\u3000\u3000 Shanghai Runda Medical Technology Co.Ltd(603108) (603108)
Event comments: on January 8, 2022, the company announced that its wholly-owned subsidiary Shanghai Huizhong Biotechnology Co., Ltd. and orsendor Biotechnology Development (Shanghai) Co., Ltd. signed the strategic cooperation and joint venture agreement. If the cooperation is successfully implemented, it will help the company improve its R & D capacity and production capacity to a higher international system standard, It is expected to inject new momentum into the development of the company's industrial sector.
Key points supporting rating
Industrial sector: epitaxial endogenous, expected to accumulate. Through acquisition and independent research and development, the company has gradually improved the layout of IVD product business territory, avoided the highly competitive market and developed characteristic products, such as saccharification products, quality control products, medical informatization and other products, with unique advantages, and has achieved domestic leadership in some segments. 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. The cooperative aosenduo Biotechnology Development (Shanghai) Co., Ltd. is an important innovation platform outside the R & D center of aosenduo headquarters. Aosenduo 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. This cooperation will help the company upgrade its R & D capacity and production capacity to a higher international system standard.
Commercial sector: diagnostic service "value depression", leading the underestimated comprehensive service provider of medical laboratory. The company is a comprehensive service provider of medical laboratories. The commercial sector is divided into IVD instrument consumables traditional distribution agency business, intensive / regional inspection center business and ICL business. Intensive / regional inspection center business is one of the company's core values, and heavy asset ICL business is developing rapidly. As a leader in the comprehensive service of medical laboratories in Colleges in China, the value of the company is prominent under the environment of medical insurance fee control. The state promotes the general trend of IVD industry to control fees and exceeds the previous market expectations. In the future, if the price of IVD reagent is reduced and the fees of testing items are reduced, the hospital will have more power to reduce costs and increase efficiency. As a professional comprehensive laboratory service provider, in addition to its strong IVD product supply chain, Runda's packaged diversified service business value will be more prominent. On the one hand, Runda can provide better market promotion, product admission and after-sales service for its upstream IVD production enterprise customers, and the demand continues. On the other hand, Runda can provide diversified services for reducing costs and increasing efficiency for the hospital laboratory department More efficient operation management and better quality control management, so as to better realize the cost reduction and efficiency increase of the hospital.
It is worth looking forward to building a leading medical laboratory comprehensive service provider in the field of platform IVD. On the one hand, the company's intensive business sector / regional inspection center business complies with the medical insurance fee control policy, and its value highlights that the company's business sector will be the best way for the company to understand the terminal demand and better understand the industry development, so as to provide the industrial sector with strategic guidance more in line with the actual market demand and facilitate the diversion of the company's industrial products, So as to better increase the stickiness of end customers; On the other hand, the characteristic products of the company's industrial sector are one of the foundations for the company's commercial sector to provide diversified packaging services. The new cooperative R & D and production mode also helps the company to make use of the advantages of the comprehensive service platform to provide customers with more and better choices of in vitro diagnostic products. In addition, the company recently issued an announcement on internal business integration and structure adjustment, which will also help the company develop in an all-round way, optimize the internal management structure, clarify the layout of business segments, promote the integration of self-produced business, strengthen the coordination of self-produced business and improve the operation efficiency of self-produced business, which is conducive to the optimization of self-produced business structure, fully integrate the company's resources and improve the operation and management efficiency.
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 rapid growth of accounts receivable, the risk that the development of end customers is less than expected, the risk that the development of new products in the industrial sector is less than expected, the risk of goodwill impairment, the risk of uncertainty in the implementation of business integration and equity structure adjustment, the risk of uncertainty in the operation of joint ventures, the risk of market supervision, etc.
