Main viewpoints
1. Desai system and Desai products promote profit growth.
The company achieved a total operating income of 682 million yuan in 2015, an increase of 26.95% over the same period last year, and the net profit attributed to shareholders of listed companies was 157 million yuan, an increase of 22.18% over the same period last year, which was at the upper-middle level of the performance forecast range. In 2015, the company completed the issuance of shares to purchase some shares in Desai Diagnostics and Desai Diagnostics products, and the proportion increased to 70% from 25% and 31% from January to May, and the profit level showed an upward trend compared with the same period last year. Desai takes the lead in the special inspection projects such as Hcv, special protein and cerebrospinal fluid, with more than 300 dealers and 74% of the top 50 hospitals in the country. The acquisition of Desai makes the company's biochemical diagnosis product line further improved, market competitiveness improved, forming a complementary synergy effect.
two。 Joint venture brand + independent research and development of chemiluminescence immunoassay analyzer to locate different customers and drive reagent sales.
The company has been engaged in the research and development of analyzers and supporting reagents for many years, in which the self-developed fully automatic chemiluminescence immunoassay analyzer CI1000 has been on the market in October of 14 years, and the target customers are primary and secondary hospitals. The IDS-iSYS analyzer cooperated with IDS has a variety of chemiluminescence, biochemical and coagulation testing items, especially in special items such as bone metabolism, positioning tertiary hospitals or above. Chemiluminescence products are one of the important highlights of the company in the future. due to the use of closed system, the sales volume of instruments and equipment is an important leading index to predict the sales volume of consumables in the future. We expect the company to sell dozens of chemiluminescence devices in 2015. In terms of consumables, 31 chemiluminescence reagents are suitable for CI1000 and IDS instruments.
3. Cooperate with ENIGMA in the field of molecular diagnostics and POCT.
Through the joint venture company, the Enigma ML equipment system and related diagnostic kits are commercialized, and the company enters the field of molecular diagnosis. Enigma ML automation platform integrates multiple detection processes such as nucleic acid extraction, real-time quantitative PCR, and fully automated solutions for data processing, data analysis and data transmission, which has the advantages of high sensitivity detection and POCT products.
4. Pay attention to the development of biochemical bibcock
Liedman is the leader in the domestic biochemical diagnosis industry, and is in the domestic first-line supplier with Ke Hua Biology, Dirui Medical, Mike Biology, Meikang Biology and Zhongsheng North Control and other companies. Biochemical diagnosis industry stock market is larger, more mature, the growth rate is low, the industry is difficult to give the leading companies to continue to grow at a high speed. So we see that the leaders in the biochemical field basically expand horizontally in the technology platform and business line, and chemiluminescence, molecular diagnosis and independent medical laboratories are all their chosen directions. Chemiluminescence is currently the largest market segment in the domestic clinical IVD industry, while the growth rate has maintained a high level, with an annual average of about 20-25%. The market share is highly monopolized by foreign capital. Under the import substitution logic, we judge that the investment logic of the chemiluminescence industry must be realized. In this process, the reliability of technology and quality is the most important, and the price advantage is the second. Domestic chemiluminescence suppliers Zhongxin Industry, Beijing Komei, Bei Aikang and other companies have obvious first-mover advantages. Mike Biology's chemiluminescence business has begun to take shape. Liedman has been engaged in chemiluminescence business for a short time by comparison. At present, it is still in the early stage. From the current business progress of the company, the equipment has been sold, and the echelon of reagent products is constantly improving, combined with the company's market positioning. We think Liedman is likely to copy the growth path of other companies.
5. Profit forecast and rating:
The company's performance is in line with expectations, we are optimistic about the company's future development direction: Desai system, Desai products improve the company's biochemical diagnosis product line, forming a strong synergy effect; CI1000 and IDS chemiluminescence analyzer positioning different customers, listing sales will drive the company's independent research and development of supporting reagent sales; through the commercial operation of Enigma ML equipment to enter the field of molecular diagnosis. We expect the company's EPS to be 0.37,0.42 and 0.48 yuan respectively from 2015 to 2017, corresponding to 40 times, 35 times and 31 times of PE, maintaining the "recommended" investment rating.
