维持增持评级。考 虑新冠分子产品市场需求变化导致相关存货计提资产减值准备，以及流水线推广加大费用投入，下调2023~2025 年EPS 预测至0.80/1.08/1.38 元（原为1.01/1.22/1.52 元），参考可比公司估值，给予2023年PE 23X，下调目标价至18.40 元，维持增持评级。This report is read as follows:
COVID-19 molecular products provision for asset impairment is a drag on apparent performance, immunity, temporary testing of routine reagents steady growth, product structure continuous optimization, smooth promotion of the assembly line, independent products ushered in the harvest period. Maintain the overweight rating.
Main points of investment:
Maintain the overweight rating. Taking into account the changes in market demand for COVID-19 molecular products leading to the relevant inventory provision for asset impairment, as well as the pipeline promotion to increase the cost of investment, downgrade the 2023-2025 EPS forecast to 0.80 shock 1.08 shock 1.38 yuan (formerly 1.01 shock 1.22 shock 1.52 yuan), with reference to the comparable company valuation, give 2023 PE 23X, reduce the target price to 18.40 yuan, maintain the overweight rating.
The preparation for asset impairment is a drag on profits, and the performance is in line with expectations. In 2023, H1 realized operating income of 1.381 billion yuan (- 22.51%), net profit of 175 million yuan (- 56.91%), non-net profit of 178 million yuan (- 55.41%), of which Q2 realized operating income of 704 million yuan (- 17.82%), net profit of 58 million yuan (- 71.58%) and non-net profit of 58 million yuan (- 70.85%). COVID-19 molecular products gross profit contribution reduction, the relevant inventory provision for asset impairment is a drag on profits, the performance is in line with expectations.
Speed up the adjustment of business structure, and the steady growth of independent routine reagents. The company accelerates the adjustment of business structure and increases the sales share and market share of independent products. H1 independent product sales income of conventional reagents is 805 million yuan (+ 12.9%), immune reagents are expected to grow steadily, biochemical reagents sales are stable, and temporary testing reagents are growing rapidly. COVID-19 molecular reagent market demand changes rapidly, sales revenue 5.71 million (- 98.55%). Take the initiative to adjust the agency business, product sales revenue of 496 million yuan (- 20.81%).
The assembly line has been successfully promoted and the domestic and foreign markets have been continuously developed. The company vigorously promotes the intelligent inspection and analysis lines in the whole laboratory and cooperates with the installation of individual terminals on various platforms. The market end of H1 large-scale instruments has reached 1601 sets (article), of which 169lines of immunity and blood, the instruments put into the terminal market will gradually bring the sustained growth of reagent sales; there are more than 250new domestic dealers and more than 970end customers, 38 new overseas channels, and the market coverage continues to improve.
Risk hint: the promotion of new products such as assembly line is lower than expected; the risk of price reduction in product collection
