Company trends
The current situation of the company
Eddard Biology issued an announcement on September 9, 2023 to launch a restricted equity incentive scheme to grant 5.5287 million restricted shares, accounting for 1.39 per cent of the company's total share capital. The incentive targets include 403 core managers and core technical backbones, accounting for nearly 36.6% of the company's total staff at the end of 2022.
Comment
Equity incentives are launched, including 403 core managers and core technical backbones. The equity incentive is proposed to grant 5.5287 million restricted shares, accounting for 1.39% of the company's total share capital. Among them, 4.423 million shares were granted for the first time, accounting for 1.11% of the total shares, and the grant price was 11.77 yuan per share. The assessment year is 2023-2025, and the cumulative operating income of 2023-2024-2023-2025 is not less than RMB 10.20, 2.264 and 3.783 million yuan. 403 people are encouraged, including 2 foreign core managers, accounting for nearly 36.6% of the company's total staff at the end of 2022. It covers a wide range, fully mobilizes the enthusiasm of employees, and helps to achieve performance evaluation goals. The total amortization cost of restricted stock granted for the first time is 52.2356 million yuan, and the annual cost of 2023, 2024, 2025, 2026 is 772.65, 2698.84, 1295.01, 457.06 million respectively, which has little impact on profits.
Domestic high-throughput gene sequencing machine has been officially approved, one-stop to meet customer needs and reduce costs. On September 8, the company announced that the high-throughput sequencer ADx-SEQ200 Plus had obtained the III medical device registration certificate.
ADx-SEQ200 Plus sequencer is an efficient, accurate and flexible table-based second-generation sequencer with medium and high data throughput. Its main advantages include: 1) flexible throughput, hospital terminals can flexibly match 30G and 150G chips according to daily test data, so that multiple test items can be sequenced in parallel easily and quickly, without prolonging the reporting time due to the accumulation of samples. 2) the cost is lower than that of imported brands, reduce the cost of single boot, and improve the efficiency of testing. 3) one-stop shop to meet the needs of customers, the instrument further improves the company with accompanying diagnostic reagents as the core, creating reagent instruments from upstream sample processing and nucleic acid extraction to the detection end. And then to the downstream data analysis and data management system of tumor accurate detection of the overall solution, is conducive to continuously expand the company's comprehensive competitive advantage.
Profit forecast and valuation
Keep the profit forecast and target price unchanged, and maintain the rating of outperforming industry. The target price has 33.6% upside space over the current stock price, with the target price corresponding to 2023max 2024 Pmax E 49.9max 39.9 times, and the current stock price corresponding to 2023max 2024 Pmax E 37.3max 29.9 times.
Risk
Product promotion and market education are not as expected; R & D and registration are not as expected; exchange profit and loss risk.