Antu Bio (603658) 2019 Third Quarterly Report Review: Chemiluminescence Imports Replace Responsible Tasks and Long Road Performance Maintains High Growth Rate
I. Event Overview On October 28, 2019, the company released the third quarter of 2019 report: operating income for the first three quarters, net profit attributable to mothers, net profit attributable to mothers after deductions were 18 respectively.
9.4 billion, 5.
3.8 billion, 5.
20 ppm, a 39-year increase of 39.
Among them, the operating income in the third quarter was attributed to the net profit of the mother, and the net profit attributed to the mother after deduction was 7, respectively.
14 billion, 2.
18 billion, 2.
120,000 yuan, an increase of 39 in ten years.
Cash flow from operating activities 5.
34 ppm, an increase of 23 per year.
Second, analysis and judgment 2019Q3 continued the trend of the second quarter, showing a high growth rate, focusing on the progress of product approval under the focus of high R & D 1) Affected by the high base of 2018Q1, the significant growth rate of 2019Q1-Q3 performance improved quarter by quarter.
① The revenue side is accelerating due to the high growth of reagents and co-construction business.
In the first three quarters of 2019, revenues increased by 39 in ten years.
22%, of which the third quarter revenue increased by 39 in ten years.
53%, basically the same as the growth rate in the first three quarters, and the revenue growth rate in several years has shown a significant acceleration in 2018 (excluding the high base of Q1 growth in 2018). We estimate that the chemiluminescence reagents remain relatively fast.The growth rate and the incremental income contribution of the co-construction business; ② Profit-side analysis, multiple growth levels match the revenue growth rate.
In the single quarter, the growth rate of net profit after deducting non-returning mothers showed that the growth rate of 18Q4-19Q3 showed a quarterly speed increase (the multiple growth rates were 23 respectively.
36%), mainly due to the high base in 2018Q1 (2018Q1 revenue, net profit or growth rate were 71.
(43%, much higher than the growth rate in the first three quarters). Overall, we believe that the trend of net profit growth and revenue growth are matching and are also affected by the high growth of reagents and co-construction.
2) The increase in the proportion of co-construction business income and the increase in the rate of research and development expenses have led to a slight shift in net interest rate.
Analysis of gross profit margin, affected by agency and co-construction business, the gross profit margin fell in the first three quarters.
14pct to 66.
The company’s continuous technological innovation comes from high R & D expenditures: the company generated R & D expenses in the first three quarters.
26 ppm, a 56-year increase of 56.
83%, much higher than revenue growth; R & D expenditures11.
92%, an increase of 1 over the same period last year.
34pct is mainly the investment in the research and development of new kit products.Selling expenses in the first three quarters15.
84%, an increase of 0 a year.
07 points; management expense ratio 4.
54%, a decrease of 0 per year.
The net interest rate is 28.
95%, a decrease of 1 per year.
75pct; we expect the subsequent gross profit margin to remain stable, the overall revenue scale to expand and dilute costs and expenses (period expense ratio decreased), so that the net interest rate is gradually reduced, especially R & D investment (higher proportion), we will continue to track itsProduct approval and volume rhythm.
3) Affected by agency and co-construction business, the operating cash flow growth rate is lower than the profit growth rate.
With the increase of agency and co-construction business income, the receivables turnover rate decreased by 0.
90pct to 4.
21%, we expect the account receivables turnover rate will still slowly decline; due to the company’s enhanced upstream bargaining power, the accounts payables turnover rate continues to decrease1.
54 points to 5.
As a result, the operating cash flow in the first three quarters of 2019 increased by 23% per year, which was slightly lower than the growth rate of profits, and the overall quality still showed higher growth.
The import of chemiluminescence has a long way to go. Product and technological innovation are the foundation of life. 1) Innovative research and development continue. Luminous products are still the main force for development.
In terms of testing reagents, six new product registration certificates were obtained in the third quarter (five of which were kit products), and a total of 26 new product registration certificates were terminated on September 30, further enriching the company’s product line and continuously satisfying the marketdemand.
Initially, 1,000 new units are expected to be completed, and we expect the final inventory to exceed 4,000 units, which will drive the volume of supporting reagents.
2) Strategic layout of laboratory automation lines, a step further in high-end manufacturing.
The laboratory automation assembly line is one of the company’s strategic product layouts. At present, the product marketing value positioning, pricing, team building and sales process establishment have been initially completed.
The new product “Autolas B-1 series of automatic biochemical immune line” was released, which 杭州桑拿网 adopted the same configuration of the traditional line to save 60% -80% of space.
3) In the direction of microbial detection, nucleic acid POCT, biochemistry, etc.
The company’s microbiological testing products have a variety of varieties and grow rapidly. Among them, the microbial flat plate series products are larger in the predetermined market, and the listing of automated blood culture systems and supporting culture bottles has replaced the company’s market size in the domestic bacterial culture field.
In the direction of nucleic acid POCT, the company signed a share subscription agreement and a joint venture agreement with Mobidiag of Finland. In May this year, Zhengzhou Antu Mobi Molecular Diagnostic Technology Co., Ltd. was established. It is responsible for respiratory, fixation and meningitis based on 重庆耍耍网 Novodig nucleic acid POCT technology platformDevelopment, production and sales of 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.
Third, investment recommendations We believe that chemiluminescence is a high-quality track in the early stage of import substitution. The company’s luminous products rank among the top in China, with rich growth momentum, and are expected to continue to achieve high growth.
We expect EPS to be 1 in 2019-2021.
41 yuan, according to the closing price on October 28, 2019 corresponding to PE is 57, 40, 29 times.
For the first time, refer to the assessment of comparable companies and industry division, and give a “cautious recommendation” rating.
4. Risk warning: product quality risk; market competition risk; policy change risk.