Antu Bio (603658) 2019 First Quarterly Report Review: Luminescence Maintains Higher Growth R & D Development Continues

Antu Bio (603658) 2019 First Quarterly Report Review: Luminescence Maintains Higher Growth R & D Development Continues

The company’s rapid growth in the first quarter of 2019 continued in line with market expectations. Among them, the chemiluminescence business continued to maintain high growth, the pipeline and mass spectrometry business steadily advanced, and the long-term development prospects are broad.

Maintain the company’s EPS forecast for 2019-2021 to 1.

73/2.

22/2.

84 yuan, corresponding to PE 37/29/22 times, maintain “Buy” rating.

The rapid growth of performance continued, in line with market expectations.

The company announced the results for the first quarter of 2019, with operating income of 5.

48 ppm, an increase of 31 in ten years.

85%, net profit attributable to mother 1.

21 ppm, an increase of 26 in ten years.

10%, deducting non-net profit 1.

180,000 yuan, an increase of 30 in ten years.

14%, achieving a basic income of 0.

29 yuan, an annual increase of 26.

09%.

Benefiting from the rapid growth of chemiluminescence reagents, the company’s overall performance has achieved rapid growth, which is in line with market expectations.

Chemiluminescence continues to maintain a high growth rate of over 45%.

It is expected that the growth of the company’s chemiluminescence reagents will still exceed 45% in the first quarter of 2019, and continue to maintain a high growth. The installed capacity will be more than 200 units, and the goal of gradually increasing the number of 1,000 newly installed units will not change.Instrument revenue exceeded 60 million; plate and enzyme-free business continued to insert.

At present, the company’s 100-speed small-sized light-emitting instruments have been approved, which is conducive to further sinking channels and seizing the grassroots market.

Pipelines and mass specs guarantee long-term potential.

Autolas A-1 is the first domestically-made full-automatic biochemical immune assembly line in the true sense of the country, and the signing is currently going smoothly. There is no new assembly line installed in 2019Q1. Considering the company’s product technology and cost advantages, the company is expected to work hard in 201910-20 pipeline projects, greatly increasing market share and individual replacement.

The microbial mass spectrometer is another major strategic product of the company. This product has enriched the company’s microbial detection product line, and promoted integrated solutions for microbial culture, identification, and drug sensitivity. The mass spectrometer has begun to sell in the second half of 2018.Completed several sales.

On the whole, the company’s assembly line and microbial mass spectrometry sales promotion is smooth, and the long-term growth prospects are good.

R & D funding continues.

2019Q1 company R & D expenses 0.

64 ppm, an increase of 33 in ten years.

90%, accounting for 11.

72%, the increase in wages and materials of R & D personnel in the current period increased significantly.

The overall period expense rate of the company in Q1 2019 increased by 10,000 yuan.

27 units, of which the sales, management and financial expense ratios were increased by 0.

48, 0.

69 and 0.

10 units.

In addition, the company’s net cash flow from operating activities in Q1 2019 was 1.

Ten percent of 09, slightly 3 per year.

64%, the overall cash flow is still benign.

Risk factors: R & D progress exceeds expectations, IVD product tenders and price cuts, and market competition intensifies.

Investment suggestion: 深圳桑拿网 The company’s rapid growth in the first quarter of 2019 will continue to meet market expectations, of which the chemiluminescence business will continue to grow, the pipeline and mass spectrometry business will be steadily advanced, and the long-term development prospects are broad.Maintain the company’s EPS forecast for 2019-2021 to 1.

73/2.

22/2.

84 yuan, corresponding to PE 37/29/22 times, maintain “Buy” rating.