Antu Bio (603658): Chemiluminescence maintains high growth and strong layout IVD multi-segment field

Antu Bio (603658): Chemiluminescence maintains high growth and strong layout IVD multi-segment field

Event: The company announced the 2018 annual report and achieved operating income19.

30 ppm, an increase of 37 in ten years.

82%, net profit attributable to mother 5.

63 ppm, an increase of 25 in ten years.

98%, deducting non-net profit 5.

35 ppm, an increase of 29 in ten years.

17%.

The continued increase in the proportion of chemiluminescence is still the main driver of performance growth.

In Q4 2018, it achieved operating income in a single quarter5.

690,000 yuan, an increase of 36% in ten years, net profit attributed to the mother1.

52 ‰, an increase of 23% in ten years, net of non-net profit1.

400,000 yuan, an increase of 24% in ten years.

On the whole, the rapid replacement of the revenue side is due to the rapid growth of chemiluminescence reagent revenue, which has maintained a rapid growth of 45 +%. At present, the luminescence reagent accounts for more than 40% of the total revenue, which can replace the consolidation time of the biochemical analyzer business.Earlier one quarter more in 2017; profit growth was lower than revenue growth mainly due to the continued expansion of the proportion of low-gross biochemical instrument business and the decline in comprehensive gross profit margin1.

11pp, meanwhile, the continuous increase in R & D investment will increase the cost rate during the year to 0.

80pp.

Chemiluminescence continues to grow at a high rate, and sub-fields such as biochemistry and microorganisms are gradually gaining momentum.

In 2018, the company added more than 900 chemiluminescence installations, and the total installed capacity in the country is expected to exceed 3100. The revenue of luminous reagents will be 8 + 100%, and the growth rate will increase by 45 +%, which will continue the high growth.The equipment has been approved in early 2019. We expect that the luminous reagents will continue to grow by more than 25% in the next three years. In addition, the company’s biochemical and microbiological businesses will continue to maintain a strong competitive advantage. Among them, the microbial reagents business will maintain a stable growth of 18%.It has been approved in May 2018, with more than 20 units installed each time, which is expected to continue to improve the company’s brand power in hospitals of Class III or higher; the biochemical business of Shengshi Junhui Biochemical Apparatus is expected to achieve about 2.

With a revenue of about 2 billion, Biotech Biochemical Reagent achieved revenue of 6441 million and a profit of 17.6 million yuan. It is expected to achieve rapid growth in the future with the approval of installed production lines.

Self-research + release of overseas advanced 淡水桑拿网 technology, strong layout of molecular diagnostics.

Molecular diagnostics is one of the subdivisions in the IVD field. The company can develop automatic nucleic acid detection equipment through automatic research and development, reorganize and participate in Mobidiag in Finland, date European advanced molecular diagnostics POCT technology, strengthen the molecular diagnostics layout, and accelerate the development of research projects.Industrialization.

Earnings forecast and estimation: We expect the company’s revenue to be 25-20 in 2019-2021.

31, 32.

39, 41.

27 ppm, an increase of 31 in ten years.

14%, 27.

98%, 27.

42%, net profit attributable to mother 7.

27, 9.

45, 12.

09 million yuan, an increase of 29 in ten years.

20%, 29.

98%, 27.

98%, corresponding EPS is 1.

73, 2.

25, 2.

88.

At present, the company expects to correspond to 32 times PE in 2019. Considering the high prosperity of the chemiluminescence industry, the company’s chemiluminescence products are expected to continue to grow at the same time. Through self-development + cooperation, we will continue to launch higher-growth products. We believe that the company’s 2019The reasonable estimate range is 40-45 times PE, and the reasonable price range is 69-78 yuan. Maintain “Buy” rating.

Risk warning: product promotion does not meet expected risks, and policy changes risk.