| In today’s society,with the deepening of the aging population and the general improvement of people’s living standards and quality,the domestic medical device market demand continues to grow,and the medical device industry is in a stage of rapid development.As a capital and technology-intensive industry,in the process of product development and technological innovation,medical device enterprises in addition to relying on the support of national policies,but also need to seek the help of the capital market.Therefore,many large domestic and foreign medical device enterprises choose to spin off and list their excellent businesses or their subsidiaries separately,and the establishment of the SSE STAR Market provides a new choice for medical device enterprises.In recent years,the introduction of national policies such as centralized procurement has led to changes in the competitive landscape of the medical device industry,creating opportunities for domestic enterprises while also posing severe challenges.After being spun off and listed,enterprises will face stricter market regulation while also being responsible for their own profits and losses.Whether enterprises can withstand pressure and seize opportunities to achieve sustainable development has become a common concern for managers and investors.This thesis selects Weigao Orthopedic,a leading orthopedic medical device enterprise.Firstly,it reviews the existing research results in the fields of spin-off listing and earnings persistence,and analyzes the basic situation of the company,the industry status and development trend,the motivation,process and impact of spin-off listing,as well as the main risks faced by the company.Secondly,the global factor analysis method is used to analyze the change of earnings persistence before and after the spin-off listing of the company,and compared with the overall level of the industry to obtain the company’s earnings persistence level in previous years.Once again,combined with the main risks faced by Weigao Orthopedic,the company’s future earnings situation was predicted,and the company’s current and future earnings persistence level was analyzed.Then,a comparative analysis was conducted between Weigao Orthopedic and comparable companies in the industry,and an overall evaluation was conducted on the earnings persistence of Weigao Orthopedic.Finally,the fishbone diagram analysis method was used to identify the potential unfavorable factors of the earnings persistence of Weigao Orthopedic,and targeted strategies for improving earnings persistence were proposed.This thesis draws the following conclusions through the research:(1)From the earnings persistence performance of Weigao Orthopedic in previous years,the company’s overall earnings persistence score is at an above average level in the industry,showing a stable growth trend as a whole.The spin-off listing on the SSE STAR Market has a positive impact on the company’s earnings persistence.(2)After reasonable prediction of the company’s future earnings combined with potential risks,it was concluded that Weigao Orthopedic has a sustained decrease in earnings in 2021 and a good earnings persistence from 2022 to 2025.(3)Through comparative analysis with companies in the industry,it was found that Weigao Orthopedic has a strong ability to face the pressure of centralized procurement,and has a good short-term earnings persistence,but the future development potential is insufficient.Overall,except for 2021,the overall earnings persistence of Weigao Orthopedic is good,but its future development potential is slightly insufficient.Further analysis by using the fishbone diagram analysis method revealed that there are many unfavorable factors in the company’s earnings persistence.Accordingly,a series of targeted strategies for improving earnings persistence have been proposed. |
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