Core Viewpoint - The company plans to acquire 72.86% of Kanglu Bio for 291 million yuan, with a total investment of 328 million yuan to eventually hold 82% of the shares, enhancing its position in the tumor diagnosis market [1][2] Acquisition Details - The acquisition will make Kanglu Bio a subsidiary, included in the company's consolidated financial statements [1] - The company will further acquire an additional 9.14% of shares in 2026 and 2027, contingent on meeting specific conditions [1] Company Profile - Kanglu Bio specializes in the FISH and PCR molecular diagnostics fields, being a leader in pathological diagnosis [2] - Its core FISH products are used in high-value detection areas such as tumor screening and companion diagnostics, with proprietary technology for rapid probe preparation [2] Regulatory Approvals - Kanglu Bio has received 4 NMPA-approved Class III medical device registrations and 161 Class I medical device filings for its FISH products, covering various solid tumors and hematological malignancies [2] - The PCR products have 5 NMPA-approved Class III medical device registrations and are used in over 600 tertiary hospitals [2] Strategic Synergies - The acquisition is expected to create synergies in development strategy, market channels, and product technology, enhancing the company's competitive edge in tumor diagnostics [2][3] - The combined product offerings will provide a comprehensive solution from early screening to companion diagnostics, increasing customer loyalty [3] Market Presence - The company has a sales network covering 31 provinces in China, primarily targeting tertiary hospitals, which aligns with Kanglu Bio's existing market [3] R&D Collaboration - The R&D teams of both companies will collaborate closely to expand clinical solutions and improve the quality of in vitro diagnostic offerings [3] - This collaboration aims to enhance R&D efficiency and the commercialization of results, leading to cost reduction and increased effectiveness [3] Performance Commitments - Kanglu Bio has performance commitments for net profit and R&D expense ratios from 2025 to 2027, with minimum net profits of 22 million, 32 million, and 38 million yuan, and an R&D expense ratio of no less than 10% each year [3] Financial Projections - The company maintains its profit forecast, expecting net profits of 40 million, 50 million, and 60 million yuan from 2025 to 2027, with corresponding PE ratios of 78, 61, and 46 [4] - The DCF model estimates a reasonable market value of 3.6 billion yuan, with a target price of 22 yuan, maintaining a "recommended" rating [4]

Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% in the next six months [2][24]. Core Viewpoints - The company plans to acquire 72.86% of Kanglu Bio for 291 million yuan, which will enhance its competitive advantage in the tumor diagnostics field. The total transaction amount will reach 328 million yuan upon completion of the acquisition [2]. - The acquisition is expected to create synergies in development strategy, market channels, and product technology, allowing the company to offer comprehensive solutions in tumor diagnostics [8]. - The financial forecast for the company shows a projected net profit of 34 million yuan in 2024, increasing to 62 million yuan by 2027, with corresponding growth rates of 5.7%, 27.2%, and 32.9% [4][8]. Financial Summary - Total revenue is projected to grow from 437 million yuan in 2024 to 588 million yuan in 2027, with growth rates of -19.5%, 0.4%, 15.4%, and 16.1% respectively [4]. - The company's earnings per share (EPS) is expected to rise from 0.21 yuan in 2024 to 0.38 yuan in 2027, with a price-to-earnings (P/E) ratio decreasing from 82 to 46 over the same period [4][8]. - The company’s total market capitalization is currently 28.3 billion yuan, with a circulating market value of 23.97 billion yuan [5].