Summary of the report:
Chemiluminescence business has become a new growth point of the company's performance. After years of development, the localization process of biochemical diagnosis business is nearly completed and has entered a mature stage of development. The process of localization in the field of immune diagnosis has just begun and is developing rapidly. Chemiluminescence, as one of the mainstream technologies of immunodiagnosis, has maintained a growth rate of 20% and 25% in recent years. Since the launch of the company's own chemiluminescence instrument CI1000 in 2014, it has completed more than 100 sets in 15 years, driving the sales of supporting reagents at a remarkable speed, and is gradually becoming a new growth point of the company's performance.
Desai contribution has been shown, and there is no pressure to fulfill the performance commitment. The company's acquisition of Desai system and Desai products is the world's leading in vitro diagnostic company, Hcy, special protein, cerebrospinal fluid and other special testing items in the forefront of the market share, immune turbid products are unique in the market. After the acquisition, the product variety of the company has been enriched, the technical level and product structure have been further optimized, the sales channel has been further enriched and improved, and the synergy effect is significant.
The company actively arranges molecular diagnostics and POCT products. By acting IDS chemiluminescence instrument and Enigma POCT products, the company has completed the full product line coverage of IVD industry, and the integrated production of raw materials and reagents can significantly enhance market competitiveness.
Profit forecast and rating: the company's operating income in 2015-2017 is expected to be 7.96,9.15 and 1.037 billion yuan, and the net profit attributable to listing is 1.69,1.87 and 227 million yuan. The diluted EPS is 0.40,0.44,0.54 yuan respectively, corresponding to 34 times and 31 times of PE. It is optimistic about the growth of the company's chemiluminescent reagent business and the synergy brought about by epitaxial mergers and acquisitions, and maintains the "recommended" rating.
