(Original title: Bluesail Medical’s net profit following deducting non-profits in 2021 is 62.13 million: the previous year’s 1.76 billion cardiovascular and cerebrovascular division lost 740 million)
Wabei.com reported on April 14 that Blue Sail Medical (002382) recently released its 2021 performance report, achieving revenue of 8.11 billion yuan, a year-on-year increase of 3.04%; net profit of 1.156 billion yuan, a year-on-year decrease of 34.28%. Net profit following deduction of non-deductibles fell sharply by 96.43% to only 62.13 million yuan.
One of the main reasons for the sharp decline in operating performance is the significant decline in the performance of the cardiovascular and cerebrovascular business unit, which lost 740 million last year. In addition, the company paid RMB 7.66 million in interest costs for its “big deposits and big loans”.
Blue Sail Medical is a medical equipment company with three business segments: Protection Division, Cardiovascular and Cerebrovascular Division and Nursing Division. The Protection Division is mainly engaged in the production and sales of medical protective gloves and masks. The Cardiovascular and Cerebrovascular Division is mainly engaged in the research and development, production and sales of cardiac stents. The Nursing Division is mainly engaged in the research, development and production of first aid kits.
A careful analysis of Lansail Medical’s last year’s financial report shows that the company is very strong in the field of medical protective gloves and masks, and the company’s development also relies heavily on this sector. The business unit contributed 2.492 billion yuan to the company’s net profit last year.
Blue Sail Medical said in its annual report that in 2021, the company has released a total of more than 20 billion new capacity for projects including nitrile gloves, PVC gloves, and latex gloves, with a cumulative production capacity of regarding 50 billion. Data show that in 2019, the global sales of disposable protective gloves will increase from 529 billion pieces.
Reaching this scale is related to the vigorous deployment in this field last year. Five projects have been completed and put into production: the “200 million pairs/year surgical gloves project” first phase of 60 million pairs/year surgical gloves project, and the second phase project of 60 million pairs/year Annual surgical gloves project, “annual output of 7.5 billion health protection (nitrile gloves) project”, “annual output of 4.5 billion PVC health protection gloves project”, “annual output of 10 billion / year high-end health protection nitrile gloves project” Wait.
Blue Sail Medical emphasized that the company has developed from a single sales category of PVC gloves in the past to the only company in the industry with a complete range of four major categories of gloves.
The other two major sectors still play the role of “oil bottle” within the company.
The biggest pressure on the company is the cardiovascular and cerebrovascular division. Blue Sail Medical stated in its 2021 annual report that the overall performance of the cardiovascular and cerebrovascular business unit has dropped significantly, and the business unit lost 737 million yuan for the year.
The reason given by Bluesail Medical is that the cardiac stent products are affected by the domestic centralized procurement and overseas epidemics that have been officially implemented since January 1, 2021. The increase in stent product sales cannot make up for the price drop, and other coronary products have not yet been listed or The volume of the coronary artery business has not been increased, resulting in a sharp decline in the performance of the coronary artery business; the European market development of the heart valve business is still in the early stage, and the first domestic valve product has not yet been launched, resulting in limited growth in the performance of the valve business; R&D and clinical investment of pulse products.
The nursing division lost 12.7528 million yuan last year. Blue Sail Medical said that it was mainly due to the decrease in the gross profit rate of epidemic prevention materials and the provision for bad debts from the payment for goods.
In addition, there are two important business indicators of Blue Sail Medical’s 2021 annual report worth noting. One is that the gross profit margin of the company’s entire product line has declined. Among them, the gross profit margin of health protection decreased by 17.68%, from 63.48% in 2020 to 45.8% last year. The gross profit margin of cardiovascular products decreased by 13.22%, compared with 58.5% last year and 71.72% last year; the other is that the company’s capital is not sufficient. As of the end of 2021, the company has monetary funds of 2.84 billion yuan, and the purchase amount of trading financial assets is 645 million yuan. The long-term loan was 1.52 billion yuan, and the amount of bonds payable was 1.377 billion yuan. As a result of the “big deposit and big loan”, the company paid more than 7.6 million yuan in interest last year.
