Events:

On September 5, Poni Test announced that the company's wholly-owned subsidiary, Pini Biopharmaceutical (Beijing) Co., Ltd. (hereinafter referred to as "Pini Pharmaceutical"), won two pieces of first-class industrial land for 45.984 million yuan and 107.6587 million yuan respectively.

Main points of investment:

The newly awarded industrial land area is 53400 square meters. Pannie Pharmaceutical won industrial land such as CP00-1201-0004 for 45.984 million yuan, CP00-1201-0006 for 107.658669 million yuan, and Beijing state-owned construction land for sale confirmation. Among them, the transfer area of the CP00-1201-0004 site is 16000 square meters; the transfer area of the CP00-1201-0006 site is 37407.46 square meters; the total increase of the two plots is expected to be 53400 square meters.

The strength of the biomedical plate continues to improve. This new plot plans to build a new Beijing biomedical base in order to make full use of the industrial advantages of Beijing, the capital, and promote the development of the company's biomedical industry. With the continuous improvement of plate operating area and investment, the company's production capacity continues to expand, and the operating strength of the biomedical sector is expected to be further enhanced.

Solve the problem of limited space and reduce the cost of laboratory use. The way of self-building laboratory can greatly reduce the cost of leasing space and further expand the production capacity of the company; at the same time, it can effectively solve the problem of limited space, which is in line with the actual situation and long-term development plan of the company. help to enhance the company's sustainable profitability and market competitiveness.

Earnings forecast and investment rating take into account the continued improvement in the competitiveness of the company's biomedical business, we slightly increase the company's 2023x2024max 2025 net profit to RMB 3.72x487, respectively, corresponding to the PE of 31-24-19, maintaining the "buy" rating.

Risks suggest that the growth rate of traditional business orders is not as expected; the progress of new business development is not as expected; the pace of mergers and acquisitions is not as expected; the growth rate of corporate performance is not as expected; the effect of merger and acquisition integration is not as expected; the release of laboratory capacity is not as fast as expected.