阿拉丁(688179)：参股上海佑科 外延扩张再下一城

Core Viewpoint - The company has signed a share transfer intention agreement with Shanghai Youke Instrument Co., Ltd. to acquire 35% equity for 61.25 million yuan, valuing the target company at 175 million yuan, making Shanghai Youke a subsidiary post-investment [1]. Group 1: Investment Rationale - The investment in Shanghai Youke is expected to significantly enhance the company's laboratory product line, addressing existing gaps and enabling a one-stop procurement model through bundled sales of reagents and instruments, creating synergistic effects [2]. - Leveraging Aladdin's established customer base, channel resources, e-commerce platforms, and warehousing capabilities, the investment aims to accelerate Shanghai Youke's growth and enhance equity value [2]. Group 2: Valuation and Financial Projections - The total assets of Shanghai Youke are projected at 162 million yuan, with net assets of 96 million yuan, revenue of 102 million yuan, and net profit of 22.48 million yuan for 2024. The investment's valuation corresponds to a PE ratio of approximately 7.8 times and a PB ratio of about 1.8 times [3]. - The company is actively pursuing external acquisitions to expand its business scope, having completed several significant transactions in 2024, including acquisitions of Yuan Ye Biology and shares in Shanghai Yamei, reinforcing its dual growth strategy of "internal growth + external expansion" [3]. - Revenue forecasts for 2025-2027 are 649 million yuan, 860 million yuan, and 964 million yuan, with corresponding net profits of 96 million yuan, 146 million yuan, and 170 million yuan, leading to diluted EPS of 0.29 yuan, 0.44 yuan, and 0.51 yuan, with PE ratios of 44.19, 29.12, and 24.99 respectively [3].