During the reporting period, the company achieved operating income of 463,201,200 yuan, a year-on-year increase of 19.17%; total profit of 141,716,600 yuan, an increase of 4.35%; net profit attributable to shareholders of listed companies was 11,647,100 yuan, an increase of 3.98%.
In vitro diagnostic reagent business grew steadily
During the reporting period, the diagnostic reagent business realized sales income of 21,193,360 yuan, an increase of 13.77% year-on-year; gross profit margin was 76.77%, an increase of 0.72 percentage points year-on-year. In the entire diagnostic reagent business, due to the decline in export business, the immune reagent business decreased by 11.12% year-on-year. Considering the downturn of the peripheral economy, the export business of the immune reagent business is difficult to rebound in the short term. Biochemical reagents were driven by the sales of the instrument (the company implemented the "instrument + reagent" sales model), an increase of 40.72%. The successful bidding and gradual promotion of blood screening products drove the entire nucleic acid reagent business by 27.48% year-on-year. However, the proportion of nucleic acid reagents is still relatively small. We believe that with the gradual promotion of the scope of the blood screening nucleic acid testing pilot of the Ministry of Health, this The business is expected to maintain rapid growth.
Medical instrument business is better than expected
The operating income of the medical instrument business reached 231,750,200 yuan, a year-on-year increase of 23.05%, which was better than expected. The sales revenue of agency instruments increased by 20.06% year-on-year, and the self-produced instruments increased by 33.85%. In the future, the good growth momentum of medical instruments is expected to continue by introducing new product agency rights and strengthening the sales and promotion of its core analyzer products.
Significant research and development innovations
In the first half of the year, the company obtained registration certificates for five new products, including two reagents: universal enterovirus, EV-71 and CA-16 nucleic acid detection kit (fluorescence PCR method) and hepatitis C virus antibody detection kit. (colloidal gold method), 3 test strips: alanine aminotransferase assay strip (pyruvate oxidase method), urea assay strip (urease method) and alpha-amylase assay strip (EPS) law). The gradual listing of new products is a new driving force for the company's growth. In addition, the company also obtained one invention patent and one utility model patent.
Operating costs have risen
During the reporting period, the company's net profit growth rate was lower than the growth rate of operating income. On the one hand, investment income decreased by 42.53%, on the other hand, because the operating cost increased rapidly, such as part of raw materials and labor costs. Rise and increase in sales expenses. Specifically, the sales expense ratio and the management expense ratio were 14.77% and 6.52%, respectively, which increased by 0.82 and 0.15 percentage points respectively.
Investment advice and rating
We maintain our original revenue forecast. The company's EPS for 12-14 years is estimated to be 0.54 yuan, 0.61 yuan and 0.68 yuan respectively. The corresponding dynamic price-earnings ratios are 22.69 times, 20.08 times and 18.01 times respectively, taking into account the sales volume and new volume of blood screening related products. We can give the company 24 times PE with a target price of 12.96 yuan and maintain a Buy rating.
Risk factor
The risk of price cuts for medical products; the sales of blood screening products are lower than expected; the risk of continued sluggish export business.
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| Product Name | Tof LiDAR Sensor |
| Model Number | IT02S-65-A/IT02S-65-B/IT03M-650 |
| Measuring Range (without Reflection) | 0.1-12m/0.1-10m/0.1-15m(90% reflectivity) |
| Place of Origin | China |
| Accuracy | 2cm~4cm/5cm |
| Blind Area | 10cm |
| Resolution | 1cm |
| Measuring Unit | centimetre |
| Laser Class | Class II, red |
| Laser Type | 650nm, <1mW |
| Communication Interface | UART, 115200bps(default) |
| Size | 46*17*7mm/50*26*13mm |
| Weight | About 4g/10g |
| Voltage | 2.7V~+3.6V |
| Electrical Level | TTL/CMOS |
| High Frequency | 100hz |
| Operating Temperature | 0-40 ℃ (32-104 ℉ ) |
| Storage Temperature | -25~60 ℃ (-13~140 ℉) |
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