\u3000\u3000 Shanghai Runda Medical Technology Co.Ltd(603108) (603108)
Event: on January 18, 2022, a wholly-owned subsidiary of the company, Shanghai Huizhong Biotechnology Co., Ltd. (hereinafter referred to as “Huizhong biotechnology”) signed a strategic cooperation and joint venture agreement with aosenduo Biotechnology Development (Shanghai) Co., Ltd. (hereinafter referred to as “aosenduo biotechnology”), a wholly-owned subsidiary of aosenduo in China, to establish a joint venture with a registered capital of RMB 2 million, The company plans to invest 1 million yuan with its own funds, accounting for 50% of the registered capital of the joint venture, which is conducive to accelerating the listing of new orsendor related in vitro diagnostic equipment and reagents in the Chinese market, and the two sides have reached a deep-seated strategic partnership.
IVD R & D strength was further enhanced. The joint venture will be orsendor Vitros ® The immunodiagnostic analyzer (including but not limited to orsendor vitros3600, 5600 and 7600 instruments) develops in vitro diagnostic reagent products that meet the needs of the Chinese market. All intellectual property rights in any form formed in the research and development process belong to the joint venture. Osendo is one of the world’s leading enterprises in the field of in vitro diagnosis, serving the field of global clinical laboratories and blood transfusion medicine. At present, the company’s industrial sector is arranged in the fields of saccharification, biochemistry, POCT and molecular diagnosis. After the cooperation with orsendor, the company will further expand its immune product line and enhance its industrial R & D strength.
The advantages of industrial integration are prominent, and the pharmaceutical industry is expected to significantly increase its performance. The company will provide aosenduo with its own production capacity and product promotion channels to meet the needs of entrusted production and product promotion of the joint venture. In 2020, the global revenue of Orson will be USD 2 billion, of which the revenue in China will exceed RMB 1 billion. After the company provides production capacity, it is expected to undertake the income of industrial products in China and realize the rapid growth of industrial income. Previously, the company successfully listed the mass spectrometer through its subsidiary Runda Rongjia in December 2021. The product is expected to further increase in volume by virtue of the company’s channel advantages in 2021. In 2020, the company’s IVD product manufacturing revenue will reach 410 million yuan, the compound growth rate of revenue will exceed 40% in the next 3-4 years, and exceed 1 billion yuan in 3-4 years.
Profit forecast and investment suggestions. It is estimated that the net profit from 2021 to 2023 will be 420 million yuan, 550 million yuan and 730 million yuan respectively. In view of the rapid expansion of intensive / regional inspection center business, the industrial sector benefited from the advantages of industrial integration and maintained the “buy” rating.
Risk warning: the progress of signing the contract is not as expected; R & D is less than expected risk.
