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安图生物(603658):业绩短期承压 发光业务维持稳健增长

Antu Biotech (603658): Short-term performance is pressured to maintain steady growth in the light emitting business

國聯證券 ·  Aug 23, 2024 16:01

occurrences

The company released its 2024 semi-annual report. The first half of 2024 achieved revenue of 2.207 billion yuan, a year-on-year increase of 4.70%; realized net profit of 0.62 billion yuan, an increase of 13.49% over the previous year; and realized net profit of 0.599 billion yuan after deduction, an increase of 13.69% over the previous year.

Core business maintains steady growth

2024H1 achieved revenue of 2.207 billion yuan (yoy +4.70%), of which Q1 revenue was 1.089 billion yuan (yoy +5.09%) and Q2 revenue was 1.118 billion yuan (yoy +4.33%), showing a quarter-on-quarter improvement.

By business line, 2024H1 reagent revenue was 1.857 billion yuan (yoy +4.33%), and instrument revenue was 0.275 billion yuan (yoy +10.84%). Rapid instrument installation is expected to drive subsequent reagent volume. At the same time, the company is actively expanding overseas business. 2024H1's overseas revenue was 0.13 billion yuan (yoy +42%), showing a rapid growth trend.

Focus on R&D investment, and the product line continues to be rich

2024H1 gross margin was 65.37% (+1.72pp), net margin was 28.41% (+2.07pp), of which Q2 gross margin was 66.19% (+0.03pp), net margin was 26.68% (-2.08pp). The decline in 2024Q2 net margin was mainly due to increased R&D expenses and increased credit losses (including asset impairment losses and credit impairment losses). The company's profitability is expected to improve in the future as some transient expenses are reduced. The company continues to increase investment in R&D. 2024H1 invested 0.333 billion yuan (yoy +7.18%) in R&D, and the R&D cost ratio was 15.10% (+0.35pp). 2024H1 has obtained 74 new product registration (filing) certificates, further enriching the company's product line and providing comprehensive clinical immunological testing, microbiological testing, molecular diagnostic testing and biochemical testing solutions.

Profit Forecasts, Valuations, and Ratings

Affected by domestic procurement and DRG policies, we expect the company's revenue for 2024-2026 to be 4.886/5.64/6.664 billion yuan, respectively, +10%/+15%/+18% year-on-year; net profit to mother will be 1.391/1.654/1.99 billion yuan, respectively, with year-on-year growth rates of +14%/+19%/+20%, respectively. EPS was 2.39/2.85/3.43 yuan/share, respectively. Based on the company being one of the leading chemiluminescence enterprises in China, it is expected to continue to grow steadily and maintain a “buy” rating.

Risk warning: DRG policy implementation falls short of expectations, medical compliance policy regulations are becoming stricter, clinical promotion of new products falls short of expectations

The translation is provided by third-party software.


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