Yuyue Medical Co., Ltd.'s revenue increased by 25% in 2016, net profit increased by 37%, and non-net profit increased by 40%, in line with expectations. Excluding the consolidation of the Group, the growth rate of endogenous profit was 34%, slightly exceeding expectations. We expect the faster growth of endogenous growth because the growth rate of e-commerce platform exceeds 50% to drive revenue growth, while the channel is perfect and management is strengthened. The expense rate has dropped. Looking forward to 17 years, we believe that the endogenous growth of Yuyue is still strong, and the integration of Shangyu and Zhongyou will be strengthened. The performance is expected to continue to grow by more than 30%, and the company's outreach expectations are strong and the strategy execution is strong.
Endogenous growth in 2016 slightly exceeded expectations. The company's 2016 revenue was 2.6 billion, an increase of 25%; net profit was 500 million, an increase of 37%; after deducting a net profit of 490 million, an increase of 40%, EPS 0.8 yuan, in line with expectations. After deducting the factors of the consolidation of the machinery, the company's endogenous income growth rate of 12%, profit growth rate of 34%, endogenous profit growth rate slightly exceeded our expectations. The main reason we judge is:
(1) The revenue growth rate of e-commerce channels exceeds 50%;
(2) The channel rate decreased by 3.5% during the period after channel improvement and management enhancement.
According to the business: household medical income was 1 billion, an increase of 9.5%, gross profit margin increased by 0.7%; medical clinical income was 730 million, an increase of 83%, gross profit margin increased by 3%, and income growth mainly came from the armed . Respiratory oxygen supply income was 860 million, an increase of 14%, and gross profit margin decreased by 4.6%. The decline in gross profit margin was mainly due to the faster growth of e-commerce platform and the slightly lower gross profit margin of the company's e-commerce channel products.
E-commerce growth is a bright spot, and the machinery is slightly lower than expected. In 2016, the growth rate of the Yuyue e-commerce platform exceeded 50%, and the sales volume exceeded 600 million (including tax). In 17 years, it is expected to exceed 800 million. In the past 16 years, it has a consolidated income of 600 million yuan and a net profit of 42.42 million yuan, which is slightly lower than expected. It is expected that the Shanghai Sanitary Materials Factory will not turn its losses. We expect that in the short-term, the existing products will be difficult to achieve a large increase in revenue, but there is still a large profit margin to be tapped. The contribution of 17 years is expected to exceed 50 million. In the future, it is expected to increase the Golden Bell series through the strategy of diving overseas. The output and the introduction of high-quality clinical device products, the growth space is worth looking forward to.
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