Based on upstream reagents, expand new technologies in the field of nucleic acids.
The company's business started from the nucleic acid testing raw material enzyme business, is a company mastering the underlying technological innovation of molecular detection, is the drafter of a number of nucleic acid testing raw material standards, and is also one of the forerunners to promote the domestic substitution of upstream raw materials. The company has developed 117 kinds of molecular detection raw material enzymes, including Taq polymerase, hot start PCR enzyme, high fidelity PCR enzyme, isothermal amplification enzyme, reverse transcriptase, various sequencing tool enzymes, etc., which can be used in PCR, qPCR, RT-PCR, isothermal amplification, first-generation sequencing, second-generation sequencing and nucleic acid mass spectrometry and other directions. In the business section of nucleic acid preservation reagents, the company has developed the atomization process of free nucleic acid preservation reagents, which can store free nucleic acids in blood at room temperature for up to 14 days and has the technical advantage of competing with foreign brands. In 2020, the company's market share in free DNA preservation reagents expanded to 7.53%, second only to Roche Diagnostics and Becton Dickinson & Co. The company is one of the few molecular detection enterprises with free nucleic acid extraction technology in China, which plays an important role in liquid biopsy. with the expansion of the application of peripheral blood detection and the maturity of liquid biopsy technology, the company's nucleic acid extraction reagent business is also expected to grow rapidly.
Complete the integrated layout of molecular detection.
At present, the company's business has developed into an integrated industrial chain of "raw materials + reagents + services". By March 20, 2022, the company has listed three types of respiratory infectious diseases and four molecular diagnostic kits related to Helicobacter pylori at home and abroad. compared with other nucleic acid reagent enterprises that benefit from COVID-19 's test, the company's nucleic acid reagent sales scale is smaller, but the high technical starting point is the core competitive advantage of the company's products. In the future competition for new products, the company has better potential. At present, the company has laid out new projects such as tissue-based detection of drug resistance gene of Helicobacter pylori, fecal-based detection of drug resistance gene of Helicobacter pylori, and rapid joint detection of influenza / novel coronavirus nucleic acid.
The digestive tract inspection pipeline is injected with new power for growth.
The company obtained the Helicobacter pylori nucleic acid detection kit issued by the State Drug Administration in December 2022, which is the first kit to detect Helicobacter pylori based on fecal samples in China. The success of the kit on the market is due to, on the one hand, the company solved the difficulties in the development of fecal nucleic acid extraction and high-performance detection enzyme raw materials, and on the other hand, it completed the collection and detection of 100000 public fecal samples. it is the first planned and organized research on fecal samples of the public in China. On this basis, the company will also develop drug resistance gene testing of Helicobacter pylori based on fecal samples, which is expected to be approved by the end of 2023 or early 2024. Compared with other types of Helicobacter pylori detection products, nucleic acid detection in fecal samples has the characteristics of non-invasive and sensitive technology, and can be used in a series of auxiliary diagnosis related to Helicobacter pylori eradication treatment, such as drug resistance evaluation, virulence factor detection and so on. it is expected to become a basic detection project to guide the use of drugs. The use of fecal samples also has the advantages of non-invasive and home sampling, easy for consumers to use, no need to take medicine or fasting before testing, which provides a more convenient detection means for large-scale screening and follow-up treatment of Helicobacter pylori. According to Frost Sullivan, the penetration rate of Helicobacter pylori screening among people recommended for gastric cancer screening reached 11.3% in 2020, with a market size of about 12 billion yuan.
Profit forecast
It is predicted that the income of the company from 2022 to 2024 is 5.18,4.30 and 690 million yuan respectively, the net profit is 1.58,1.72 and 320 million yuan respectively, and the EPS is 1.69,1.84,3.42 yuan respectively. The current stock price corresponding to PE is 31.0,28.4,15.3 times respectively, covering for the first time and giving "buy" investment rating.
Risk hint
Research and development progress is not as expected, sales promotion is not as expected, and so on.