Antu Bio (603658): Continued high growth in line with expectations

Antu Bio (603658): Continued high growth in line with expectations

The 2019Q1-3 results are in line with our expectations of Antu Bio’s 2019Q3 results: operating income18.

0.94 million yuan, an increase of 39 in ten years.

22%; net profit attributable to parent company 5.

380,000 yuan, an increase of 30 in ten years.

87%, corresponding to a profit of 1.

28 yuan.

The company’s performance continued to grow rapidly, in line with our expectations.

The development trend continues to grow rapidly.

The company’s 2019Q1-3 continued to maintain a rapid growth trend, and its revenue and net profit continued to increase 39.

22% / 30.

87%, deducting non-net profit 5.

20 ppm, an increase of 31 in ten years.杭州夜网


We expect the company’s chemical beaming to remain the company’s main source of profit growth.

After the 15% drug markup in the hospital system was cancelled, there was a certain amount of financial pressure on the upstream, Q1-3 accounts receivable5.

55 ppm, an increase of 80 in ten years.

06%; net operating cash flow 5.

3.4 billion, an annual increase of 23.


We expect that through the relief of hospital and dealer funding pressures, the company’s cash flow will gradually improve to improve ongoing R & D expenditures, and gross profit margins will decline slightly.

The company maintains high R & D investment in 2019Q1-3, and R & D expenses from January to September3.

00 trillion, accounting for 11.

92%, an increase of 0 compared with the same period last year.

90ppt; during the period, 无锡桑拿网 the rate increases by 1.

75ppt to 33.


The adjustment of product structure and the impact of price, the overall gross profit margin was 66.

64%, a slight decrease of 0.


The product line is constantly enriching, and we look forward to 100-speed light and assembly line.

The company has now realized the full layout of the IVD segmentation field, and the pipeline is expected to break through in the future.

The Autof MS1000 mass spectrometer has grown steadily.

After the approval of 100-speed chemiluminescence, it is currently active in the grass-roots market, and we expect that there will be a performance elasticity of conversion in 2020.

IVD’s upstream raw materials continue to advance, and the company’s cost advantage will be initially realized in the future.

Earnings forecast and forecast remain unchanged. We expect the EPS for 2018/2019 to be 1, respectively.

73 yuan, 2.

25 yuan, an annual increase of 28.

99%, 30.00%, the current sustainable corresponding P / E in 2019/2020 is 58X / 48X respectively.

Taking into account the overall improvement of the pharmaceutical sector estimate in the second half of the year and the possibility of lowering the price of medical insurance control fees in the short-term IVD industry, we raise our target price by 41% to 110.

00 yuan, corresponding to P / E of 2019/2020 is 64X / 49X, which still has 10% upside compared to the previous one. Maintain Outperform rating.

Government control of risk inspection products, R & D risks.

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