Antu Biotech (603658): Third-line business of immunodiagnosis, microbiological testing, and biochemical testing goes hand in hand to drive continuous and rapid growth in performance
Key Investment Events: The company achieved operating income in 201819.
30 ppm, an increase of 37 over the same period last year.
82%; net profit attributable to shareholders of listed companies5.
63 ppm, an increase of 25 over the same period last year.
98%; deduction of non-net profit5.
35 ppm, an increase of 29 in ten years.
17%, in line with expectations.
The company achieved operating income in Q4 of 20185.
69 ppm, an increase of 36 in ten years.
48%; realize net profit attributable to shareholders of listed companies.
52 ppm, an increase of 23 in ten years.
27%; deduct non-net profit1.
40 ppm, an increase of 23 in ten years.
64%, in line with expectations.
The third-line business of immunodiagnosis, microbiological testing and biochemical testing goes hand in hand, and the company’s performance continues to grow steadily and rapidly.
The company has formed three major IVD detection product platforms for immunodiagnosis, microbiological detection and biochemical detection: 1) The core product magnetic particle chemiluminescence product line has outstanding technology, and the penetration rate of top three hospitals continues to increase.
In 2018, the company’s immune diagnostic business line achieved revenue10.
48 ppm, a 34-year increase of 34.
15%, gross profit margin rose by 0.
11%, reaching 81.
The company’s advanced product technology leadership and strong sales channels have installed more than 900 units in 2018, and it is expected that the company’s product market inventory will exceed 3,000 units, which is a guarantee for the company’s continued high growth.
2) The promotion of biochemical testing and microbial testing went smoothly, becoming a new driving force for stabilizing the company’s performance growth.
According to the 佛山桑拿网 reported amount, the company’s biochemical testing business line realized revenue6.
440,000 yuan, an increase of 175 in ten years.
31%, gross profit margin increased by 3 in ten years.
78 averages, reaching 65.
Microbial testing is the three important fulcrum of the company’s development. In 2018, the business line completed sales revenue1.
67% billion increase 18.
47%, gross margin is 51.
12%, a decline of 2 per year.
3) The automatic assembly line Autolas A-1 is the embodiment of the company’s technical capabilities and the breaking point of the company’s future performance growth.
Antu Bio’s launch of Autolas A-1 series products will provide hospitals with a tailor-made comprehensive laboratory automation overall solution. Its leading technology and stable operation ability will once again open up the market for imported products in the IVD field.
Profit forecast and investment grade: We estimate that the company’s operating income will be 25 in 2019-2021.
4.1 billion, 33.
15 ppm and 42.7.5 billion, net profit attributable to mothers is 7 respectively.
4.5 billion, 9.
7.7 billion and 12.
74 trillion, the corresponding EPS is 1.
78 yuan, 2.
33 yuan and 3.
Considering that the company’s chemical luminescence subdivision industry has a large space, rapid growth, the company’s technological strength expansion, strong R & D transformation ability, high performance certainty, and the ability to maintain long-term high-speed growth, it is given an “overweight” rating.
Risk reminder: Risk of policy changes in the industry; Biotech’s integration fails to meet expectations; market launch of mass spectrometers fails to meet expectations.