CABIO(688089) 天风证券·2024-11-12 06:26Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company plans to acquire Oebiotech, a national-level specialized and innovative "little giant" in life science technology services, which will extend its synthetic biology platform into the scientific research and technical services field [1] - The acquisition of Oebiotech is expected to significantly enhance the company's production efficiency, business layout, and customer service capabilities in the synthetic biology field [3] - The life science research services industry is seen as having broad prospects, driven by increasing research funding globally and in China [2] Financial Performance and Forecasts - The company's revenue for 2022, 2023, and the first nine months of 2024 was RMB 265 million, RMB 309 million, and RMB 267 million, respectively, with net profits of RMB -23 million, RMB 30 million, and RMB 48 million for the same periods [1] - Revenue is forecasted to grow from RMB 562.3 million in 2024E to RMB 1,036.13 million in 2026E, with net profit attributable to the parent company increasing from RMB 117.06 million to RMB 202.21 million over the same period [4] - The company's EBITDA is projected to rise from RMB 165.21 million in 2024E to RMB 357.27 million in 2026E [4] Industry Outlook - The global life science research funding in 2023 was USD 186.8 billion, with a CAGR of 5.8% from 2017 to 2023, while China's funding reached RMB 141.5 billion with a CAGR of 15.5% over the same period [2] - The synthetic biology field is transitioning from trial-and-error to precise prediction, with the company positioned to leverage Oebiotech's high-throughput, low-cost multi-omics technology for further advancements [3] Acquisition Details - The company announced a major asset restructuring plan on November 12, 2024, proposing to acquire 65% of Oebiotech's equity through a combination of share issuance and cash payment, along with raising supporting funds [4] Valuation Metrics - The company's P/E ratio is expected to decrease from 30.08 in 2024E to 17.41 in 2026E, while the P/B ratio is projected to decline from 2.27 to 2.01 over the same period [4] - The EV/EBITDA ratio is forecasted to drop from 18.84 in 2024E to 9.50 in 2026E [4]