Antu Bio (603658): Performance increase surpasses expected magnetic chemiluminescence continues

Antu Bio (603658): Performance increase surpasses expected magnetic chemiluminescence continues

Event: The company released its 19 half-year report.

The company achieved operating income for the half year 11.

79 trillion, an increase of 39 over the same period last year.

03%; net profit attributable to mother 3.

2 ppm, an increase of 29 over the same period last year.

85%; net profit deducted from non-attributed mothers3.

07 billion, an increase of 30 over the same period last year.

62%.

The essence of the company’s rapid growth in revenue and profit is: ① Revenue: Magnetic particle chemiluminescence detection reagent revenue continues to grow rapidly. Based on the company’s financial report and research investor relationship records, we expect the company’s magnetic particle chemiluminescence reagent to achieve the first half of the year.Income is about 5.

About 200 million (approximately 450-500 new machines in the first half of the year), an increase of about 45% per year; and the hospital’s cooperation in building and packaging business has realized revenue of about 100 million, which has a significant role in driving the overall revenue; ② profit side: benefitsSales expense ratio in the first half of the company (corresponding period last year).

69% dropped to 16.

46%), taxes and surcharges (1 in the same period last year.

3% dropped to 1.

0%), inflation (12 in the same period last year.

93% dropped to 12.

46%) reduction, resulting in a net profit of about 3% of the positive pull action.

As a result, the company was able to maintain a strong profit growth despite a 2% drop in gross profit margin (reduced gross profit margin for hospital co-construction and packaging business, and an increase in revenue share, which lowered the company’s overall gross profit margin).

Constantly increase investment in research and development, and actively explore new areas and develop new products.

At the core of the report, the company’s R & D funding is 1.

3.9 billion yuan, accounting for 11 of operating income.

81%.

In terms of product registration and intellectual property rights, as of the end of June 2019, the company had approved 335 patents (including 26 international patents), obtained 473 product registration (record) certificates, and obtained 141 EU product CE certifications.The product covers multiple directions in the fields of immune detection, biochemical detection and microbial detection, and can meet the various detection needs of end users.

The company has undertaken 9 national projects, 10 provincial projects, 21 urban projects, 4 national key new product certificates, 9 Henan provincial scientific and technological achievements appraisals, and has fully participated in the formulation of 74 industry standards.

The company attaches great importance to the integration of resources and is committed to improving the synergistic effect of the endogenous + extension product lines.

At present, the company has achieved great results in strategic mergers and acquisitions and integration, pipeline advancement, and international strategic cooperation on nucleic acid POCT.

In 2018, the company launched the first domestic laboratory automation product line Autolas A-1 series.

This indicates that domestic manufacturers have made a qualitative breakthrough in IVD technology. (At present, only a few manufacturers in the world can provide laboratory automatic assembly line products, and the market has been monopolized by many giants such as Siemens 杭州桑拿 and Beckman for a long time).

At the same time, the assembly line is one of the company’s strategic product layouts.

At this stage, the company has initially completed the marketing value positioning, pricing, team building and sales process of the assembly line, combined with the discovery and investor relationship records: 4 pipelines have been installed at present (1 installed in the second half of 2018, and the first half of 2019Installed 3).

In the future, the amount of company’s assembly line products in terminal hospitals is expected to continue to drive the sales of supporting reagents.

In the direction of nucleic acid POCT, the company signed an ownership sharing agreement and a joint venture agreement with Mobidiag of Finland in December 2018, and established Zhengzhou Antu Mobi Molecular Diagnostic Technology Co., Ltd. in China in May 2019.Nucleic acid POCT technology platform for the development, production and sale of respiratory, in vivo and meningitis multi-target nucleic acid fully automatic POCT products.

In the direction of biochemical products, Antu Bio, Beijing Antu Bio, and Canon’s three-party concepts are gradually consistent, and the fusion effect is significant.

The company issued convertible bonds to raise 6.

8.3 billion US dollars, mainly invested in reagent capacity expansion and diagnostic instrument industrial park construction project.

In June 2019, the company issued convertible bonds6.

8.3 billion, with a priority placement ratio of 73 to the original shareholders.

65%.

The raised funds will be invested in the total investment of “in vitro diagnostic reagent capacity expansion project” 3.160,000 yuan, all invested by the raised funds; “Antu Biodiagnostic Instrument Industrial Park Project” total investment of 16.

300 million US dollars, including four sub-projects of in vitro diagnostic instrument research and development center, expansion of in vitro diagnostic instrument production capacity, marketing network construction and comprehensive support, of which the in vitro diagnostic instrument research and development center plans to invest 3.

USD 6.7 billion will be invested by the raised funds; other sub-projects will be invested by the company’s own funds.

After the project is completed, the company will have the research and development strength of large-scale pipeline automation instruments, effectively improve the integrated development capabilities of instruments and reagents, and can undertake the technical research and development of immune, microbiological, and molecular diagnostic instrument projects.

Investment advice: We expect the company’s revenue growth from 2019 to 2021 to be 35.

7%, 27.

4%, 25.

3%, net profit growth rate was 29.

9%, 26.

3%, 24.

6%, outstanding growth; maintain Buy-A investment rating, 6-month target price of 78.

31 yuan, equivalent to 45 times the dynamic price-earnings ratio in 2019.

Risk reminder: New product development and promotion are less than expected; assembly line installed capacity is less than expected.

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