Antu Bio (603658): Chemiluminescence continues to increase volume, third quarter net profit attributable to mother accelerates growth

Antu Bio (603658): Chemiluminescence continues to increase volume, third quarter net profit attributable to mother accelerates growth

The company achieved revenue in the first three quarters of 2019, net profit attributable to mothers and net profit attributable to non-mothers were 18 respectively.

94, 5.

38, 5.

20 trillion, an increase of 39 each year.

22%, 30.

87%, 31.

32%.

Operating cash flow 5.

34 ppm, an increase of 23 in ten years.

02%.

  In Q3 2019, income was realized, net profit attributable to mothers, and net profit after non-attribution to mothers was 7, respectively.

14, 2.

18, 2.

12 trillion, an increase of 39 each year.

53%, 32.

42%, 32.

36%.

  Opinion Chemiluminescence continued to increase volume, and net profit attributable to mothers accelerated in the third quarter.

The company achieved revenue in the first three quarters of 201918.

0.94 million yuan, an increase of 39 in ten years.

In the third quarter, net profit attributable to mothers increased by 32% in the third quarter.

42%, we estimate that the main volume is the continuous emission of magnetic particle chemiluminescence detection reagents.

We estimate that the company has more than 3,000 installed units in 2018, and it is estimated that the number of additional installed units will increase by more than 1,000 in 2019.

  The company’s gross sales margin was 66.

64%, slightly lower than the same period last year.

14pp.

The company’s financial expenses increase by 505 annually.

08%, sales expenses increased by 39 compared with the same period last year.

87%, administrative expenses increased by 31 in ten years.

29%, R & D expenses increased 56.
.

83%.

  Domestic chemiluminescence is highly prosperous, and domestic alternative space is large.

According to China’s Medical Equipment Development Status and Trends 2018, the market share of Antu chemiluminescence equipment in 2017 was approximately 6.
.

1%, Roche chemiluminescence equipment market share is about 28.

7%, comprehensively,杭州桑拿网 we estimate that the domestic stock of chemiluminescence equipment in 2017 is about 3.

80,000 units.
A single domestic chemiluminescence unit has gradually surpassed Roche and other imported companies, and domestic chemiluminescence has a large domestic replacement space.

  Layout pipelines, mass spectrometers, molecular diagnostics, and IVD product lines are becoming more complete.
We consider the pipeline to be an important growth point for IVD in the future. The pipeline has developed rapidly in China since 2012, mainly Roche, Beckman, Siemens, etc.

The R & D assembly line has extremely high requirements for IVD enterprises. It requires simultaneous first-class immune and biochemical diagnosis. Looking at domestic IVD companies, although there are many, there are only a few Antu Biological, new industries, Mindray Medical, Mike Biology and other small companies.

In addition, the company launched a small biochemical immune line, mass spectrometer, and layout of molecular diagnostics last year. The IVD product line is gradually expanding, and we believe that it can open up new growth space.

  Profit forecast and investment advice.

We expect the company’s EPS for 2019-2021 to be 1.

77, 2.

40, 3.

19 yuan, considering the company’s high growth in the next 3 years, the company’s barriers are high, with reference to the valuation of comparable companies, we give the company 45-50 times PE in 2020, a reasonable value range of 107 within 6 months.

88-119.

87 yuan, maintaining the “primary market” rating.

  risk warning.

The launch of chemiluminescence equipment did not meet expectations, research and development did not meet expectations, the volume of new products did not meet expectations, product price risks, and the risk of changes in industry policies such as the two-vote system.