\u3000\u3000 Shanghai Runda Medical Technology Co.Ltd(603108) (603108)
Leading IVD comprehensive service provider and broadening the moat in multiple dimensions: Shanghai Runda Medical Technology Co.Ltd(603108) after nearly 20 years of development, according to different policy and environmental backgrounds, through continuous improvement of service content and service mode, it has built an in-hospital detection service platform with a scale of more than 10 billion, with more than 4000 downstream medical institutions and customers, which is the leading IVD comprehensive service provider. Recently, the company has carried out the integration and upgrading of the industrial sector through internal business integration and structural adjustment. It is expected to further optimize the allocation of resources and improve the operation and management efficiency of the industrial sector business, which has become an important pole to promote the growth of the company's performance. At the same time, through the company's internal independent research and development and external strategic cooperation, promote the innovation of products, accelerate the overall upgrading of the industrial sector, and broaden the enterprise moat.
Internal business integration, self-produced products in the industrial sector have entered the fast lane: Recently, the company merged the equity of its 11 subsidiaries with independent R & D and production types of in vitro diagnostic products into Hangzhou Huizhong Diagnostic Technology Co., Ltd. Under the unified management of Huizhong diagnosis Co., Ltd., share brand, sales channels and other resources, promote the overall development of the company's self-produced business in the industrial sector, fully open the self-produced business in the industrial sector and make a new blue chart. At the same time, based on the service platform's understanding of the clinical needs and pain points of downstream customers, as well as its advantages in market insight and product understanding, the company has differentiated the layout of some IVD characteristic segments to meet the characteristic needs of customers. Arp-6465md triple quadrupole mass spectrometer has been launched to enter the blue ocean market of clinical mass spectrometry; The fourth generation mq-8000 glycosylated hemoglobin instrument, which is positioned as a high-end product and takes the lead in China, will soon be put on the market. The quality control products will also expand to new fields such as gene sequencing and mass spectrometry. At the same time, with the help of the company's channel advantages and service platform advantages, it will enable the self-produced products to quickly realize the large-scale production and make the self-produced products enter the fast lane of development.
External strategic cooperation and in-depth layout of the whole industrial chain of in vitro diagnosis: Recently, the company's external strategic cooperation has been frequent. In some areas with large market scale and fierce competition in the upstream of IVD, the company gives full play to its advantages such as production capacity, channel platform and after-sales service, and gives full play to the advantages of both sides through strategic cooperation with companies with strong upstream technical strength, Enhance the market competitiveness and market share of products. For example, recently, we have joined hands with orsendor to accelerate cooperation in IVD product market, especially in chemiluminescence and other fields, and are expected to become a strong participant and competitor in the field of chemiluminescence; In terms of in-depth layout of the whole industrial chain of in vitro diagnosis, the company has successively signed strategic cooperation agreements with Beijing Leadman Biochemistry Co.Ltd(300289) , solar biology, Shanghai Children's medical center and other enterprises and medical institutions, covering the development, application and promotion of products in many fields, so as to fully realize the sharing and win-win of upstream and downstream resources in the supply chain. In terms of the expansion of the new track, Gongshu SDIC, a major UN funded shareholder of the company, jointly invested in micro rock medicine to lay out the field of precision medicine based on ngs.
Profit forecast, valuation and rating: Shanghai Runda Medical Technology Co.Ltd(603108) as the leader of IVD comprehensive service provider, we are optimistic about the integration of the company's industrial sector and the product development of endogenous extension. However, due to the rapid growth of the company's accounts receivable in 21 years and the possibility that the company will continue to face the pressure of accounts receivable recovery in 22 and 23 years, it is expected that the company's accounting department will withdraw some provisions for the impairment of accounts receivable, Further affecting part of the company's profits, we lowered the company's EPS forecast for 21-23 years to 0.69/0.88/1.10 yuan, with a year-on-year increase of 21.43% / 27.37% / 25.13% respectively (the original forecast was 0.76/0.97/1.21 yuan, with a decrease of 9.2% / 9.2% / 9.1% respectively). The current price corresponds to 18 / 14 / 11 times of PE for 21-23 years, maintaining the "buy" rating.
Risk warning: the risk of sector integration is less than expected; The operation of the joint venture is less than the expected risk.
