Antu Bio (603658): Continuation of high growth momentum slightly worse than expected

14 Mar

Antu Bio (603658): Continuation of high growth momentum slightly worse than expected

Antu Bio (603658): Continuation of high growth momentum slightly worse than expected

The results for the first quarter of 19 slightly exceeded expectations. The company released 南京夜网 the 2019 first quarter report on April 29, achieving operating income of 5.

4.8 billion (+31.

85%), net profit attributable to mother 1.

2.1 billion (+26.

10%), deducting non-attributed net profit1.

180,000 yuan (+30.

14%), slightly more than expected.

We are optimistic about the company’s long-term development and maintain its profit forecast. It is expected that the company’s EPS for 2019-2021 will be 1.

70/2.

11/2.

57 yuan, maintaining a target price of 72.

90-76.

29 yuan, maintain “Buy” rating.

The gross profit rate increased, and the R & D expenses increased steadily. At the same time, the revenue ratio of high-margin magnetic particle chemiluminescence reagents and other products increased. The company’s gross profit rate decreased by 0 in 1Q19.

41pct, reaching 65.

06%.

The company’s 1Q19 sales 苏州夜网论坛 expense ratio, management expense ratio (excluding R & D) and financial expense ratio reached 21 respectively.

27%, 5.

29% and 0.

47%, an increase of 0 every year.

48pct, increase by 0.

47pct and increase by 0.

10pct.

The company’s R & D expenses in 1Q19 were 6421 million, an annual increase of 33.

90%, accounting for 11 of operating income.

68%, an increase of 0 every year.

15 marks.

We believe that the steady growth of the company’s R & D expenses in 1Q19 is the basis for ensuring the robust vitality of the company’s product line.

The growth rate of magnetic particle chemiluminescence reagent reaches 45-50%.

The company’s main chemiluminescence sales prototype is A2000 plus. We expect the company’s 1Q19 magnetic powder chemiluminescence meter to have more than 200 units installed, and it is expected to have 1,000 units installed in 2019, and the market holdings will exceed 4,000 units.?out.

We estimate that the revenue of biochemical reagents in 1Q19 is about 15 million yuan, and the company’s revenue in 2019 is expected to reach zero.

8-1.

0 million.

We believe that if the company’s biochemical reagents accompany the agent’s Toshiba biochemical analyzer sales, it will help promote the continued rapid growth of biochemical reagent sales.

Biochemical Immunity Line and Mass Spectrometry Synthesis Company Brand Image

Microbial mass spectrometry has internationally leading microbial detection technology, and is an important product for which the company has been recognized by high-end customers.

We expect to install 60 sets of microbial mass spectrometry in 2019, and at the same time drive the company’s sales of microbial detection related products.

We expect the company’s microbiological testing products to achieve 20% sales growth in 2019. Leading domestic IVD companies, maintaining a “buy” rating company 1Q19 performed well, we maintain our profit forecast, and expect the company to return to its parent net profit for 2019-2021.

12/8.

86/10.

81 ppm, an annual increase of 27% / 24% / 22%. The current expected corresponding PE for 2019-2021 is 37x / 30x / 25x, respectively.

Considering the strong growth momentum of the company, we maintain the company’s target PE estimate of 43x-45x in 2019 and maintain a target price of 72.

90-76.

29 yuan, maintain “Buy” rating.

Risk warning: New product promotion is less than expected; IVD purchase price cut exceeds expectations.