Antu Bio (603658): Profit slightly exceeded expectations and excellent overall growth

Antu Bio (603658): Profit slightly exceeded expectations and excellent overall growth

A brief evaluation of the performance of the company’s first quarterly report for 2019, the company achieved revenue in the reporting period5.

48 ppm, an increase of 32% in ten years; net profit attributable to mothers1.

21 ‰, an increase of 26% in ten years; net profit deducted from non-attributed mothers1.

180,000 yuan, an increase of 30% in ten years.

Net cash flow from operating activities during the reporting period 1.

09 million yuan, the average ten years 3.


The overall performance slightly exceeded expectations.

Operating analysis company accounts receivable at the end of the reporting period3.

5.9 billion yuan, inventory 2.

The scale is 73 trillion, which is basically the same as the beginning of the period. The budget received in advance was 21.1 million yuan, a decrease of 39%, mainly due to the decrease in the receipt of advance receipts for biochemical instruments.

On the basis of the relatively high base in the first quarter of 2018, the company’s revenue still achieved a growth of more than 30%. We estimate that the sales growth of magnetic particle chemiluminescence reagents is still the core driving force for the company’s growth; operating costs increased by 30%, and sales expenses1.

17 million US dollars increased by 35%, research and development expenses increased by 64% to 6421 million dollars, and management expenses increased by 46% to 29.26 million yuan. The company’s overall cost and period expenses increased in tandem with revenue growth.

The company’s gross profit margin during the reporting period was 65.

1%, 64 in the same period last year.

7%; net profit margin 22.

3%, 23 in the same period last year.

58%, the profit level is basically stable (the merger scope in 2018 was newly merged into Yunnan Antu Jiuhe, Luoyang Antu Jiu, Liaoning Jiuhe Changtong, etc., and the overall impact was small).

On April 4, 2019, the company’s application for public issuance of convertible corporate bonds was reviewed and approved by the Securities Regulatory Commission, with a total size of no more than 68.98 million yuan. It is used to expand the capacity of in vitro diagnostic reagents, Antu biodiagnostic instrument industrial park and other projects.

The production line constructed in this fundraising project mainly includes magnetic particle chemiluminescence detection reagents and microbial detection reagents. The production of magnetic particle luminescence reagents will use the company’s self-developed automatic packaging and quilting equipment to achieve automation of the entire coating process and make the company’s 四川耍耍网 production efficiencyIt has been significantly improved and effectively improved the precision and stability of the company’s products.

Profit adjustment and investment suggestions We are optimistic about the growth prospects of the company’s magnetic powder chemiluminescence, biochemical analyzers and reagents, microorganism detection and cultivation and other product lines. It is estimated that the company’s net profit attributable to mothers will be 7 in 2019-2021.

12, 9.

14, 11.

70 ppm, an increase of 26 in ten years.

5%, 28.

5%, 28.


Maintain the “overweight” rating.

Risk reminders: The potential cost of issuing convertible bonds and the potential dilution of future EPS by conversion of shares; increasing pressure on price reduction in some regions, affecting product gross margins; R & D 北京桑拿洗浴保健 expenses exceeding expectations; market competition intensifying; new product volume slower than expected; the company’s 2019 There are 2 on the 2nd.

8.3 billion restricted shares were lifted, accounting for 67% of the capital.