丹娜生物（920009）：新股覆盖研究

Investment Rating - The investment rating for the company is "Buy," indicating that the stock is expected to outperform the market index by more than 15% over the next 6-12 months [34]. Core Insights - The company, Dana Biological (920009.BJ), specializes in the research, production, and sales of in vitro diagnostic products for pathogenic microorganisms, particularly focusing on invasive fungal disease diagnostics [8][17]. - The company has shown a revenue trajectory with projected revenues of CNY 295.1 million in 2022, CNY 236.7 million in 2023, and CNY 239.6 million in 2024, reflecting a year-over-year growth of 26.11%, -19.78%, and 1.21% respectively [5][9]. - The company is recognized as a core supplier of invasive fungal disease diagnostic reagents in China, holding a market share of 30% in this segment as of 2022 [27]. Summary by Sections Basic Financial Status - The company achieved revenues of CNY 295.1 million in 2022, with a net profit of CNY 44.6 million, which represents a year-over-year decline of 36.56% [9][5]. - For 2023, the revenue is projected to decrease to CNY 236.7 million, but net profit is expected to rise to CNY 77.6 million, marking a significant recovery with a growth of 73.90% [9][5]. Industry Situation - The global market for pathogen microbiological diagnostics is projected to grow from USD 15.41 billion in 2018 to USD 57.11 billion by 2030, with a compound annual growth rate (CAGR) of 11.5% [18]. - The Chinese market for pathogen microbiological diagnostics is expected to grow from CNY 16.82 billion in 2018 to CNY 90.27 billion by 2030, with a CAGR of 15.0% [18]. Company Highlights - Dana Biological is a leading supplier of invasive fungal disease diagnostic reagents, with a diverse product range and strong competitive advantages [26]. - The company has developed proprietary products that cover major clinical testing projects for invasive fungal diseases, including unique products registered in China [27]. - The company is expanding its product applications into respiratory pathogen detection, gynecological pathogen detection, and drug resistance testing [28]. Fundraising Project Investment - The company plans to invest CNY 45.63 million in two projects through its IPO, focusing on headquarters construction and new product development [30]. - The headquarters project aims to enhance production capacity and is expected to generate additional revenue of CNY 678 million upon reaching full production [30]. Comparison with Peers - Compared to its peers, Dana Biological has a lower revenue scale but maintains a higher gross profit margin of 85.75% [32]. - The average PE ratio for comparable companies is 28.37, while Dana Biological's PE ratio is 11.75, indicating potential undervaluation [32].