SHINVA(600587) 国盛证券·2025-01-02 00:22Investment Rating - The report maintains a "Buy" rating for Xinhua Medical [2][3]. Core Views - Xinhua Medical plans to acquire a 36.19% stake in Zhongzhi Biology for 166 million yuan, aiming to increase its ownership to over 51% through cash subscription, which will enhance its IVD business and product line [2]. - The acquisition focuses on RNA molecular diagnostics, expanding Xinhua Medical's capabilities in pathogen detection across various infections [2]. - The molecular diagnostics sector is projected to grow at a CAGR of 12.47% from 2021 to 2030, with the market size expected to reach 80.6 billion yuan by 2030 [2]. - Zhongzhi Biology has shown strong financial performance, with revenue growing from 40 million yuan in 2019 to 120 million yuan in 2023, reflecting a CAGR of 31.50% [2]. - The report forecasts Xinhua Medical's revenue for 2024-2026 to be 10.31 billion, 10.83 billion, and 11.40 billion yuan, respectively, with corresponding net profits of 683 million, 764 million, and 839 million yuan [2]. Financial Summary - In 2022, Xinhua Medical reported revenue of 9.28 billion yuan, with a net profit of 527 million yuan [6][17]. - The projected revenue growth rates for 2024, 2025, and 2026 are 2.9%, 5.0%, and 5.3%, respectively, while net profit growth rates are expected to be 4.4%, 11.8%, and 9.9% [17]. - The company's EPS is projected to increase from 1.08 yuan in 2023 to 1.38 yuan in 2026 [17].