Events:
When the company released its annual report for 2018, the realized income, net profit and net profit of home ownership were 6.86pm 2.50 / 215 million yuan respectively, with a year-on-year growth rate of 40.45%, 28.67%, 23.19%, and the performance was in line with expectations.
Main points of investment:
The steady growth of Xinbiao and inflammation business, the increase of sales and R & D investment, the continued high growth of the company's performance, and the main reason why the profit growth rate is lower than the revenue growth rate is due to the new low gross margin channel circulation business. Specifically: 1) Diagnostic reagent income 585 million yuan (+ 30.69%), expected contribution of heart standard more than 60%, inflammation about 30%, biochemical and other reagents less than 10% 2) the instrument contribution income is about 50 million yuan (31.45%), the instrument sales volume is 44.59% higher than the same period last year, and the sales of the main model Getein1600 are expected to be about 1300 units; 3) the new channel circulation income is 48.41 million yuan. The company strengthened its R & D investment, investing 80.6 million yuan (+ 49.14%) in 2018, accounting for 11.74% of the income. The sales investment reached 152 million yuan (49.3%), further enriching the marketing network and expanding the biochemical and luminous team.
New products promote the long-term development of the company
Through independent research and development and external absorption, the company initially realizes the layout of the whole industry chain, and maintains steady growth by relying on brand and channel accumulation in the field of heart mark and inflammation in the short term, while the continuous introduction of new products ensures the sustainability of development. The new products launched in 2018 mainly include 800-speed biochemical analyzer, chemiluminescence meter and three-classification blood cell meter, among which more than 50 luminescence instruments have been installed (28 matching reagents and 8 are registered), and biochemical and blood cell meters have been put on sale and trial. It is expected that Getein3200 biochemical immune quantitative analyzer, CM2000 high-speed biochemical analyzer and portable optical analyzer will be put on the market one after another in 2019. In the next 2-3 years, biochemistry and luminescence are expected to become new growth points of the company's performance.
Profit forecast and rating
The company's performance is growing steadily. It is estimated that the EPS for 2019-2021 will be 1.77Universe 2.27exp 2.85 yuan, and corresponding to the previous share price, PE will be 22.46tick 17.53max 13.95 times, maintaining the "recommended" rating.
Risk hint
1, the price reduction of testing consumables is higher than expected; 2, the chemiluminescence competition intensifies and the sales are lower than expected.
