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Antu Bio (603658): R & D and high expansion performance are still slightly higher than expected IVD leader rises on the road

Antu Bio (603658): R & D and high expansion performance are still slightly higher than expected IVD leader rises on the road

Event: The company released its 19-year interim report and achieved revenue in 19H111.

7.9 billion, net profit attributable to mother 3.

20 ppm, net of non-net profit3.

39 ‰, an increase of 39 each year.

03%, 29.

85%, 30.

62%, 武汉夜网论坛 achieving EPS 0.

76 yuan, slightly better than market expectations.

  Opinion: The performance of 19H1 is slightly higher than expected, and the magnetic particle reagent is expected to achieve a high growth of more than 45%.

With the highest growth rate of R & D expenses in 19Q2 as high as 75%, the company’s net profit attributable to mothers in the single quarter from 18Q4 to 19Q2 increased by 23%, 26%, and 32%, respectively, and the growth rate of profits increased significantly.

19Q1 and 19Q2 revenues increased by 32% and 46% year-on-year, respectively. They also accelerated, and the growth rate was higher than the profit side, mainly due to the high base in 18Q1, high growth in research and development costs, more growth in the joint construction business of the inspection department, and other factorsresulting in.

  From 杭州桑拿 the perspective of specific business, it is estimated that the magnetic particle reagent 19H1 has maintained a growth of more than 45%, and the single machine continues to increase, with more than 450 new installations, of which 40% are in tertiary hospitals.

The revenue of biochemical reagents increased by over 30%, the revenue of biochemical instruments increased by about 20%, and the revenue of microbial reagents increased by more than 20%. The revenue from the joint construction business of the inspection department contributed about 1 billion; the revenue of the nine respiratory products of the agency increased by nearly 30%.

  The chemiluminescence industry will enter an era of differentiation and the company’s performance will continue to grow.

With the secondary hospitals completing the configuration from scratch in the past 5 years, domestically-funded chemiluminescence companies will experience differentiation after generally experiencing rapid growth in performance, and only companies with import substitution capabilities can continue to grow.

  Antu implements the advantages of self-produced 70% biological raw materials, mainstream projects, and assembly lines, and gradually continues to replace rich and other domestic-funded products to maintain sustainable growth capabilities.

  R & D funding continues to increase, and new products such as inspection lines are steadily advancing.

19H1 R & D expenses1.

390,000 yuan, an increase of 53% in ten years.

In the single quarter, 19Q1 and 19Q2 increased by 34% and 75%, respectively, and continued to increase.

The company’s assembly line has landed multiple.

It is estimated that 50 mass spectrometers will be sold in 19 years; 100-speed luminometers have been approved; 600-speed luminometers are expected to be available in 2020; chemiluminescence reagents will be expanded to 150 in five years; and molecular diagnostics will be deployed through the acquisition of Mobidiag, Finland.

  Earnings forecast and investment grade: The company’s chemiluminescence business continues to grow at a high rate and has a long-term future.

We maintain our EPS forecast for 19-21 to 1.

70/2.

17/2.

81 yuan, one year + 27% / 28% / 29%, the current price corresponding to 19-21 years PE is 40/32/24 times, maintain “Buy” rating.

  Risk reminders: Luminometer, assembly line surpasses expectations; R & D costs exceed expectations; competition intensifies.