Youningwei (301166)
The scientific research reagent industry is growing steadily, and the biological scientific research reagent industry is a high-quality segment. The compound growth rate of China’s R & D funds from 2010 to 2019 was as high as 13.3%, and the market scale of scientific research reagents was about 100125 billion yuan. Enterprises whose R & D expenditure accounts for 77% of the national R & D expenditure also have a large demand for scientific research reagents. Therefore, the scale of China’s scientific research reagent market will be much higher than the level of far exceeding 100 billion yuan; Among them, the biological research reagent industry in the sub track grew faster, with a compound growth rate of 17.1% from 2015 to 2019. The sub track where the company is located has a high prosperity.
The company focuses on life science research services, and has established the brand image of “youningwei antibody expert” in the industry. According to the characteristics of a wide variety of life science reagents, limited varieties of single brand products, large customer groups and scattered application fields, the company has built a one-stop platform for professional and comprehensive life science comprehensive services in China. The company has integrated more than 50 industry famous brand antibody products such as Agilent, BD, CST, cytiva (formerly GE), Merck, PerkinElmer, R & D systems, Miltenyi, MSD, Qiagen, etc., formed a supply system dominated by third-party brand products and supplemented by independent brand products, and established the brand image of “youningwei antibody expert” in the industry.
The company has more than 4.69 million kinds of life science reagent products SKU, with comprehensive product coverage. The company’s life science reagents mainly include immunological reagents dominated by antibodies and antibody related reagents, as well as molecular biology reagents, cell biology reagents and biochemical reagents. At present, the company provides more than 4.69 million kinds of life science reagent products SKU, including 2.79 million kinds of antibodies, covering research objects at different levels such as genes, proteins, cells, tissues and animals. It is one of the most comprehensive enterprises providing life science reagent products in China.
For the first time, give a “buy” rating. It is estimated that the company’s EPS will be 1.21/1.61/2.06 yuan in 21-23 years. With reference to the valuation level of comparable companies in the scientific research reagent industry, youningwei will be given 65 times PE in 2022, corresponding to the company’s target price of 104.65 yuan in 2022. It will be covered for the first time and given a “buy” rating.
Risk warning: industry competition intensifies the risk; Covid-19 epidemic development uncertainty risk; Direct selling substitution risk of major brand manufacturers; Trade friction and exchange rate fluctuation risk
