BSBE(300406) 海通证券·2024-06-27 10:01Investment Rating - The report assigns an "Outperform" rating for the company [9]. Core Viewpoints - The company has maintained steady growth, with a 5-year CAGR of 17.6% in revenue and 11.7% in net profit [7][33]. - The company is positioned as a leader in the in vitro diagnostic (IVD) industry in China, with a comprehensive product lineup and strategic partnerships enhancing its market position [11][22]. - The IVD market in China is expected to grow significantly, with a projected CAGR of 24.32% from 2020 to 2025, indicating substantial growth potential for the company [39]. Summary by Relevant Sections Company Overview - Beijing Jiukang Biological Technology Co., Ltd. was established in 2001 and specializes in the research, production, and sales of in vitro diagnostic products. It became a publicly listed company in 2014 [11][18]. - The company has a diverse range of diagnostic systems, including biochemical, coagulation, luminescence, blood type, POCT, pathological, and liquid biopsy systems [11][18]. Financial Performance - The company's revenue increased from 774 million yuan in 2018 to 1.742 billion yuan in 2023, with a 5-year CAGR of 17.6%. Net profit rose from 301 million yuan to 524 million yuan during the same period, with a CAGR of 11.7% [7][33]. - Forecasts indicate that revenue will continue to grow, reaching approximately 2.1 billion yuan in 2024 and 2.917 billion yuan in 2026, with net profit expected to grow to 861 million yuan by 2026 [13][54]. Market Position and Strategy - The company has successfully participated in all 46 bidding projects in the liver function biochemical procurement segment, achieving a leading position in several key projects [12][43]. - The strategic investment from China National Pharmaceutical Group has strengthened the company's market position and facilitated comprehensive cooperation in the IVD sector [22][26]. Product Development and Innovation - The company has a robust product pipeline, with ongoing investments in research and development, which reached 163 million yuan in 2023, reflecting a 21.69% CAGR over five years [62][71]. - The company has accelerated the registration of new products, with 294 medical device registration certificates held as of 2023, including 133 products that have received FDA certification [48][72]. Industry Outlook - The IVD industry is rapidly evolving, with the biochemical diagnostics segment being particularly noteworthy due to its established market presence and growth potential [41][64]. - The overall IVD market in China is projected to reach approximately 219.8 billion yuan by 2025, with the segment's share of the total medical device market expected to increase from 14.7% in 2020 to 17.9% in 2025 [63].