丹娜生物（920009）：北交所新股申购策略报告之一百四十六：侵袭性真菌病诊断小巨人，技术平台全面-20251021

Investment Rating - The investment rating for the company is positive, with a recommendation to actively participate in the IPO [23]. Core Insights - The company specializes in the diagnosis of invasive fungal diseases, with a strong market position and growth driven by expanding product offerings and new market segments [5][23]. - The company has shown a recovery in operations since 2023, with projected revenue of 240 million yuan in 2024 and a net profit of approximately 87.19 million yuan, reflecting a compound annual growth rate (CAGR) of 39.79% over the past three years [7][12]. - The company’s gross margin is expected to be 85.75% in 2024, indicating strong profitability [7]. Summary by Sections Company Overview - The company, established in 2014 and headquartered in Tianjin, focuses on early diagnosis of invasive fungal diseases and other pathogen detection products, with its products available in over 1,300 medical institutions across 34 provinces in China [2][5]. Product Development - The company emphasizes continuous product upgrades and new application scenarios, with all product development stemming from independent innovation. It has developed unique products for invasive fungal disease diagnostics, including the "5G + Fungal Disease Serological Joint Detection Scheme" [6][10]. Financial Performance - The company is expected to achieve a revenue of 240 million yuan in 2024, with a CAGR of -9.89% over the past three years due to high base effects from emergency orders during the pandemic. However, it is projected to return to a growth trajectory in 2023 [7][12]. Industry Situation - The invasive fungal disease diagnostic market is supported by favorable policies, with the market size projected to grow from 240 million yuan in 2018 to 3.03 billion yuan by 2030, reflecting a CAGR of 23.5% [14][13]. Competitive Advantages - The company possesses significant technological and product advantages, with multiple core technology platforms and recognition for its innovative products. It has established collaborations with various health organizations and institutions [15][16][17]. IPO Details - The IPO involves a direct pricing method with an issue price of 17.10 yuan per share, aiming to raise approximately 137 million yuan. The expected market capitalization post-issue is 947 million yuan, with a low initial PE ratio of 9.78 compared to industry peers [11][24].