Antu Bio (603658) 2018 Annual Report Comments: Performance Meets Expected Pipelines and Mass Spectrometry Guarantees Long-Term Potential
Core point of view The company’s rapid performance growth in 2018 continued in line with market expectations. Among them, the chemiluminescence business continued to maintain high growth. The two strategic varieties of assembly lines and mass spectrometry have begun to exert force, and the long-term development prospects are broad.
The company’s EPS for 2019-2021 is expected to be 1.
RMB 84 (previously 19-20 predictor 1).
38 yuan), corresponding to PE 38/30/23 times, maintain “Buy” rating.
Rapid growth in performance, in line with market expectations.
The company announced 2018 results and operating income 19.
30 ppm, an increase of 37 in ten years.
82%, net profit attributable to mother 5.
63 ppm, an increase of 25 in ten years.
98%, deducting non-net profit 5.
35 ppm, an increase of 29 in ten years.
17%, basic profit income 1.
Among them, the operating income for the fourth quarter was 5.
69 ppm, an increase of 36 in ten years.
48%, net profit 1.
5.2 billion, an increase of 23 in ten years.
27%, deducting non-net profit 1.
4 billion, an increase of 23 in ten years.
Overall, benefiting from the rapid growth of chemiluminescence products, the company’s performance has maintained rapid growth, in line with market expectations.
Report net cash flow from operating activities of core companies.
5.4 billion, an annual increase of 35.
70%, excellent cash flow.
Chemiluminescence continues to grow rapidly, and assembly lines and mass spectrometry guarantee long-term potential.
The reported company’s chemiluminescence business is expected to grow 45% -48% each year and continue to maintain a high growth. In 2018, the number of installed units reached 900 and the cumulative installed capacity was about 3100. It is expected that the number of new installed units in 2019 is expected to reach 1,000.
Autolas A-1 is the first domestically-made full-automatic biochemical immune pipeline in the true sense of China. The first pipeline has been installed in 2018. It is expected to land 10-20 in 2019, which will help the company master the terminal market.Increase market share and monomer free radicals.
The microbial mass spectrometer has been on sale in the second half of 2018, which has further enriched the company’s microbial detection product line and promoted integrated solutions for microbial culture, identification and drug sensitivity.
In addition, the company’s 100-speed small-scale light-emitting instrument has recently been officially approved, which is conducive to sinking channels and seizing the grassroots market.
On the whole, the two strategic products of microbial mass spectrometry and assembly line have been launched and sold, and the company’s long-term growth space is expected to be opened.
Participated in Mobidiag to strengthen molecular diagnostics layout.
The company has announced that it will increase its capital by 10 million euros in Mobidiag Oy, Finland, in order to achieve a shareholding in the company.
12% equity. At the same time, the two 杭州夜网论坛 parties jointly invested 12.3 million euros to establish a joint venture in China.
Mobidiag has two mature technology platforms.
① Amplifier: For large and medium-sized laboratories, an automated high-throughput multi-target molecular molecular diagnostic system based on real-time fluorescent PCR technology. Products targeted for a variety of translocation infection pathogens and antibiotic replacement tests have obtained EU CE certification and sales.② Novodiag: It is a cutting-edge technology in the field of POCT in the diagnosis of nucleic acid molecules. It allows comprehensive screening of multiple pathogens or single pathogens in about an hour, thereby helping to provide early treatment and reduce the abuse of antibiotics.The product has recently obtained EU CE certification.
R & D expenditure increased by 46.
With the increase in the scale of revenue, the company’s bills receivables and accounts increase by 38 each year.
70%, due to the increase in advance payment of Canon biochemical analyzer and magnetic levitation automatic assembly line purchases, advances increased by 33.
Reported that major companies’ R & D investment continued, and R & D expenses reached 2 in 2018.
170,000 yuan, an increase of 46 in ten years.
76%, with 928 R & D personnel, accounting for 30 of the total number of employees.
34%, continuous R & D investment guarantees the innovation output of technology and products.
Risk factors: R & D progress exceeds expectations, IVD product tenders and price cuts, and market competition intensifies.
Investment suggestion: The company’s rapid growth in performance in 2018 continues and meets market expectations. The chemiluminescence business continues to maintain high growth. The two strategic varieties of assembly lines and mass spectrometry have begun to exert their strengths, and the long-term development prospects are broad.
Taking into account the increase in short-term R & D investment, the company’s EPS forecast for 2019-2021 is adjusted to 1.
RMB 84 (previously 19-20 predictor 1).
38 yuan, 2021 is a supplementary forecast), corresponding to PE 38/30/23 times, maintain “Buy” rating.