Antu Bio (603658) Annual Report Comments: Continuously High Performance and Multi-Product Lines Gradually Efforts

Antu Bio (603658) Annual Report Comments: Continuously High Performance and Multi-Product Lines Gradually Efforts

Event: The company released its 2018 annual report and achieved revenue 19.

3 ten percent, an increase of 37 per year.

82%, net profit attributable to mothers5.

6.2 billion, an annual increase of 25.

98%, the performance is in line with the market and our expectations.

Key points of investment: continuous high performance growth, new growth driven by R & D. The company’s performance maintained high growth, and the main performance increases were: 1) Chemiluminescence continued to grow rapidly. It is estimated that in 2018, more than 900 luminometers will be installed, and the market holdings will exceed 3100.Reagent sales exceeded 900 million and still maintained a growth of nearly 50% under a high base; 2) Synergistic effects of biochemical business appeared, of which Bio-Techcom overfulfilled its performance commitments and achieved a profit of 17.6 million yuan. Biochemical instruments are expected to contribute about 200 million revenues; 3) The speed of microbiological testing business increased, and the luminescence and enzyme immunity of microplates remained 淡水桑拿网 basically the same.

It is obvious that the company has increased investment in R & D and increased R & D expenses2.

1.7 billion, an annual increase of 49.

09%, revenue accounted for 11.

23%, the number of R & D personnel increased to 928, accounting for 30 employees.

34%.

Multi-technology platforms are gradually developed, and channel coverage is further deepened. The company has formed a comprehensive technology platform such as biochemistry, luminescence, enzyme immunity, microorganisms, nucleic acid POC, and medical laboratories, with obvious synergies, microbiology, automated pipeline, A1000 luminometer and BC120The listing of the fully automatic blood culture system brings new impetus to the continuous growth of the company’s performance.

In addition, a variety of light-emitting instruments A6, A1000S, light-emitting POCT and automated nucleic acid diagnostic systems, automated microorganism detection systems and other projects are intensifying research and development, long-term sustainable development is guaranteed.

The company has more than a thousand distributors, and has basically formed a nationwide marketing network. Its products have entered more than 5,000 end-users above tier 2, including 1,503 tertiary hospitals. The channel depth and brand influence have been further enhanced.

Earnings forecast and rating expect the company’s EPS for 19-20 to be 1, respectively.

71, 2.

20, 2.

78 yuan, corresponding to the latest closing price, the price-earnings ratio is 38, 30, 23 times.

The company’s high-growth expectation continues and we maintain a “recommended” rating.

Risk Tips 1. Policy risks lead to higher-than-expected growth in gross profit margin; 2. Industry competition intensifies.