万孚生物：POCT龙头技术平台全覆盖，助力国内外双核驱动

Investment Rating - The report initiates coverage on Wanfu Biology with a "Buy" rating [1] Core Views - Wanfu Biology is a leader in the domestic POCT (Point of Care Testing) market, with a strong market share and a comprehensive product matrix. The company has a solid foundation in technology and innovation, which is expected to drive long-term revenue and profit growth [2][3][4] Summary by Sections Company Overview - Wanfu Biology has been focused on the POCT field for 30 years, leading the domestic market with a market share that ranks first among local companies. The company has developed nine core technology platforms and six major product lines, including chronic disease management, infectious diseases, drug testing, reproductive health, inflammation, and tumors [2][4][8] Market Potential - The global POCT market reached USD 33 billion in 2022, with a projected CAGR of 10.18% from 2022 to 2029. In contrast, China's POCT market is expected to grow significantly, with a projected size of CNY 29 billion in 2024 and a CAGR of 20.96% from 2019 to 2024. The company is well-positioned to benefit from this growth due to its strong product offerings in chronic disease management and infectious disease testing [3][4][6] Company Strategy - Wanfu Biology aims to build an ecosystem through integrated production, sales, and research. The company emphasizes independent research and development while also pursuing strategic acquisitions and partnerships to enhance its product and technology portfolio. The sales strategy includes localized marketing efforts in international markets, covering over 150 countries [4][5][8] Financial Summary and Valuation - The company's revenue is expected to recover, with projected net profits of CNY 650 million, CNY 810 million, and CNY 1.01 billion for 2024, 2025, and 2026, respectively. The earnings per share (EPS) are forecasted to be CNY 1.35, CNY 1.68, and CNY 2.10 for the same years. The current P/E ratios are relatively low compared to comparable companies, indicating potential undervaluation [2][4][14]