Shandong Weigao Group Medical Polymer Co Ltd revenue growth accelerated from 12.1% in FY2015 to 13.7% in FY2016
22/03/2017 • About Shandong Weigao Group Medical Polymer Co Ltd (
$1066) • By InTwits
Shandong Weigao Group Medical Polymer Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Shandong Weigao Group Medical Polymer Co Ltd is a growth stock: FY2016 revenue growth was 13.7%, 5 year revenue CAGR was 16.2% at FY2016 ROIC 10.4%
- The company has business model with average profitability: ROIC is at 10.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Shandong Weigao Group Medical Polymer Co Ltd ($1066) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 3,689 | 4,613 | 5,278 | 5,919 | 6,730 | 13.7% |
| Gross Profit | 2,112 | 2,727 | 3,104 | 3,516 | 4,137 | 17.7% |
| SG&A | 1,087 | 1,475 | 1,742 | 1,938 | 2,571 | 32.6% |
| EBITDA | 1,050 | 1,291 | 1,530 | 1,643 | 1,689 | 2.8% |
| Net Income | 996 | 388 | 1,085 | 1,113 | 1,106 | -0.6% |
Balance Sheet
|
|---|
| Cash | 1,298 | 2,976 | 2,786 | 3,712 | 4,072 | 9.7% |
| Short Term Debt | 0 | 300 | 271 | 370 | 401 | 8.4% |
| Long Term Debt | 0 | 100 | 149 | 649 | 792 | 22.0% |
Cash flow
|
|---|
| Capex | 959 | 931 | 616 | 1,085 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 16.0% | 25.1% | 14.4% | 12.1% | 13.7% | |
| EBITDA growth | 5.5% | 22.9% | 18.5% | 7.4% | 2.8% | |
| Gross Margin | 57.3% | 59.1% | 58.8% | 59.4% | 61.5% | 2.1% |
| EBITDA Margin | 28.5% | 28.0% | 29.0% | 27.8% | 25.1% | -2.7% |
| Net Income Margin | 27.0% | 8.4% | 20.6% | 18.8% | 16.4% | -2.4% |
| SG&A, % of revenue | 29.5% | 32.0% | 33.0% | 32.7% | 38.2% | 5.4% |
| CAPEX, % of revenue | 26.0% | 20.2% | 11.7% | 18.3% | | -18.3% |
| ROIC | 10.5% | 11.7% | 12.8% | 11.8% | 10.4% | -1.4% |
| ROE | 11.6% | 4.3% | 11.5% | 10.9% | 9.8% | -1.0% |
| Net Debt/EBITDA | -1.2x | -2.0x | -1.5x | -1.6x | -1.7x | -0.1x |
Revenue and profitability
Shandong Weigao Group Medical Polymer Co Ltd's Revenue surged on 13.7%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 3.0 pp from 43.4% to 46.3% in FY2016.
Gross Margin increased on 2.1 pp from 59.4% to 61.5% in FY2016. SG&A as a % of Revenue increased on 5.4 pp from 32.7% to 38.2% in FY2016.
Net Income marign decreased on 2.4 pp from 18.8% to 16.4% in FY2016.
Return on investment
The company operates at low ROIC (10.40%) and ROE (9.82%). ROIC decreased slightly on 1.4 pp from 11.8% to 10.4% in FY2016. ROE decreased slightly on 1.0 pp from 10.9% to 9.8% in FY2016.
Leverage (Debt)
Debt level is -1.7x Net Debt / EBITDA and 0.7x Debt / EBITDA. Net Debt / EBITDA decreased on 0.1x from -1.6x to -1.7x in FY2016. Debt jumped on 17.0% while cash increased on 9.7%.
Appendix 1: Peers in Healthcare-Products
Below you can find Shandong Weigao Group Medical Polymer Co Ltd benchmarking vs. other companies in Healthcare-Products industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Vitop Bioenergy Holdings Ltd ($1178) | | -3.2% | -27.3% | 92.4% | 281.7% |
| Beijing Chunlizhengda Medical Instruments Co Ltd ($1858) | 22.2% | 12.8% | 21.8% | 32.0% | |
| China Medical System Holdings Ltd ($867) | 30.8% | 26.5% | 31.0% | 20.7% | |
| BBI Life Sciences Corp ($1035) | 16.4% | 18.0% | 15.1% | 11.5% | |
| Lifetech Scientific Corp ($1302) | 29.3% | 27.3% | 22.4% | 10.2% | |
| |
|---|
| Median (16 companies) | 22.2% | 12.2% | 10.8% | 5.2% | -7.0% |
|---|
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | | 25.1% | 14.4% | 12.1% | 13.7% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lifetech Scientific Corp ($1302) | 80.1% | 81.6% | 81.4% | 81.1% | |
| PW Medtech Group Ltd ($1358) | 66.0% | 67.9% | 72.8% | 75.1% | |
| Golden Meditech Holdings Ltd ($801) | 69.1% | 69.8% | 70.2% | 72.8% | 45.8% |
| Beijing Chunlizhengda Medical Instruments Co Ltd ($1858) | 71.6% | 72.1% | 73.8% | 68.6% | |
| Microport Scientific Corp ($853) | 83.6% | 81.0% | 68.5% | 67.2% | |
| |
|---|
| Median (16 companies) | 50.0% | 50.8% | 48.2% | 47.8% | 27.2% |
|---|
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | 57.3% | 59.1% | 58.8% | 59.4% | 61.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| PW Medtech Group Ltd ($1358) | 44.2% | 30.6% | 41.6% | 48.6% | |
| Lifetech Scientific Corp ($1302) | 31.6% | 24.5% | 23.4% | 33.1% | |
| China Medical System Holdings Ltd ($867) | 34.5% | 32.4% | 39.4% | 32.3% | |
| Hengan International Group Co Ltd ($1044) | 27.4% | 25.3% | 25.3% | 28.0% | 27.4% |
| BBI Life Sciences Corp ($1035) | 25.7% | 26.0% | 12.4% | 25.5% | |
| |
|---|
| Median (16 companies) | 22.0% | 22.2% | 12.9% | 9.4% | -15.3% |
|---|
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | 28.5% | 28.0% | 29.0% | 27.8% | 25.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lifetech Scientific Corp ($1302) | 0.0% | 16.5% | 0.0% | 70.0% | |
| PW Medtech Group Ltd ($1358) | 14.8% | 22.3% | 30.2% | 42.1% | |
| Arts Optical International Hldgs ($1120) | 14.0% | 4.5% | 14.0% | 29.9% | |
| Golden Meditech Holdings Ltd ($801) | 12.7% | 51.2% | 27.3% | 26.1% | 56.4% |
| BBI Life Sciences Corp ($1035) | 23.6% | 6.7% | 6.4% | 20.0% | |
| |
|---|
| Median (16 companies) | 5.2% | 6.3% | 5.7% | 4.9% | 1.7% |
|---|
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | 26.0% | 20.2% | 11.7% | 18.3% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lifetech Scientific Corp ($1302) | 17.5% | 15.9% | 21.2% | 32.9% | |
| China Medical System Holdings Ltd ($867) | 19.4% | 20.2% | 27.4% | 20.5% | |
| Hengan International Group Co Ltd ($1044) | 19.5% | 14.9% | 14.0% | 16.4% | 15.4% |
| Beijing Chunlizhengda Medical Instruments Co Ltd ($1858) | 22.2% | 20.9% | 21.0% | 12.1% | |
| PW Medtech Group Ltd ($1358) | 30.7% | 9.2% | 10.0% | 10.7% | |
| |
|---|
| Median (16 companies) | 8.5% | 7.4% | 5.0% | 2.5% | -1.1% |
|---|
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | 10.5% | 11.7% | 12.8% | 11.8% | 10.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Microport Scientific Corp ($853) | -1.0x | -2.8x | | 4.3x | |
| Techcomp Holdings Ltd ($1298) | 4.3x | 3.6x | 2.7x | 3.0x | |
| Hengan International Group Co Ltd ($1044) | 1.4x | 1.7x | 1.8x | 1.7x | 0.2x |
| China Medical System Holdings Ltd ($867) | -0.4x | -0.2x | 0.2x | -0.0x | |
| PW Medtech Group Ltd ($1358) | -1.2x | -7.5x | -0.3x | -1.1x | |
| |
|---|
| Median (11 companies) | -1.0x | -1.4x | -1.5x | -1.1x | 0.2x |
|---|
| Shandong Weigao Group Medical Polymer Co Ltd ($1066) | -1.2x | -2.0x | -1.5x | -1.6x | -1.7x |
