equipment accumulation, the company will integrate the entire medical and health fields of resources and technical capabilities to do the health management of Hee Kang." ”

Haitong Securities said that, as of 2014, it is estimated that the company's medical system business revenue will reach about 1.5 billion. In view of the company's social security it, medical it and other areas of market share in the lead, these areas of investment growth trend is good, judging the annual corporate solutions business growth is expected to rebound.