立足免疫触类而长，树立IVD平台化标杆

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 70.61 CNY for 2024, based on a PE of 27 times [4][11]. Core Insights - The company is positioned as a leader in the IVD (In Vitro Diagnostics) sector, with strong growth potential driven by domestic market dynamics and technological advancements in various diagnostic fields [2][10]. - The report highlights the acceleration of domestic brands replacing imports in the chemical luminescence sector, with AnTu Bio expected to maintain high growth due to its strong R&D capabilities, comprehensive product offerings, and effective marketing strategies [2][10]. - The long-term strategy includes establishing a platform for IVD and expanding into molecular and microbiological diagnostics, leveraging advancements made during the pandemic [2][10]. Summary by Sections Company Overview - AnTu Bio, founded in 1998, specializes in the R&D, manufacturing, and integration of IVD reagents and instruments, covering various diagnostic fields including immunology, microbiology, biochemistry, and molecular diagnostics [18][20]. - The company has evolved from being an agent to developing its own products, establishing itself as a benchmark in the IVD sector with a focus on innovation and comprehensive solutions [20][22]. Immunodiagnostics - The immunodiagnostics segment is the largest in the IVD market, with chemical luminescence being the mainstream method, expected to grow at around 18% [35][39]. - The report notes that domestic companies like AnTu Bio are well-positioned to benefit from policy changes that favor local brands, accelerating the replacement of imported products [45][49]. IVD Automation - There is a significant demand for automated IVD systems in China, with a current shortfall in the number of installed systems compared to countries like Japan and South Korea [2][10]. - AnTu Bio is leading the development of fully automated production lines, which positions the company favorably in the market [2][10]. Molecular Diagnostics - The molecular diagnostics segment is expected to recover post-pandemic, with growth projected at 39% in 2024 and 2025, following a decline in 2023 due to reduced COVID-19 testing demand [9][10]. - The company is expanding its offerings in this area, which is anticipated to drive future growth [2][10]. Financial Forecast and Valuation - The company’s revenue is projected to grow from 4.58 billion CNY in 2023 to 6.73 billion CNY in 2025, with corresponding EPS estimates of 2.18 CNY, 2.63 CNY, and 3.19 CNY for the same years [3][11]. - The report indicates that AnTu Bio's valuation is below the average of comparable companies, suggesting potential for price appreciation [11][12].