Medical devices and e-commerce platforms help growth, layout in vitro diagnostic segments

Event: The company released the 2015 annual report on the evening of March 23, realizing an operating income of 2.513 billion yuan, a year-on-year increase of 14.36%, a net profit of 99.79 million yuan, a year-on-year increase of 17.11%, and an EPS of 0.43 yuan. 10 shares were found to have a bonus of 1 yuan (including tax), and 15 shares were transferred to every shareholder for every 10 shares.

Chemical reagents grew steadily and medical devices ushered in. During the reporting period, the company's general chemical reagents and electronic chemical reagents revenue increased by 10.59% and 11.14%, respectively, achieving steady growth, with gross margins of 14.01% and 30.29%, respectively, maintaining the same level as in 2014. The company increased the layout of the medical device and diagnostic reagents segment. The business line realized revenue of 124 million yuan, a year-on-year surge of 152.14%. Among them, the medical device business was only established for half a year, and realized revenue of about 80 million yuan, benefiting from the company 2015. Xiqiao (Shanghai) Medical Service Co., Ltd. was established in June, and Chen Hao was introduced as the general manager of the company from Sinopharm Holdings, and the introduction of the original Sinopharm-related medical device team. In the future, the company is expected to become bigger and stronger in the field of medical devices and related medical services, which is expected to become an important performance growth point for the company in the next few years.

The layout of the e-commerce platform appears. In September and December 2015, the company set up two major e-commerce platforms: “materials” bulk chemical raw materials and “Dr. Mao” laboratory chemical reagents. Thanks to the establishment of Internet marketing thinking, the company realized revenue of 8.96 in the fourth quarter. 100 million yuan, a year-on-year increase of 47.81%, a sequential increase of 65.63%; chemical raw materials revenue decreased by 3.68% from the first half of the year, to a year-on-year increase of 13.19%. The company's two e-commerce platforms complement each other and complement each other. Through the chemical raw materials e-commerce platform "materials network" and online and offline linkage, we will build a global brand integrated distributor of chemical raw materials, and at the same time continue to extend the product categories and services of Dr. Mao's laboratory. , providing a one-stop solution for laboratory products. The introduction of e-commerce platform will help the company to achieve new growth space for general chemical reagents and chemical raw materials.

Epitaxial mergers and acquisitions accelerate into the field of in vitro diagnostic reagents (IVD). Subsidiary Fujian Newland contributed a net profit of 17.97 million yuan in 2015, a year-on-year increase of 23.25%. Its new product TAS test kit is the only domestic enterprise that has obtained the approval of the Food and Drug Administration for clinical testing of the total antioxidant capacity of the human body. Testing reagents are expected to enrich the company's existing IVD product line in the future. In July 2015, the company announced plans to acquire a 70% stake in Shanghai Bessi, and plans to extend the layout of the in vitro diagnostic reagent industry to the POCT field. In addition, the company announced on March 14, 2016 that it plans to establish Fujian Fujun Gene Technology Co., Ltd. and invest in the US FulgentTherapeutics LLC. In the future, it will deepen the IVD segmentation field, actively plan the genetic sequencing market layout, and conduct genetic testing and diagnosis services at home. Promote and operate, inject new development momentum into the company's development.

Valuation and rating. We predict that the company's 2016 and 2017 EPS will be 0.58 yuan and 0.69 yuan respectively, corresponding to the closing price of March 23, 2016 (39.07 yuan) PE is 67X and 57X respectively, the introduction of the medical device sector and the transformation of the e-commerce platform sales mode. Will contribute to the company's future important performance increment, while the IVD segmentation of the field of M&A will help the company accelerate the transformation while improving the company's valuation level, and continue to maintain the "Buy" rating, considering the company's deepening the layout of the IVD field is expected to bring Expected external income, raised the 6-month target price to 48.00 yuan.

risk warning. The e-commerce platform business carried out less than expected risks; the in-vitro diagnostics market opened up the market less than expected risks; the new business integration was less than expected.

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