Rendu Biology (688193)
(the special coverage report of new shares aims to conduct a simple research and sorting on the recently inquired listed companies)
Key investment points
A total of one company made an inquiry in this period. On March 16 (next Wednesday), the listed company “Rendu biology” on the science and Innovation Board will make an inquiry.
Rendu Biology (688193): the company is one of the first batch of life science enterprises focusing on RNA thermostatic amplification technology and products in China. It is committed to developing innovative diagnostic technologies and products whose clinical needs have not been met. From 2019 to 2021, the company achieved operating revenue of RMB 100 million / RMB 250 million / RMB 290 million respectively, with yoy successively being 43.01% / 152% / 16.97%, and the compound annual growth rate of operating revenue in the three years was 61.5%; The net profit attributable to the parent company was 04 million yuan / 61 million yuan / 65 million yuan, and yoy was 111.67% / 154145% / 5.28% respectively. It began to turn losses into profits in 2019. According to the company’s preliminary forecast, the net profit attributable to the parent company in 2022q1 decreased by about 20.26% to 35.69% year-on-year.
Investment highlights: 1. The company is one of the pioneers and leaders in the field of RNA molecular diagnosis in China. Based on the independent sat patented technology platform, the company has built a complete technology and product system from raw materials, enzymes, reagents to equipment. The company is China’s first producer of nucleic acid detection reagents that target RNA in the reproductive tract, respiratory tract and hepatitis B detection. At present, the company’s market share in China’s sexually transmitted infection molecular diagnosis industry has reached 28.5% (2019), ranking first in the market segment. At the same time, based on the self-developed sat patent platform for unique live bacteria detection, the company has formed kit products covering reproductive tract, respiratory tract, enterovirus, blood screening and other infectious diseases, realized the industrial production of core raw material enzymes, and successfully developed China’s first fully automatic nucleic acid detection and analysis system, It has created a relatively complete product system of RNA molecular detection technology, with obvious competitive advantages in subdivided industries. 2. The commercialization of the company’s products has been gradually promoted and has been recognized by well-known hospitals in China. The company’s RNA thermostatic amplification technology is still in the stage of promotion and development. With more and more new RNA detection targets and prominent advantages of RNA molecular diagnosis in some fields, the commercialization process of RNA thermostatic amplification technology (SAT) of the company is also gradually accelerating. Up to now, the company has been recognized and used by well-known hospitals including Beijing Union Medical College Hospital of Chinese Academy of Medical Sciences and Ruijin Hospital Affiliated to Medical College of Shanghai Jiaotong University. Its products cover more than 500 medical institutions across the country and maintain a stable cooperative relationship with nearly 300 class III class A hospitals; In addition, the company also cooperates with Guangzhou Kingmed Diagnostics Group Co.Ltd(603882) , Dian Diagnostics Group Co.Ltd(300244) , ADICON, etc. 3. The company has made a breakthrough in the field of blood infection and may gradually become a new growth point. In 2021, the company successfully developed the world’s first hepatitis B precise diagnosis and treatment of new indicators HBVRNA testing products, cut into the field of blood infection detection. At the same time, from the perspective of the company’s R & D pipeline, R & D in the field of blood infection such as human immunodeficiency virus (HIV) and hepatitis C virus has made rapid progress and is expected to continue to make breakthroughs.
Comparison of Listed Companies in the same industry: molecular diagnosis listed companies in the same industry mainly include Jiangsu Bioperfectus Technologies Co.Ltd(688399) , Amoy Diagnostics Co.Ltd(300685) , Guangdong Hybribio Biotech Co.Ltd(300639) , Sansure Biotech Inc(688289) , Shanghai Zj Bio-Tech Co.Ltd(688317) , etc. Assuming that the above companies are used to look at the situation of the same industry, the average income scale (the first three quarters) reached 2.228 billion yuan and the average pe-ttm was 9.67x due to Jiangsu Bioperfectus Technologies Co.Ltd(688399) , Guangdong Hybribio Biotech Co.Ltd(300639) , Sansure Biotech Inc(688289) , Shanghai Zj Bio-Tech Co.Ltd(688317) and so on; Amoy Diagnostics Co.Ltd(300685) is relatively not catalyzed by the epidemic, with an average pe-ttm of 51x. In comparison, Rendu’s biological income volume is significantly lower than the industry average. Although the company is also catalyzed by the covid-19 epidemic, due to its small volume and the limitation of the scope of adaptation of new technologies, the volume expansion degree will be lower than Jiangsu Bioperfectus Technologies Co.Ltd(688399) , Guangdong Hybribio Biotech Co.Ltd(300639) , Sansure Biotech Inc(688289) , Shanghai Zj Bio-Tech Co.Ltd(688317) , etc; In terms of gross profit margin, Rendu biology is basically equivalent to the average level of the industry.
Risk tips: companies that have started the inquiry process may still be unable to be listed for special reasons, the company’s content is mainly based on the contents of the prospectus and other public materials, there is a risk that the selection of Listed Companies in the same industry is not accurate, there may be interpretation deviation in the selection of content data, and the risks of specific listed companies are displayed in the text, etc.
