Antu Bio (603658) Annual Report 2018 Review: Luminous Continues High-Growing Product Line
This report reads: The company’s magnetic particle chemiluminescence continues to grow rapidly. The two new products of the pipeline and microbial mass spectrometers are steadily advancing. The channel terminals are deployed in accordance with the trend. High-intensity research and development help new products continue to be launched, and their competitive advantages continue to increase. Maintain the overweight rating.
Investment Highlights: Maintain Overweight rating.
Considering the company’s new product promotion progress and continued expansion of R & D investment, the EPS for 2019/2020 is reduced to 1.
21 yuan (was 1).
32 yuan), forecast EPS2 in 2021.
88 yuan, with reference to comparable companies estimated that PE40X in 2019, the company’s competitive advantage continues to improve, given a certain premium, raised the target price to 76.
5 yuan, corresponding to the 2019 PE 45X, maintaining an overweight rating.
Performance is in line with expectations.
The company achieved revenue of 19 in 2018.
3 billion (+37.
82%), net profit attributable to mother 5.
6.3 billion (+25.
98%), deducting non-net profit 5.
3.5 billion (+29.
17%), of which Q4 earns 5.
6.9 billion (+36.
48%), the growth rate rebounded significantly from Q3, and the performance was in line with expectations.
Affected by the consolidation of the low-margin biochemical and co-construction business, the overall gross profit margin decreased.
The 11% magnetic particle chemiluminescence continued to grow at a high rate.
It is estimated that 900+ magnetic particle instruments will be launched in 2018 (approximately 3100 units), and the revenue contribution will exceed 800 million US dollars (corresponding to a single unit investment of about 320,000 yuan), which will continue to grow at a high base of 45 +%.
At present, the instrument is still in the acceleration stage, and the samples are further enriched through 苏州夜网论坛 inspection (more than ten new reagent certificates are expected to be approved in 2019). The single instrument is gradually promoted to continue to improve. The magnetic powder chemiluminescence will promote high growth in the future.
In January 2019, the 100-speed small luminometer was officially approved. After listing, it tried to quickly seize the grass-roots market and further increase market share.
Strategic new products are steadily advancing to build a sustainable product echelon.
In 2018, the company completed the first assembly line installation and successfully signed multiple orders, which is expected to drive the rapid growth of related reagents in the future and contribute to higher performance flexibility.
The sales of microbial mass spectrometers are steadily advancing, and the microbial business is expected 深圳桑拿网 to maintain a steady growth of about 20%.
The company’s high-intensity research and development has helped new products continue to be launched, and at the same time, it has deployed molecular diagnostic POCT business through international strategic cooperation to further enrich its product line and gradually realize product echelons.
Risk warning: the price of terminal consumables continues to decline; the progress of new product promotion exceeds expectations.