Category: 桑拿

Yijiahe (603666): New product launch track continues to widen

Under the concept of the electric power Internet of Things, new commercial products were launched in stages.

On March 28, Yijiahe held a new product launch conference in Nanjing, and its heavy-duty product powered robot was officially unveiled.

A live-operating robot can complete uninterrupted operations on high-voltage electrical equipment, such as the laps of branch line leads, while solving the safety problems of power personnel, it can also effectively improve the efficiency and quality of operations.

The track continues to widen, embracing billions of growth opportunities.

There are more than 3,000 domestic prefecture-level cities and district-county-level cities, and each city has several grid operation teams. Each team is equipped with a live-operating robot to measure, and the domestic demand in the long term will reach 10,000.

The unit price of live-working robots is about 4 million units per unit. From this, it is estimated that the domestic expandable market size is about 40 billion.

The company is one of the few domestic manufacturers of industrialized live-operating robots that has already started in the country. In the future, it will fully benefit from the release of the demand for 成都桑拿网 live operation of the downstream State Grid.

Inspection robots are stable and heavy, and new products are expanded to high-growth battery life.

The growth elasticity of the company mainly comes from two aspects: first, the orderly breakthrough of the current core product-distribution / substation inspection robots in markets outside the province; replacement, horizontal expansion of products, new products such as fire / medical robots and live-operated robots are expected this yearLanded effectively, and increased the number of steps to promote performance.

In the next two years, the company’s performance growth rate is expected to remain above 30%.

Profit forecast and estimation: Net profit is expected to be 1 in 2018-2020.

90, 2.

60, 3.

4.6 billion, with EPS of 1.

94, 2.

65, 3.

52 yuan, corresponding to the current expected PE is 35.

0, 25.

7, 19.

3 times.

Risk warning: The market development outside the province is less than expected; new product development is less than expected.

Zhongnan Construction (000961): rapid growth in performance, stable and reasonable urban layout

The core point of view performance is growing rapidly, and the proportion of losses and gains of minority shareholders has increased slightly.

In the first half of 2019, operating income was 233.

20,000 yuan, an increase of 52 in ten years.

3%, net profit attributable to mother 13.

10,000 yuan, an increase of 41 in ten years.

6%.

The rapid growth of revenue is mainly due to the significant increase in the scale of real estate settlement.

The growth rate of net profit attributable to mothers is lower than the growth rate of revenues mainly due to two factors. First, the gross profit margin decreased compared to the first half of 2018.

3 up to 22.

2%, of which the gross profit margin of real estate business decreased year by year1.

0 averages to 23.

4%.

Second, the minority shareholders’ profit and loss ratio increased compared with the first half of 20184.

3 up to 9.

5%.

Although the gross profit margin and the net profit attributable to mothers decreased slightly, they were both higher than last year’s highest levels.

The company stated in its interim report that it is expected that the gross margin for the gradual settlement in 2019 will exceed the whole year of last year.

The sales and investment rhythm is stable, and the urban layout is stable and reasonable.

It will be realized in the first half of 2019.

900 million, an annual increase of 24.

0%.

In the first half of 2019, the proportion of sales in first- and second-tier cities to total sales was 46%, which was basically the same as in 2018.

The amount of land investment in the first half of 2019 was 269.

20,000 yuan, the average floor price of new soil storage is 6,300 yuan / square meter, an increase of 46 over 2018.

5%, first of all in the first half of Jinan, Hangzhou, Xiamen, Xi’an and other second-tier cities to get the ground.

The investment intensity in the first half of 2019 was 33.

0%, a decrease of 8 units compared to 2018.

As of the end of June 2019, the area of the first- and second-tier cities in the company’s 4523 general total soil reserves accounted for 杭州桑拿 about 39%, which was the same as the end of last year, and its structure was stable.

Leverage ratio has decreased and debt protection capacity has improved.

Net debt corruption in the first half of 2019 was 185.

6%, down 5 by the end of 2018.

9 units.

Short debt coverage ratio 1.

5. Compared with the end of 2018, the ability to protect short-term debt risks has been further enhanced.

Financial forecasts and investment recommendations maintain a BUY rating with a target price of 11.

00 yuan.

We predict 2019?
The company’s EPS will be 1 in 2021.
10/1.
89/2.

33 yuan.

We expect the company’s performance growth in the next three years to be higher than the industry leader and second-tier developers of the same size. Therefore, the company is given an estimated premium of 30%. Based on the PE valuation of 8X in 2019 for comparable companies, the PE forecast for 10X in 2019 is maintained.Target price 11.

00 yuan.
Risk reminder The scale of real estate sales, settlement and repayment is less than expected.

The city’s budget policy was more aggressive than expected.

Land acquisition was less than expected.

The net aldehyde rate is higher.

Tianfeng Medicine: Antu Bio-casting Excellent National Brand of High-end Medical Equipment

Zheng Wei / Yang Yunhui’s team (Liao Qingyang / Pan Haiyang / Wang Jincheng / Li Yang / Li Sha) Abstract The chemiluminescence industry has a high degree of prosperity, and import substitution was estimated at the time according to the annual reports of various companies. In 2017, China’s chemiluminescence market was 24 billion, accounting for the entireThe IVD industry has a share of more than 30%, ranking first. It is expected to maintain a high growth rate of 20-25% in the next 3-5 years, and the industry is highly prosperous.

At present, chemiluminescence imports account for a relatively high proportion, accounting for about 90% of the market share. The performance improvements of domestic brands, technological breakthroughs, and high costs are rapidly eroding the market share of imported brands. The industry’s high growth has superimposed import substitutes, and chemiluminescence is expected to achieve rapid growth., Excellent domestic companies will fully benefit.

　　As an old domestic chemiluminescence manufacturer, Antu Biotech was one of the leading companies in the field of microplates in the early development of the market. After that, competition intensified. The company quickly developed related equipment and reagents for magnetic particles. At present, magnetic particles have become the company’s main source of revenue.One, fully enjoy the dividends brought by technology.

The company’s A2000 and A2000 Plus are 200-speed instruments. They are positioned at hospitals above the county level to meet the demand for large sample sizes. According to the 2017 annual report, A1000plus and A6 (newly established projects in 2017) and other series of instruments are gradually being developed. These series of instruments are 100-speedThe device is suitable for small sample sizes in primary hospitals and is expected to be available for sale at the end of 2018 or early 2019.

　　The pipeline accelerates the penetration of hospitals. The biochemical immune cascade is the core pipeline. It started in the 1950s and has developed for more than half a century.

Kalorama predicts that the global market in 2016 will be about 7 billion U.S. dollars, and the growth rate will be 5% in 2009-2017, among which the BRIC countries will grow at a rate of 5%.

The pipeline began to enter China in about 2009. In the first few years of entering China, the market demand has not yet been fully released, and the acceptance level has been cultivated and brewed at the same time. Beginning in 2012, the pipeline began to spread rapidly.

　　The biochemical immune cascade requires that the performance of the biochemical equipment and the immune equipment must meet the clinical requirements. The customer groups facing the cascade are mainly high-end hospitals, and the demand for sample throughput is relatively high, so high-speed biochemical instruments are essential.

Antu Bio acquired the exclusive agency rights of Toshiba Biochemical Instrument in China through the acquisition of Shengshi Junhui, acquired 75% equity of Biotec, acquired the biochemical testing product line, closed the biochemical industry chain, and paved the way for the assembly line.

According to the 2017 annual report, the Autowomo and supporting reagents in the automatic joint inspection system have been registered and marketed, and the remaining instruments and supporting reagents are being gradually developed.

　　The performance of the first quarter was high, and the company could release the first quarter report of 2018 in ten years, and the company realized revenue in Q14.

1.6 billion, an annual increase of 71.

87%, net profit attributable to mother is 0.

9.6 billion, an annual increase of 42.

43%, net profit after deduction is 0.

9.1 billion, an annual increase of 52.

88%, the rapid growth of performance is mainly due to mergers and acquisitions caused by mergers and acquisitions; the restructuring company’s magnetic particle chemiluminescence detection reagent revenue continued to grow, and we believe that the first quarter of the flu market led to the rapid growth of microbial detection and agent products vircell nine respiratory infection pathogen detection.

　　We expect the EPS for 18-20 to be 1.

39, 1.

78, 2.

20 yuan, maintain “Buy” rating.

　　Risk warning: the risk of product sales falling short of expectations; new product registration and listing progress falling short of expectations.
Chemiluminescent has been cultivated for many years. The industry branch Prominent Company was established in 1999. It focuses on the development, production, sales and service of in vitro diagnostic reagents and instruments. Its products cover the fields of immunodiagnostics, microbiological detection, biochemical diagnostics and other testing.

After 17 years of leapfrog development, Zhengzhou Antu Biological Engineering Co., Ltd. was listed on the Shanghai Stock Exchange on September 1, 2016.

　　According to wind power, the company achieved operating revenue of USD 1.4 billion in 2017, an annual growth of 42.

84%; net profit attributable to shareholders of the parent company is 4.

47 trillion dollars, an annual increase of 27.

68%.

There are two main reasons for the company’s revenue growth: 1.
Acquisition of sales agency business in China for Toshiba Biochemical Instrument (now Canon Medical Biochemical Instrument series) increased revenue
The company’s magnetic powder chemiluminescence detection reagent revenue continued to grow, and chemiluminescence gradually implemented domestic rapid volume.

　　In the past five years, the company’s net profit after deductions to non-return mothers has a relatively high growth rate. In 2017, the net profit after deductions to non-return mothers was 4.

1.4 billion, an annual growth of 23.

59%.

Since 2011, the overall gross profit margin has been high and has remained basically stable. The overall gross profit margin of products in 2017 was 67.

5%, about 72% decline in 2016, mainly due to the merger and acquisition of Shengshi Junhui, the change in product structure caused a decline in gross profit margin.

　　According to Wind, the company’s 2017 revenue from in vitro diagnostics was 13.

3.8 billion yuan, an increase of 43.
20%; operating income of reagents is 11.

USD 5.9 billion, an annual increase of 28.

22%, gross margin increased to 76.
16%; instrument revenue grew rapidly in 2017, at 1.

7.9 billion, a growth rate of 485.

15%, gross margin decreased to 24.

89%.

　　The company’s professional R & D, production and sales of artificial in vitro diagnostic reagents and instruments have formed a layout focusing on immunodiagnostic products and characteristic development of microbiological testing products. The full range of products can provide multiple solutions for clinical diagnosis.

At present, the company’s main products include in vitro diagnostic reagents and various instruments, classified according to the detection method or application field.

The gross profit margin of reagent products is high. The company’s overall gross profit margin has remained above 70% for many years, and its revenue is stable.

The microplate chemiluminescence diagnostic reagent has the highest gross profit margin, and the gross profit margin of agent products has steadily increased.

　　The company is located in Zhengzhou, Henan, spanning geographical advantages, and has been cultivating in the economically developed areas of Central South and East China for many years. In 2017, it contributed a total of 7.

61 trillion in revenue, 57% of total revenue.

7%.

Other regions accounted for a small proportion, but the proportions in 2017 all increased in different proportions, and they are also in a rapid growth stage.

　　According to the wind, China’s revenue in 2017 was 13.

1.7 billion, an annual increase of 45.

1%, except for the predominant regions in the central and southern regions, which have maintained relatively high growth, the other regions have also rapidly increased their volume at the same time, especially in the economically developed regions of North China and Northeast, with a growth rate exceeding 70%.

The balanced development of all regions is conducive to the rapid volume of products, especially the volume of new products.

Affected by the level of regional economic development, the consumption of the in vitro diagnostic industry shows certain regional characteristics, and the demand market is mainly concentrated in the southeast coastal areas and first- and second-tier cities in provinces with high levels of medical services.

　　The company released the 2018 first quarter report, and Q1 achieved revenue4.

1.6 billion, an annual increase of 71.

87%, net profit attributable to mother is 0.

9.6 billion, an annual increase of 42.

43%, net profit after deduction is 0.

9.1 billion, an annual increase of 52.

88%, the rapid growth of performance is mainly due to mergers and acquisitions caused by mergers and acquisitions; the restructuring company’s magnetic particle chemiluminescence detection reagent revenue continued to grow, and we believe that the first quarter of the flu market led to the rapid growth of microbial detection and agent products vircell nine respiratory infection pathogen detection.
　　The increase in sales expenses in the first quarter of 2018 was mainly due to the increase in transferred operating income, wages, travel and other expenses increased accordingly. The increase in management expenses was mainly due to the increase in research and development expenses.

2.
Chemiluminescence is the cornerstone of the company’s performance growth. Immunodiagnosis is the diagnosis of various diseases and the determination of immune status through the immune response of objects to antigen substances. It is mainly used for the diagnosis of infectious diseases, tumor diagnosis, endocrine function diagnosis, and cardiovascular and cerebrovascular disease, Eugenics diagnosis, autoimmune disease detection, allergen detection, drug detection, blood group identification, etc .; is the largest variety of in vitro diagnostics, mainly including radioimmunoassay, enzyme-linked immunoassay, fluorescent immunity, chemiluminescence, colloidal gold, etc.

With the further development of clinical, immunoassay is gradually changing from scientific research to clinical, and the market continues to expand. Gradually, the immune market has surpassed the biochemical market and has become the largest market area in IVD.

　　2.

1.
The driving force for the endogenous growth of the immune market, consolidating the foundation for the growth of chemiluminescence According to the annual reports of various companies, in 2017, China’s chemiluminescence market has a capacity of 24 billion U.S. dollars, accounting for more than 30% of the entire in vitro diagnostics industry, and a composite intensity of 29% in 2011-2017It is expected that in the next 3-5 years, with the continuous advancement of gradual diagnosis and treatment, chemiluminescence can still maintain a high growth rate of 20-25% in the industry, and domestic manufacturers are expected to break through.

　　At present, China has about 15 common brands in the field of chemiluminescence, of which 10 are foreign companies, occupying 90% of the market share, and the four giants (Roche, Abbott, Beckman, Siemens) have more than 75% of the market share.Concentration is high.

　　Although external companies have been able to mature their technology accumulation and excellent product quality for a long time to continue to the high ground of the domestic chemiluminescence market, domestic companies are still struggling.

Since the first domestically produced full-automatic chemiluminescence meter was released by the new industry in 2011, domestic companies have pried open the copper walls and iron walls of foreign companies. The growth rate of domestic chemiluminescence capacity significantly outpaced imported brands in 2011-2015.

According to the CFDA, so far, there have been more than 60 domestic manufacturers of chemiluminescence instruments that have obtained CFDA approval, but there are only five domestically-made instrument manufacturers with different product levels.

　　With the continuous improvement of domestic brands’ technology and performance, as well as the advancement of medical reform, the downward revision of fee standards is a general trend.

Foreign companies will face huge challenges in defending existing technologies and market advantages. The timely rise of domestic brands will bring continuous and huge investment value.
　　2.

2.
The company has obvious competitive advantages. Antu Bio, a leading company in chemiluminescence, adopts the “technology + product line + channel” comprehensive development model, adheres to the model of common development of instruments and reagents, and forms a pattern of dominated by immunodiagnostic products and characteristic development of microbial detection products.And expand to the core raw material field upstream of the industrial chain to obtain a full range of competitive advantages.

　　2.

2.

1.
The product has a high degree of completeness. After years of development, the company has formed a rich product framework that basically covers all types of instruments and kits required for clinical chemiluminescence detection.
According to the 2017 annual report, as of the end of 2017, the company had obtained 436 product registration (recording) certificates; of which 203 were immunoassay products, 88 were microbial detection products, 139 were biochemical detection products, and 6 were other products.

　　Classified according to the detection method or application field, in vitro diagnostic reagents are mainly divided into two categories: immune and microorganisms. Immunodiagnostic reagents include plate-type chemiluminescence detection reagents, magnetic particle chemiluminescence detection reagents, enzyme-linked immunoassay reagents, immunofluorescence detection reagents, and colloids.Gold detection reagent.

The variety of reagents involves infectious diseases, tumors, reproductive endocrinology, thyroid function, liver fibrosis, eugenics, diabetes, hypertension, cardiovascular diseases, urogenital diseases, respiratory diseases, and isolation and culture of bacteria, identification and drug sensitivity analysis.Various detection directions; related supporting instruments include products such as chemiluminescence immunoassay analyzer, microplate reader, plate washer, joint detection analyzer, automatic sample processing system, automatic chemiluminescence analyzer, and automated blood culture system.

2.

2.

2.
The leading company in instrument technology has always insisted on the joint development of reagents and instruments, and has accumulated rich R & D and technical experience in instruments. The company’s in vitro diagnostic instrument and automated detection system integration technology is in a leading position in China.

　　In the early stage of market development, Antu was one of the leaders in the field of microplate chemiluminescence instruments and reagents. Even though the growth rate of microplate revenue has declined slightly in the past two years, the large proportion of revenue is still Antu’s main source of income.One.

According to the 2017 Annual Report, Antu’s microplate immunodiagnosis products (including enzyme-linked immunoassay products and microplate chemiluminescence products) currently have 95 registration certificates, which has obvious competitive advantages.

These products can provide benchmark, high-throughput solutions for markets such as clinical hospitals, physical examinations, third-party independent laboratories, disease control, population and family planning.

　　Later, foreign companies adopted new technologies and new products entered China, making it easier for domestic products in terms of product quality, testing speed, and operation substitution, so foreign brands quickly occupied the market.

After the weak precision instruments, the company actively promoted research and development. After years of research and development, the company launched an automatic chemiluminescence analyzer with 200 tests / hour based on basic detection management, and obtained 88 registrations of magnetic particle chemiluminescence diagnostic products (for the record).certificate.

Successfully developed a series of magnetic particle chemiluminescence in vitro diagnostic reagents, which are systematically integrated with a full-automatic chemiluminescence tester. With its advantages of high sensitivity, short detection time, and small analysis variation, it finally forms an integration that meets the performance indicators of imported automatic chemiluminescence products.Detection Systems.

2.

2.

3.
R & D and innovation advantages As a company’s technology-leading company, Antu has maintained redundant research and promotion for a long time.

According to the 2017 annual report, the company’s R & D and promotion continued to increase by 1 in 2017.

48ppm, an increase of 42 per year.

1%, accounting for 10 of total revenue.

5%, of which expenses are 1.

4.2 billion, with capitalization expenditure of 500 million.

By the end of 2017, the company had obtained 436 product registration (recording) certificates; of which 203 were immunoassay products, 88 were microbial detection products, 139 were biochemical detection products, and 6 were other products.
　　The company’s main research and development project is an automatic magnetic particle chemiluminescence immunodetection system, which includes two automatic magnetic particle chemiluminescence immunoassays and supporting reagents for infectious diseases, tumors, respiratory diseases, autoimmune liver diseases, bone metabolism, anemia, hypertension,Detection of eugenics and other disease markers.

According to the 2017 Annual Report, in the field of immunodiagnosis, the full-automatic magnetic particle chemiluminescence immunodetection system currently under development, A2000plus has been registered and listed in a variety of instruments, and A1000 and A6 (new projects in 2017) and other series of instruments are being gradually developed; supportingAmong the reagents, 53 reagents are under development (4 newly established in 2017), and the rest have been registered and listed or are planned to be listed.

The company’s microplate immunoassay products (including ELISA products and microplate chemiluminescence products) have 95 registration certificates.

And the company has launched a fully automatic chemiluminescence analyzer with 200 tests / hour based on conventional inspection management, and has obtained 88 registration (record) certificates for magnetic particle chemiluminescence detection products.

　　At the same time, bioactive materials (mainly including antigens, antibodies, etc.), as the key raw materials for immune in vitro diagnostic reagents, directly affect the quality of the product.

After several years of technical breakthroughs, the company has mastered the design, expression, purification, labeling, screening, storage, and use of recombinant antibodies, polyclonal antibodies, genetic recombination antigens and natural antigens, and has a core competitiveness.

　　2.

3.
The launch of instruments has accelerated, and the volume of reagents can be expected. Since 2014, the annual volume of Antu Biochemiluminometers has been increasing year by year. On top of this, the domestically produced Mike Bio and new industries.

Chemiluminescence is a closed system. The instrument needs to be used in conjunction with reagents. By placing the instrument in the early stage, the subsequent reagents are gradually increased in volume and the single product is gradually improved.
According to the annual report estimates, the current single investment of Antu Bio is about 30 million, and the combined instruments are rapidly launched, which will accelerate the growth of performance in the future.

　　The chemiluminescence business is the cornerstone of Antu Bio. The internal micro-well plate chemiluminescence has independently developed the chemiluminescence of magnetic particles, which will increase the company’s performance.

The competition in the field of chemiluminescence is fierce, technology is changing rapidly, and new technology has obvious advantages. For the replacement of traditional technology, Antu Biotechnology uses complementary research and development investment, rich technical reserves, solid talent accumulation and other factors to achieve technological breakthroughs and enjoy technological dividends.

　　3.
Traditional detection reagent + new domestic mass spectrometer = Antu whole microorganism detection chain. Microbial detection is mainly to analyze and detect pathogens or pathogen metabolites of infectious diseases. The purpose is to provide a basis for clinical treatment and can be used in the course of antibacterial treatment.Zhongzhong can choose the drug and treatment method that is most suitable for patients, reducing the chance of drug resistance caused by repeated drug tests.

　　Microbiology testing products include two parts: testing reagents and testing instruments. The reagents are used to present the reaction braking observation, the instruments are used to measure the corresponding results, and the testing process is reduced to reduce manual intervention.

Detection reagents can be divided into three categories from the perspective of technology: culture detection reagents, drug sensitivity detection reagents, and rapid detection reagents.

3.

1.
Microorganisms “run rampant” and detect “hundreds of times” pathogenic microorganisms refer to microorganisms that can invade humans, animals, plants, etc., causing infections and even pathogenic diseases. They are divided into eight categories, including fungi, actinomycetes, spirochaetes, bacteria,Rickettsia, Chlamydia, Virus and Mycoplasma.

Once swept the world, the 18th century caused more than one in Europe alone.

One hundred million people died of variola virus, one of the pathogenic microorganisms.
Absolutely, the outbreak of SARS, H5N1, hand-foot-mouth virus has caused a high level of understanding of pathogenic microorganisms in all sectors of society.

　　The pathogenic principle of pathogenic microorganisms Humans themselves have a certain number of resident flora, most of which are non-pathogenic. They have long-term symbiosis with humans and regularly settle in specific locations.

Microorganisms from the surrounding environment are called passing bacteria and are composed of non-pathogenic and potentially pathogenic microorganisms.

When the resident flora is chaotic for various reasons, the passing flora may multiply and cause disease.

　　Pathogenic microorganisms are closely linked to infectious diseases. Infectious diseases caused by pathogenic microorganisms are not uncommon. Different infectious diseases are caused by different pathogenic microorganisms, causing hundreds of thousands of deaths worldwide every year.Drug screening is very important.

　　There are 152 clinical microbiological test items. Classification of test sample types. The clinical microbiological laboratory is a special place for the isolation, cultivation, and identification of pathogenic microorganisms. There are 7 types of routine clinical microbiological test items in hospitals and medical institutions, with a total of 152 items, of which 152 items are among them.There were 81 bacterial 北京桑拿洗浴 tests, accounting for 52.

5%.

　　Due to different infection sites and different samples for different diseases, the sample types mainly include blood, cerebrospinal fluid, respiratory specimens (sputum, pharyngeal test), puncture fluid (pleural fluid, ascites, pericardial fluid, joint fluid and sheath fluid, etc.), urineLiquid, reproductive tract specimens, feces and pus and wound infection secretions.

In the process of the industry’s continuous development, the clinical needs have promoted the emergence of new technologies. In addition to traditional technologies, immunological testing gradually shows the stage. Unlike traditional methods, immunological testing has improved sensitivity and specificity., The application range is more extensive.

The development of technology will not stop. The current application of 天津夜网 gene regulation technology and mass spectrometry technology once again promotes the peak of industrial shock.

The microbiological testing industry has experienced 40 years of ups and downs, and it is difficult for a single company to continue the development of the Chinese microbiological testing industry in the past 40 years. From scratch, from weak to strong, new technologies have continued to emerge and the application field has gradually expanded. The entire industry is still at a high speed.progression stage.

3.

2.
The traditional detection process can be optimized and the market is considerable, creating the future development direction of Antu. The traditional microorganism detection process needs to be optimized. The traditional microorganism detection methods are divided into staining solution, staining method, culture method and non-culture method. The first two are based on traditional coating.Microscopic examination, observation of changes under a microscope, instead of culture method is based on enzyme biochemical reaction, which is through the use of invertase produced in the process of microbial reproduction and a chromogenic substrate color reaction or special physical phenomena can be observed andAchieve detection.

The staining solution and staining method involve smear staining inspection techniques; the culture technique is microbial culture, identification, and drug sensitivity testing, and it is also the most important and mature part of the microorganism detection technique; the non-culture method is mainly used for bacterial vaginosis detection.

　　At present, the testing procedures used in the laboratory are mainly preliminary pre-specimen. According to the results of smear staining, the appropriate medium is selected for isolation and culture, and then the biochemical reaction identification or automated instrument identification or the test paper method is used for detection based on the characteristics of the colonies.

Because it needs to detect the process of bacterial growth and division, it cannot be fully tested using fully automatic instruments. It can only be co-existed manually, semi-automatically, and automatically. After that, how will the reasonable use of labor, machinery, and combination increase speed and reduce less labor?Upgrading the industry in terms of quality control is the company’s future research and development direction.

　　Microbial testing is different from other in vitro diagnostic tests in specimen processing and culture. Positive samples can be obtained before the next identification and drug sensitivity testing.

According to the data published in the “Blue Book of China’s In vitro Diagnostic Industry Development 2015”, it is shown that the positive rate of bacterial culture is generally between 20% and 30%, followed by an increase of about 35% in Europe and the United States, and further improvement in the future, so that the market can be optimized.

　　The company is currently expanding the construction of the project through the expansion of the production capacity of microbial testing reagents and re-completed the flat filling line, which is expected to reduce the scrap rate by 20% compared with the traditional manual or semi-automatic filling process;

Automated equipment such as dry chemical adding machines can improve the micro-packaging level of the company’s products and improve product consistency.

In the future, the company’s microbial detection reagent production capacity and technology can be significantly improved.

　　25% growth rate of the industry, helping Antu’s entire product line to achieve steady growth in performance coverage According to the “2015 Blue Book of China’s In vitro Diagnostic Industry Development”, at present, in all areas of in vitro diagnostics, microbial detection accounts for only 4%; including media and drug sensitivityThe market size of traditional traditional microbiological detection inside reagents was only 7 in 2009.

900 million yuan, 2013 18.

200 million yuan, up to 30 in 2015.

USD 300 million, growing rapidly at an annual growth rate of about 25%.

　　Among them, the medium plate series products have a higher market share. In 2009, the industry achieved a total industrial output value of 9285 million, and by 2015, it has achieved a total industrial output value of nearly 3.

500 million US dollars, the average annual growth rate is not low and 25%.
Antu also took advantage of this development opportunity to develop a unique series of dry chemical enzyme detection products.

　　The company’s product line is complete, reagents and instruments are used in conjunction.

The reagents include culture-type detection reagents, drug-sensitivity detection reagents, and rapid detection reagents. The instrument includes an automated sample loading system, an automated blood culture system, an automatic reproductive tract secretion workstation, and a cover culture method and a non-culture method.

　　As national medical policies in these countries increase control over the use of clinical antibiotics, their demand has grown rapidly, and the company’s revenue from microbial reagent products has grown at a compound rate of 26 between 2012 and 2014.

90%.

In 2013, sales revenue from January to June of 2015 increased by 26.

14%, 27.

66% and 10.

90%, sales volume increased by 23 each year.

60%, 21.

07% and 10.

03%.

As the future of antibiotics becomes more stringently controlled, the benefits of microbial reagents are expected to maintain steady growth.
3.

3.
Mass spectrometry technology research and development is expected to drive a new round of growth in microbial detection performance. The application of mass spectrometry through time-of-flight mass spectrometry refers to a specialized technology for identifying compounds through the preparation, separation, and detection of gas phase ions; the principle is to use ionization technology including gas phase ionization(Electron bombardment, chemical ionization) and desorption or desolvation ionization techniques.

Mass spectrometers include quadrupole, ion resonance, time of flight, magnetic coupling, and Fourier transform.

　　Mass spectrometry has a wide range of clinical applications: newborn screening, therapeutic drug concentration testing, forensic toxicology, hormone testing, genetic testing, protein testing, high use opportunities in the field of microbial testing, increased penetration, and easy sales.

　　At present, in the direction of microbial detection and identification, the main mass spectrometry routes are gas chromatography-mass spectrometry (GC-MS), built-in assisted laser desorption time-of-flight mass spectrometry (MALDI-TOF MS), electrospray mass spectrometry (ESI MS), thermalPy-MAB-MS.

Each has different advantages and disadvantages to meet different clinical needs.

Application of time-of-flight mass spectrometry in the field of microbial detection. Time-of-flight mass spectrometry uses pulsed lasers to desorb and ionize samples, accelerate them at high pressure, and enter the time-of-flight detector after focusing. The mass-to-charge ratio of the ions is proportional to the time of flight to obtain variousThe intensity of each ion is introduced into the computer for processing, and the type of microorganism is judged by comparing the database of microbial fingerprint.

　　Time-of-flight mass spectrometry detection is actually biomolecules.

Microorganisms of different species have different types or contents of biomolecules. By obtaining these molecular weight data, a specific mass spectrum is formed, and the type of microorganism is judged.

Mass spectrometry has significant advantages in the field of microbial detection. Since the first commercial mass spectrometer was introduced in 1942, mass spectrometry has continued to develop, detection accuracy has gradually improved, and clinical applications have gradually expanded. It is expected to become the main detection method in clinical testing technology in the future.One.

Mass spectrometry is a useful supplement to the current detection technology. Its molecular weight range is greater than that of traditional immunological methods, which can meet the clinical diagnosis and treatment requirements for specific diseases, and it translates into multiple quantitative advantages compared to traditional immunological methods.

The foreign market is gradually mature, and the domestic market has just started. MALDI-TOF is divided into several instruments: TOF / TOF, Linear, Reflectron, and Q-TOF; according to the SDi report, the global mass spectrometer inventory in 2012 is about 17.
.

10,000 units; the linear stock is up to 2525, the Reflectron is 1,550, the TOF / TOF is 1,035, and the minimum Q-TOF is 240.

　　In 2012, the number of newly installed MALDI-TOF instruments was about 860, and the average price of a single unit was about 24.

USD 30,000, the instrument demand market size is 208.

$ 9 million, with an additional aftermarket of about 44.

1 million US dollars, serving about 57 markets.

USD 8 million, totaling USD 311 million.

It is expected to be USD 459 million in 2017.

　　MALDI-TOF instruments have been widely sold in North America and Europe, but only accounted for 4 in China.

1%, about $ 18 million.

Mass spectrometers have very low penetration rates. Once domestic mass spectrometers are successfully marketed, they have great potential for future development.

　　Globally, MALDI-TOF mainly integrates research, analysis services, and basic scientific research, accounting for 41 in 2012.

8%, 29.

5% and 15.
1%.

It is also used in biotechnology, pharmaceutical companies, academic research and medical institutions, accounting for 22% of the total market.

5%, 20.

4%, 18.

1%.

It can be found that the current mass spectrometers mainly integrate research and provide detection analysis in the global market.

　　In the United States, the mass spectrometer is mainly used in the laboratory. The existing FDA issued relevant guidelines to guide the establishment. The domestic market lags behind the global development. Currently, no mass spectrometry detection standards have been issued. Most domestic mass spectrometry tests are laboratory-built detection methods.Even so, through the development and launch of domestic mass spectrometers, related regulations will also be introduced in the future. At this time, the requirements of foreign guidelines and experience can still help us to establish a mass spectrometer laboratory that meets the standards. The requirements include laboratory environment and experiments.Room safety, reagents / consumables used, equipment, specialized cultivation, etc.

　　The current overall clinical development of mass spectrometry in these countries is unable to fully grasp the research and development technology due to the localization of instruments. Imported mass spectrometer instruments are expensive, and the mass spectrometer market is almost monopolized by foreign imported products.

The main problems are as follows: a small number of testing institutions, a narrow scope of applications, a small number of projects, and a shortage of professional talents.

In the future, through the state’s support for high-end medical devices, it may be possible to gradually increase the mass spectrometer penetration rate by establishing a large number of laboratories.

Because the mass spectrometer has a wide range of applications and theoretically has a long way to go to the top of the mass spectrometer, the successful launch of the Autof ms1000, an automatic microbe mass spectrometry detection system by Antu, has a room for domestic production.

　　Through strategic cooperation, Antu strengthened the technology company in the field of microbiology. On October 26, 2017, it signed the “Issuance of Stocks and Patent Technology Transfer Agreement” with LBT Innovations Ltd. After the transaction was completed at a price of about 10.36 million yuan, the company could own an LBT microorganismThe technology and related copyrights of the plate implanter “Microstreak” and the automatic plate analyzer of the automatic plate evaluation system developed by the company in cooperation with LBT.

The company acquires corresponding technologies through foreign investment equity, and continues to innovate in the field of microbes on the basis of complete products. In the future, the listing of microbe plate counting mass spectrometers and technology will be continuously updated, and the growth rate can be expected.

　　4.
From 0 to 1, the acquisition of the layout of the biochemical industry chain company in December 2016 acquired the full line of Shengshi Junhui biochemical products business, the Toshiba Medical Systems (China) Co., Ltd. full range of automatic biochemical analyzer products in China (Hong Kong, Macao,(Except Taiwan) exclusive sole distributorship, officially entered the biochemical business.

Later, in May 2017, it acquired a 75% stake in Biotec, and further deepened the in vitro diagnostic reagents of biochemicals, and realized that all the instruments and reagents covered the blank business in the biochemical diagnostics industry.
By the end of 2017, the company had obtained 139 product registration (recording) certificates for biochemical diagnostic products.

　　Biochemical diagnosis refers to diagnostic methods involving enzyme reactions, mainly used to detect biochemical indicators such as enzymes, sugars, lipids, body functions or proteins.

It is a branch of in vitro diagnostics, and it is also a gradual start. At present, the mature in vitro diagnostics sub-industry accounts for about 20% of the in vitro and in vivo diagnostics market.

In 2015, the annual biochemical analyzer and reagent market size has reached 79.

4 trillion US dollars, currently growing at a compound annual growth rate of 12% -15%, there is still market space.

　　At present, domestic substitutes for reagents have been basically completed in China, and the instrument has changed from manual, semi-automatic to automatic technology. Now the technology of automatic biochemical analyzer is still mastered in imported brands.

In the domestic biochemical market, the company has obtained the exclusive general sales agency right of the imported brand Toshiba Medical China, which has squeezed into the domestic biochemical field, making it easier to bundle sales of “reagent + instrument”.

　　Shengshi Junhui’s operating income and net profit continued to decline significantly in 2013-2015, mainly due to the replacement of products sold, of which the automatic biochemical analyzer TBA-40FR instrument has gradually stopped selling after 2013.

The company gradually introduced new products. In August 2016, the new high-end fully automatic module biochemical analyzer TBA-FX8 instrument was introduced, which effectively increased the revenue and net profit of the biochemical business.

At the same time, the actual net profit of Shengshi Junhui’s biochemical division in 2017 was 2,607.

760,000, reached the original performance of no less than 22 million commitments.

　　Biotech’s 2017 net profit was 1,257.

190,000 yuan, an annual increase of 173.

83%, the 2017 net profit promised at the time of completion of the acquisition is not less than 10.5 million yuan.

The company focuses on the field of biochemical in vitro diagnostic reagents, and has obtained 119 medical device product registration certificates in 12 categories, with a complete range of products.

　　After the company acquired Shengshi Junhui and Biotec, their net profits in 2017 achieved their corresponding performance commitments.

According to the company’s announcement of the acquisition of Shengshi Junhui and Biotech Taikang, Shengshi Junhui promised a net profit of 24 million yuan and 30.86 million yuan in 2018-2019, and Biotec promised a net profit of 16 million yuan and 2350 in 2018-2019, respectively.According to the company’s shareholding, the net profit that can be provided to the company from 2018 to 2019 after the acquisition is 36 million yuan and 4848, respectively.

50,000 yuan.

In the future, the company’s income after consolidation will be considerable.

5.
The first domestically-made full-automatic assembly line, which will soon lead the biochemical immunoassay assembly line, is called the Automatic Laboratory Track Connection System (TLA), or TLA for short. The overall system includes three parts, namely the sample pre-processing part, analysis part and post-processing part.

TLA is divided into TTA (task-oriented automation) and TLA according to the degree of automation. TTA mainly refers to the automation module with function as the core. The main purpose is to replace labor-intensive work. There can be sorting systems, decap systems, and centrifugation.Different functions, such as systems, are each a separate automation system.

The TLA is completely automated, and manual steps are almost negligible.

　　Before the use of the assembly line, the sample detection process included many manual steps, including labor-intensive shifts such as sample rack handling, centrifugation, decapping, dispensing, and so on. After using TLA, there was almost no manual operation from sample to report.
Whether it is a large third-party laboratory or a large hospital inspection department, the medical examination center has a great demand for the assembly line.

Especially for China with a large and tertiary hospital as the main market for inspection and a large population, the demand for assembly lines is also growing.

　　By gradually penetrating into the market through TLA, the efficiency of sample testing will increase, and the daily testing sample volume will increase, and the daily demand for preparations will increase. Therefore, the assembly line alone can contribute to profits in addition to sales, and also accelerate preparations.The sales of Antu’s in vitro diagnostic preparations increased.

　　Since 1989, the Akita National Hospital of Japan, with the help of Hitachi, has completed the concept of a true automatic laboratory, and Japan has begun to expand the assembly line.

The European and American markets were opened in the late 1990s, while the Chinese market only began in 2009, citing international lagging by 10 years.

　　At present, Europe and the United States occupy most of the global pipeline market. According to 2012 data released by the CAP, the European and American markets account for about 87% of the world.

With the continuous development of imported brands in emerging markets, other countries except Europe and the United States, especially the BRIC countries with large populations, are growing rapidly at the same time.

According to CAP data, the European and American markets accounted for about 76% in 2016, while China accounted for only about 4%. Although there is still a gap, the share of the assembly line market in the European and American markets has been changed to be divided by other countries’ markets.Some improvement can be expected.
　　Although it is at the cut-off point of the assembly line date and time and market share is far behind in the upstream, at present, the assembly line is developing rapidly and the growth rate of the assembly line is accelerating.

According to Kalorama’s forecast, there will be approximately 7 billion US dollars in the global pipeline market in 2016, with a compound growth rate of 5% in 2009-2016, of which China’s growth rate is about 22 in 2012-2017.

6%.

The gradual increase of pipeline demand in the future is further spread, and the market size is expected.

　　Through industry tracking, we found that beginning in 2012, the pipeline began to roll out rapidly. At the end of 2016, the number of real estates achieved a new breakthrough. The overall growth rate is still maintained at a relatively fast level. Therefore, the number of installed pipelines in the pipeline is expected to usher in development opportunities.

　　According to the scale of the pipeline, domestic pipelines are divided into large pipelines and small pipelines. The concept of large pipelines mainly refers to automatic laboratory systems, which are currently all imported. The main companies are Beckman, Siemens and Roche.

Small flowing water mainly refers to the connection of biochemical immunity, mainly refers to the cascade of simple biochemical system and light system, or the cascade plus track system.

At present, China has no strength to be a real large-scale pipeline, and chooses the biochemical immune cascade as the breakthrough point of domestic cut-in pipelines. The main manufacturers are Mindray, Antu and Dirry.

　　By integrating domestic and international high-end resources, Antu has created a more suitable Autolas A-1 automatic pipeline for China’s national conditions laboratory. It is also the first local company in China to provide a full set of laboratory automatic product pipeline services.
Consolidate the foundation of the biochemical business, realize the construction of the whole biochemical industrial chain of assembly lines, instruments, and reagents, and at the same time seamlessly connect the biochemical immunity to better meet market needs.

　　The fully automatic assembly line was released in May 2017, and is expected to be launched in 2018.

The release of the assembly line requires an increase in the number of reagents consumed, which drives up the sales of immune detection reagents and microbial detection reagents.

6.
It is estimated that the rating company released the first quarter report of 2018, and Q1 achieved revenue4.

1.6 billion, an annual increase of 71.

87%, net profit attributable to mother is 0.

9.6 billion, an annual increase of 42.

43%, net profit after deduction is 0.

9.1 billion, an annual increase of 52.

88%, the rapid growth of performance is mainly due to mergers and acquisitions caused by mergers and acquisitions; the restructuring company’s magnetic particle chemiluminescence detection reagent revenue continued to grow, and we believe that the first quarter of the flu market led to the rapid growth of microbial detection and agent products vircell nine respiratory infection pathogen detection.
　　The number of patients in January 2018 reached 27.

390,000, an increase of 124.

92%, an annual increase of 809.

86%, much higher than the same period of previous years (January 3, 2017.

10,000 cases, January 2, 2016.

330,000 cases, January 2, 2015.

380,000 cases) and 56 deaths.

　　Maintaining the best performance forecast, we expect the EPS for 18-20 to be 1.

39, 1.

78, 2.

20 yuan, compared with companies in the same industry, Antu Bio’s multi-point layout, including areas such as chemiluminescence, biochemistry, microorganisms, and assembly lines, enjoys a conversion premium. In 2018, it was given 50 times PE and maintained a “buy” rating.

Foster (603806): Performance is in line with expectations
Event: The company announced its 2018 annual report and achieved revenue of 48.100,000 yuan, the same increase of 4.90%; net profit attributable to mother 7.51 trillion, with an increase of 28.38%, net of non-attributed net profit4.310,000 yuan, down 20.80%; EPS 1.44 yuan, ROE 14.31%.Among them, 2018Q4 achieved revenue of 13.9.9 billion yuan, an increase of 17.99%; net profit attributable to mother 4.04 trillion, with an increase of 87.85%, deducting non-attributed net profit1.30 trillion, down 38.28%; EPS 0.77 yuan, ROE 7.55%.The profit distribution plan is distributed to all shareholders at every 10 shares4.50 yuan (including tax). The increase in molecular weight of EVA film and the optimization of the product structure have led to an increase in unit price. The gross profit of flat flat has remained flat. New investment projects in white EVA and PO film have improved profitability.In 2018, EVA film revenue reached 41.5.3 billion, an increase of 6.84%; gross profit margin 19.14%, down by 1.23%.Although the 2018H1 EVA film implantation is affected by the photovoltaic “531 New Deal”, the magnitude is 1.02%, but due to the recovery of the domestic market and the support of 武汉夜生活网 overseas demand in the second half of the year, EVA film replaced 5.8.1 billion pings, an increase of 0.61%; 2018 EVA film single flat price / gross profit is about 7.15/1.37 yuan / square meter, ten years +6.19% /-0.At 22%, the price of Shanping increased and the gross profit of Shanping was basically the same. The company’s photovoltaic film product structure continued to be optimized, especially in the second half of the year. The demand for high-efficiency modules in the conversion market increased rapidly.Demand for POE film (high unit price) is strong, and sales volume has increased compared to the same period last year.At least, the company’s total scale of not more than 1.1 billion US dollars of convertible bonds was replaced, and the funds raised will be used to invest in white EVA, POE film and photosensitive dry film 杭州桑拿网 projects. After the project is put into production, it will further optimize the product structure, enhance scale effects, and increase profitability. The new materials business is progressing smoothly.In 2018, the preliminary sales of photosensitive dry film were 774.550,000 square meters, an increase of 386 in ten years.At 37%, the company ‘s first-phase mass production capacity of photosensitive dry film has begun production at the end of the fourth quarter. At present, there are a large number of customer orders and the capacity continues to climb. The aluminum-plastic composite film products have successfully achieved mass production.Successfully introduced 3C battery customers; structural adhesives successfully completed customer introduction and achieved mass production and sales, and seized core customers in subdivided fields; FCCL continued to complete product improvement and client testing. Investment suggestion: Net profit is expected to be achieved in 2019-2021 respectively6.38, 7.44、8.780,000 yuan, at least -15.01%, +16.61%, +17.92% (after deducting the impact of the P3 factory area demolition compensation, the net profit in 2019 increased by 29.47%), the current sustainable corresponding PE for three years is 27, 23, 20 times, maintaining the “overweight” level. Risk alert event: PV supplementary installations and policies were less than expected, and new material business development was less than expected.

2 billion funds fell to stop the white horse stepping up by 40 times

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

　　Sudden Black Swan!

2 billion funds were hit and stopped, a white horse surged 40 times on a mine, social security QFII was shot, Wenzhou helped to get in, and the institution fled. Source: DataBao’s original Lin Lifeng QFII stepped on the mine.

4.8 billion yuan.

　　Before the noon closing today, the medical white horse stock East China Medicine suddenly collapsed. From 11 o’clock, it was moving towards a fast kill from a flat market. At about 11:20, the sell-off accelerated, and the limit was approached before the noon.

At the beginning of the afternoon, the daily limit was directly closed and the closing was terminated. More than 3,500 hands closed the daily limit, and the market value per day was 4.3 billion.

The turnover of East China Pharmaceuticals exceeded 2 billion today, and the single-day transaction created historical volume.

　　After-hours data shows that among the top 5南宁桑拿 buys, Galaxy Securities Wenzhou Danan Road Securities Business Department bought 1.

83 trillion, Shenzhen Stock Connect bought 45.69 million, and another institution bought 33.56 million; while the top 5 sells, the two seats sold a total of 1.

4.8 billion yuan, Shenzhen Stock Exchange sold 46.92 million yuan.

　　East China Medicine’s flash collapse today also quickly attracted social attention.

In the afternoon, “East China Medicine” was on the hot search list as a keyword.

　　Unexpectedly, the East China Pharmaceuticals core product collection bureau for the sudden collapse of East China Pharmaceuticals today is mainly due to the subsidiary of East China Pharmaceuticals, China, the United States and East China, out of the bid for acarbose.

　　Before the market closed at noon this morning, media reports said that in the second round of centralized drug procurement, the bidding companies for Acarbose included Sino-American East China Pharmaceutical, Luye Pharmaceutical and Bayer. The three quotes were respectively.

96 yuan, 9.

6 yuan and 5.

42 yuan, the specifications are 50mg / 30 tablets.

Bayer converts the price of a single piece to 0.

1807 yuan, which is more than the prescribed maximum effective declaration price of 0.

8353 is also nearly 80% lower.

　　As an oral hypoglycemic agent, acarbose can internally and competitively inhibit glucoside converting enzyme, inhibit the breakdown of starches into glucose, and reduce the absorption of glucose in the body, thereby reducing postprandial hyperglycemia and reducing blood glucose.

　　Sino-US East China Company is a wholly-owned subsidiary of East-China Pharmaceuticals. Acarbose is also the core product of Sino-US East China.

At present, domestic manufacturers only have original research Bayer, East China Medicine and Sichuan Luye. East China Medicine covers the second largest market share, accounting for 30%.

　　According to a recent announcement issued by East China Pharmaceuticals, Acarbose Tablets is currently the company’s largest pharmaceutical drug product by revenue.

In 2015, East China Pharmaceutical’s acarbose sales revenue exceeded 10 billion, in 2016 sales exceeded 1.5 billion, and in 2017 revenue exceeded 20 billion.

The 2018 annual report shows that the two major products of acarbose and Bailing Capsule have revenues of more than 2.5 billion; acarbose has increased by about 30%, mainly due to sinking channels and promotion of strengthening rapid volume of grassroots hospitals and import substitution.

　　As a core product of East China Medicine, acarbose has attracted the attention of investors.

Data Bao’s review of the company’s investor survey activity record last year found that almost every study of acarbose was cited by investors, and the focus was on whether it would be replaced by centralized mining.

　　From the company’s response, it is relatively optimistic to separate mining.

In the survey record form on August 30 last year, the company stated that “from the point of view of products, the most likely current distribution is acarbose”, and the survey record on September 27 also stated “currentlyThe company still has a comparative advantage in the sugar product market competition pattern. At the same time, the company also stated that “Acarbose is a strategic core product of the company, which is important to the company, but not the entire product of the company.”

　　The historical increase is over 40 times. Social Security QFII stepped on Lei Huadong Medicine as a medical white horse stock. The historical growth rate is amazing. Securities Times · Databao statistics show that the company has been in a long-term bull trend since 2005.From the low point, to the highest price in 2018, the company 13 rose more than 40 times more than expected.

　　The company’s performance is also rising, and its revenue has increased from less than 9 billion in 2010 to more than 30 billion US dollars in 2018, and its net profit has increased from more than 300 million to more than 2.2 billion.

It is precisely because of its good performance that the big names in the shareholder list gathered. Last three quarterly reports showed that including social security funds, Shenzhen Stock Connect, QFII, insurance institutions, etc. are among the top ten shareholders of the company’s circulating shares.

Among them, the social security fund holds 23.34 million shares, the securities company holds more than 22 million shares, and the QFII Macau Monetary Authority holds more than 10 million shares.

　　However, since the company’s sustainable record high in 2018, the number of shareholders of East China Pharmaceutical has also grown rapidly.

From 2 at the end of February 2018.

0.6 million households, and the number of shareholders has reached 5 by the end of 2018.

740,000 households, and the latest three quarterly report last year, the company has more than 100,000 shareholders, the number of shareholders has increased by 4 times in less than 2 years.　　Collecting and collecting will be normalized, and the purchase of high-value consumables will be the highlight of 2020. The results of this national unified drug procurement will be released 3 days after the public announcement. It is reported that patients from all over the country can use this batch of selected drugs in April.

In this batch of drugs, 33 varieties were selected to cover the treatment areas of diabetes, hypertension, anti-tumor and rare diseases. More than 100 pharmaceutical manufacturers were involved in the bidding for procurement with a large number of listed companies.There are Hengrui Medicine and CSPC, both of which have won 3 bids.

Stimulated by this news, Hengrui Medicine continued to develop.

88%, CSPC rose 5.

11%.

　　Reviewing the first batch of centralized procurement led by the National Medical Insurance Bureau, that is, the national unified organization of centralized procurement and use of drugs, no longer selected parts of the region to implement the pilot, a procurement alliance composed of all parts of the country.

The first batch of national collective mining started bidding on September 24 last year. Compared with the 2018 minimum purchase price index, the average price of the products selected to be selected decreased by about 59%.

From the previous performance point of view, the successful bidders and the unsuccessful bidders have severely differentiated their trends. Since Xinlitai, Jingxin Pharmaceutical, and Enhua Pharmaceutical failed to win the bid, Xinlitai gradually approached the daily limit on the same day. Jingxin Pharmaceutical and EnhuaThe pharmaceutical industry dropped the limit on the same day in advance and terminated the latest. The extension of the three shares decreased by 20 each.

23%, 17.

62, 7.

At 05%, the winning bids of Huahai Pharmaceutical and Hong Kong-listed CSPC have performed a series of good performances, and the latest progress is continuous, which is expected to make progress separately.

3%, 18.

55%.

　　The state budget centralized bidding will gradually be normalized, and the spot of interest in the market in 2020 is the procurement of medical consumables.

On December 5, 2019, the “National Medical Security Administration’s Reply to the No. 1209 of the Second Session of the Thirteenth National People’s Congress” issued by the National Medical Insurance Bureau showed that the pilot work of high-value consumables tape volume procurement will be implemented internally.

The National Medical Insurance Bureau stated that it would select key varieties to carry out pilot work with “quantity procurement” to reduce the price of high-value medical consumables.

　　In addition, the Beijing-Tianjin-Hebei medical consumables procurement platform has stated earlier this month that the nine provinces will jointly carry out the procurement of medical consumables, and the public medical institutions in the nine provinces will all participate. This cross-provincial large-scale joint belt procurement will be officially pulledOpen the curtain of “3 + 6” for consumable tape purchase.

　　Today, the person in charge of Jinan Medical Insurance Bureau introduced the situation of “the first joint procurement of medicines and consumables in medical institutions in Ji’an”, which is expected to save medical expenses.

600 million yuan.

Among them, the average decline of drugs reached 31%, with a maximum decrease of 73.

26%; the average price of consumables fell 58%, the highest drop 87.

9%.

　　Great Wall Securities believes that in the context of the continued decline in the prices of existing varieties, the market value of innovative varieties has increased, benefiting innovative companies and the industry chain, and has a strong focus on research and development, and enterprises with advanced varieties will continue to be favored by the market.

　　CITIC Construction Investment Securities believes that it is expected that the future volume procurement will be normalized and the procurement cycle may be shortened. Centralized procurement bidding will be conducted quarterly and half-yearly. The overall procurement frequency should be evaluated by CDE.Solidification, the main uncertainty factor this year is local centralized mining.

Computer Security Board Information Security Part Two
As of April 12th, the science and technology board has replaced 65 companies, of which 天津夜网 information security companies accounted for 4 seats, namely Hengan Jiaxin, Abotong, Anheng Information and Mountain Stone Network.In this issue, we mainly introduce Abottom.The company’s main business is the research, development, sales and related technical services of core software products for network security. It is a leading domestic network security system platform and security service provider.In the network security industry, the company relies on self-developed application layer visualization of original network security technologies to provide operating systems, business components, analysis engines, key algorithms, feature library upgrades and other software support and related technical services for many global network security products. The information security market will usher in the possibility of an explosion.With the implementation of the “Thirteenth Five-Year Plan” National Informationization Plan, the network security industry, especially the field of network security situation awareness, will usher in a golden period of development during the 13th Five-Year Plan period.According to the “2019 China Cyber Security Development White Paper” released by CCID Consulting, the size of China’s cloud security market reached 37 in 2018.800 million, with an elongation of 44.8%.The multi-tenant sharing scenario of the public cloud will lead to the weakening of the trusted boundary and the increase of threats. Therefore, the establishment of a cloud-based in-depth protection system has become an important means to deal with the security threat of the public cloud.In the “Internet +” era, the rapid development of the Internet of Things is accelerating into various fields such as production, consumption, security, and social management. The scale of the Internet of Things equipment has shown an explosive growth trend, and the era of the Internet of Everything is coming.While the Internet of Things brings convenience to our work and life, it also brings risks.IoT security will become a blue ocean “potential stock” in the trillion-scale market. In 2018, the size of the IoT security market in China reached 88.2 trillion, the growth rate reached 34.7%. The company has an excellent customer base.After many years of technical research and development and business experience accumulation, the company has formed a professional team of security core technology with rich experience, with the ability of comparative team research and development and technical tackling ability, which can meet the customer’s scenario needs and provide professional products and services.After years of development, the company has accumulated a large number of well-known customers in the industry, including Huawei, Xinhua III, Starnet Ruijie, Westone, Starstar, 360 Netshen, Renzixing, NSFOCUS, Taiji, Rongzhilian, China Telecom SystemIntegration, well-known product and solution manufacturers such as Maipu Communication. Valuation of the target company.The company is a provider of network security system platforms and security services.We have selected similar listed companies whose main businesses are: Westone, Qixingxing, Blue Shield, NSFOCUS, Inspur Information, Ren Zixing, and Symantec. Among them, Symantec is a U.S. listed company and Weishitong., Qi Xingchen, Ren Zixing has established a long-term stable cooperative relationship with the company.As of April 12, 2019, the average PE (TTM) of the company’s listed companies in the same industry (excluding defects) was 58.8 times, because information security is in a period of rapid development, national support has broken through, industry barriers are higher, and the market has given a higher estimated premium. Risk reminder: brain drain risk, market competition risk, product sales risk, economic growth is less than expected risk, etc.

吃肠胃药的最佳时间表服用
质子泵抑制剂有奥美拉唑，兰索拉唑，埃索美拉唑和雷贝拉唑等，是目前比较有效的胃酸分泌抑制剂。
这类药最好早上空腹时服用，以提高药物的生物利用度，部分患者深夜症状加重，可在晚餐前或睡前加服一次。
胃动力药胃动力药如多潘立酮（吗丁啉），莫沙比利，伊托必利等建议饭前30分钟服药，到进餐时，药物浓度正好达到高峰，可以有效提高进餐后的胃动力作用，促进消化。
消化酶制剂消化酶制剂有多酶片，复方消化酶等，建议进餐时或饭后服用，且不宜与酸性药物同服。
黏膜保护剂黏膜保护剂有硫糖铝，枸橼酸铋，铝碳酸镁等，在胃内能迅速崩解，覆盖在胃黏膜表面，形成保护性薄膜，从而隔离，保护的作用。
黏膜保护剂应在饭后1–2小时，睡前或胃不适时服用，避免与食物混合后影响疗效。
如果需要服用其他药物，应间隔半小时后再吃胃黏膜保护剂，以免相互影响。
。

See small moves to get to know your boss

The office workers who work for the company are not dedicated to being promoted, but what is the chance of achieving the goal? From the boss’s usual listening to your unique hand movements, you can know in advance that you will need a raise or upgradeThe success rate is a little bit. If you still want to achieve your goal, learn the tricks of different bosses first.

　　1 Touch your hair or ears from time to time 2 Hold your hands 3 Hold your chin 4 Play with pens or other items Test result selection 1: Your boss is a neurotic person, a little wind in the office will make him or her nervousMore than half a day.

Because you ca n’t let go of everything, it ‘s easy to be frustrated, so as a subordinate, if you have left a bad impression on him or her, it is like a brand. If you want to stand up, please take care of the boss ‘s mood and run your own family.Feeling, the situation will improve.

　　Option 2: A serious woman or man is what describes your boss.

He or she is a person who talks about things at work. He hates people who can only play tricks, so making a fart would be self-defeating.

What you need most is to show your strength and ability to deal with customers, so that the boss will appreciate you.

　　Option 3: Your boss is actually easy to handle, because he or she belongs to the easy-going party, the big festival is the focus, and it is not always about the festival, so when dealing with such a boss, you do n’t have to be too serious, but he or sheWin with cleverness. If you often show a slow response, it becomes that he or she feels that you are not a general, and you are not smart enough to be recognized, and it is almost impossible to get promotion.

　　Option 4: Your boss is a person who thinks highly of himself. He has self-discipline in everything and has a strong opinion. Therefore, as a subordinate, it is best not to talk back to him or her, or to make a noise on the spot.Miserable.

You have to remember to leave the face of your boss anyway. Your talents can be written or private. Only in the future will you have a good life.