\u3000\u3000 Shanghai Runda Medical Technology Co.Ltd(603108) (603108)
Introducing state-owned shareholders with strong financing capacity; The business leader of intensive / regional inspection center complies with the development trend of the national centralized purchase and control fee policy, and is expected to enjoy the industry development dividend under the policy; The traditional distribution agency business is service-oriented, and the income structure is expected to transform rapidly; Heavy asset ICL business is developing rapidly, highlighting the company’s strength and operation management ability; Extension is endogenous, R & D and cooperation are introduced at the same time, and the “all inclusive” strength of the industrial sector can not be underestimated.
Key points supporting rating
Diagnostic service “value depression”, the leader of the underestimated comprehensive service provider of medical laboratory. The company is a comprehensive service provider of medical laboratory, and its main business is divided into commercial sector and industrial sector. Among them, the commercial sector is divided into IVD instrument consumables traditional distribution agency business, intensive / regional inspection center business and ICL business. At present, the commercial sector is the main source of the company’s revenue. The intensive / regional inspection center business is one of the company’s core values, and ICL business is developing rapidly; At present, the industrial sector accounts for a small proportion of the company’s overall revenue, including in vitro diagnosis industrial chain layout, quality control management, medical information products, etc. the industrial sector is another engine for the company’s future growth and an important foundation for the company to build a leading medical laboratory comprehensive service provider in the field of platform IVD. Since 2021, the company’s core business intensive business / regional testing center business and industrial business have achieved significant growth. ICL business is growing rapidly. At the same time, the company’s management expense rate continued to decrease, the company continued to increase R & D investment and business development, and the R & D expense rate and sales expense rate increased.
As a leader in comprehensive services of medical laboratories in Chinese hospitals, the company’s value is prominent under the environment of medical insurance fee control. The zero plus of drugs and consumables since 2015 has increased the pressure on hospital operation, and cost reduction and efficiency increase have become the focus of the hospital. Since 2021, taking the centralized purchase of Anhui chemiluminescence reagent as a representative event, the state has promoted the general trend of IVD industry to control fees and exceeded previous market expectations. In the future, if the price of IVD reagent is reduced and the fees for testing items are reduced, the hospital will have more power to reduce costs and increase efficiency. As a professional comprehensive laboratory service provider, Runda, on the one hand, relies on its strong channel layout, many upstream suppliers and increasingly rich industrial plate layout. The selection of product brands and models is more flexible and has prominent advantages, which can provide a more effective scheme for reducing costs and increasing efficiency for the hospital laboratory department. On the other hand, the company’s products are equipped with diversified services and a strong team of engineers, which bring more value-added services to the products and great customer stickiness.
Epitaxial endogenous, the industrial sector is expected to accumulate. On the one hand, through acquisition and independent research and development, the company has gradually improved the business layout of IVD products, including glycosylated products, quality control products, POCT products, molecular diagnostic products, chemiluminescence products, etc., among which glycosylated hemoglobin analysis and quality control products have achieved the leading proportion in China. In early December 2021, the company announced that Runda Rongjia arp-6465md triple quadrupole mass spectrometer system was approved for listing, which is a demonstration of the company’s R & D ability. At the end of December 2021, the company announced and Beijing Leadman Biochemistry Co.Ltd(300289) reached a strategic cooperation. It was agreed that the two sides would share upstream and downstream resources in the supply chain of in vitro diagnostic products in specific areas, and planned to cooperate closely in the technical cooperation and joint promotion of new products such as chemiluminescence system, POCT system and supporting reagents. The layout of the company’s industrial sector is more worthy of expectation. On the other hand, since 2021, the company has reached cooperation with Shanghai Meihua women’s and children’s Hospital and Shanghai Children’s medical center to deeply layout accurate diagnosis for children. At the same time, the company invests in micro rock medicine to deepen the layout and accurate diagnosis and treatment.
Valuation
It is estimated that the company’s net profit attributable to the parent company from 2021 to 2023 will be 420 / 579 / 643 million yuan, corresponding to EPS of 0.73/1.00/1.11 yuan, which is rated as buy.
Main risks of rating
The risk of intensified market competition, the risk of rapid growth of accounts receivable, the risk of management integration of subordinate companies, the risk of changes in industrial regulatory policies, the risk that the development of end customers is less than expected, the risk that the R & D of new products in the industrial sector is less than expected, the risk of goodwill impairment, etc
