资源描述
1 / 27 2021 11 03 - - 2021.10.31 - -2021.10.24 - - 2021.10.17 S0790520070001 S0790121070029 2019 175 2019 136 2019- 2024 13.8% 1 2 CRO 3 4 10%-15% 8.3% 48.2% 60% 2019 69 40 27 1 + 2 3 80% 1 2 -17% -9% 0% 9% 17% 26% 2020-11 2021-03 2021-07 3002 / 27 1 . 4 1.1 . 4 1.2 . 4 1.3 . 6 1.4 . 8 2 . 8 2.1 . 10 2.2 . 11 2.3 . 11 2.4 . 13 3 . 14 3.1 . 15 3.2 . 16 4 . 18 4.1 . 18 4.2 . 19 4.3 . 20 4.4 + + . 22 4.5 . 23 5 . 25 1 . 4 2 . 5 3 . 5 4 . 5 5 . 6 6 . 6 7 . 6 8 2019 . 7 9 . 7 10 . 7 11 . 8 12 . 8 13 . 9 14 SKU . 9 15 2019 . 10 16 2020 . 10 17 . 12 18 . 12 19 . 12 20 . 13 21 . 14 22 POCT . 14 23 . 15 24 . 16 25 . 18 26 . 18 27 . 19 28 . 20 29 . 20 30 . 213 / 27 31 . 22 32 . 22 33 . 23 34 . 23 35 . 24 36 . 24 37 . 24 38 . 25 39 . 25 1 . 4 2 . 10 3 . 11 4 . 13 5 . 15 6 2019 . 17 7 2020 . 17 8 . 19 9 . 21 10 . 22 11 . 254 / 27 1 1.1 1 1 DNA DNA Frost & Sullivan 1.2 CRO5 / 27 2 2015 1166 2019 1514 6.7% 10%-15% Frost & Sullivan 2015 128 2019 175 8.1% 2024 246 7.1% 3 4 Frost & Sullivan Frost & Sullivan 2019 729 48.2% 12.5 8.3% 0 20 40 60 80 100 120 140 160 2015 2016 2017 2018 2019 0 5 10 15 20 25 30 (6 / 27 5 Frost & Sullivan 21 2015 434 2019 866 18.8% Frost & Sullivan 2015 72 2019 136 17.1% 2 2024 260 2019 -2024 13.8% 6 7 Frost & Sullivan Frost & Sullivan 1.3 Frost & Sullivan 2019 72.4% 27.6% 2019 , 72.9 , 33.4 , 12.5 , 9.8 , 22.7 0 20 40 60 80 100 2015 2016 2017 2018 2019 0 5 10 15 20 25 307 / 27 63.8% 36.2% 8 2019 9 Frost & Sullivan Frost & Sullivan Frost & Sullivan 2019 69 40 27 10 Frost & Sullivan Frost & Sullivan 2015 39 2019 69 15.8% 2024 124 2019-2024 12.3% , 9.9 , 3.8 , 11.2 , 6.3 , 2.7 , 4 , 6.98 / 27 11 Frost & Sullivan 1.4 1 2 Know-how 3 4 12 2 0 2 4 6 8 10 12 14 2015 2016 2017 2018 2019 2020E 2021E 2022E 2023E 2024E9 / 27 90 13 SKU Agilent BD CST Cytiva GE Merck PerkinElmer R&D systems Miltenyi MSD Qiagen 50 SKU SKU 448.79 261 SKU 14 SKU 1 2019 R&D Pepro Tech R&D PeproTech 2000 53% 2 Takara 0 50 100 150 200 250 300 350 SKU10 / 27 BioRad 41.1% 4% 55% 15 2019 16 2020 Frost & Sullivan Frost & Sullivan 2.1 1 2019 4% 2 2018 2035 3 2016 2 2020/1/1 2019 16 6 2019/3/20 2020 4% 2018/1/19 2020 2035 2017/5/31 R&D, 20% PeproTech, 16% , 5% , 4% , 2% , 53% , 18.50% , 11.10% Takara, 6.80% BioRad, 4.70% , 4.00% , 55.0011 / 27 2016/11/29 2016/8/8 2016/5/20 2020 R&D 2.5% 2030 R&D 2.8% 2050 2014/10/9 2.2 + 3 1 2 9 1 2 9.37 1 2 12.02 1 2 3 4 25.06 1 2 3 2.83 2.312 / 27 17 Frost & Sullivan 2019 9 55 18 19 Frost & Sullivan Frost & Sullivan Top 20 TOP20 MD Anderson 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 2018 2019 2020 0 0.5 1 1.5 2 0 0.5 1 1.5 213 / 27 4 Top50 Top20 Top50 80% Thermo Fisher Scientific VWR International Abcam Covance MD Anderson (FDA) (CDC) (EMA) 50% 20 Wind 2.4 0% 20% 40% 60% 80% 100% 2017 2018 2019 202014 / 27 21 POCT 2015-2019 POCT 43 112 27.0% 2024 290 2019-2024 20.9% 22 POCT Frost & Sullivan 3 2000 20 0 5 10 15 20 25 30 35 2015 2016 2017 2018 2019 2020E 2021E 2022E 2023E 2024E POCT15 / 27 5 2007 cDNA ELISA 2010 2012 2001 2004 2004 CD / FC 2014 PCR qPCR RT-PCR 3.1 2020 2020 15.96 782.77% 11.28 2996.89% 1 2 23 Wind 0% 200% 400% 600% 800% 1000% 0 500 1000 1500 2000 2013 2014 2015 2016 2017 2018 2019 2020 yoy yoy yoy yoy yoy16 / 27 24 Wind 1 2 3.2 2020 2019 80% 2019 35.92% 2020 8% 2019 20% 2019 35.99% 2020 12% -500% 0% 500% 1000% 1500% 2000% 2500% 3000% 3500% 0 200 400 600 800 1000 1200 2013 2014 2015 2016 2017 2018 2019 2020 yoy yoy yoy yoy yoy17 / 27 6 2019 268.38 180.83 103.29 289.06 786.93 yoy 57.13% 29.88% 47.90% 30.61% 30.29% 247.99 140.04 87.31 215.20 714.38 24.32 39.27 12.58 67.25 73.61 yoy 4522.32% 9.79% 5.51% 105.08% 45.75% 24.37 39.27 12.63 66.82 73.60 yoy 5764.53% 9.79% 5.13% 103.38% 45.66% 25.79 36.41 11.05 57.45 57.94 yoy 2383.35% 0.16% -2.58% 133.53% 45.34% 25.79 36.41 11.10 59.43 57.94 yoy 2383.35% 0.16% -2.11% 48.72% 45.34% 84.32% 83.99% 88.46% 92.70% 22.27% 9.61% 20.14% 10.70% 19.88% 7.36% 796 318 176 516 490 221 89 68 268 - 62.30 23.28 21.31 103.82 8.63 35.99% 24.37% 26.14% 12.82% 8.42% 17.04% 23.45% 26.75% 18.41% 2.95% 23.21% 12.87% 20.63% 35.92% 1.10% 0.08% -0.53% -0.75% -0.60% 0.26% Wind 7 2020 1,564.45 1,596.29 246.32 1,067.51 849.08 yoy 482.92% 782.77% 138.47% 269.31% 7.90% 554.16 275.69 109.9 306.46 756.22 973.02 1,315.22 133.53 744.62 95.78 yoy 3901.05% 3,249.36% 961.85% 1007.29% 30.12% 959.26 1,313.11 133.63 744.47 95.74 yoy 3836.40% 3,243.99% 958.39% 1014.07% 30.07% 821.73 1,127.61 115.69 633.12 76.49 yoy 3085.62% 2,996.89% 947.08% 1001.95% 32.01% 821.73 1,127.61 115.88 633.34 76.49 yoy 3085.62% 2996.89% 943.79% 965.76% 32.01% 91.46% 96.88% 91.91% 93.95% 22.77% 52.52% 70.64% 46.97% 59.31% 9.01% 1,224 364 245 595 445 416 102 69 258 42 520 77 59 86 288 200+ 1000+ 500+ 6256 13000+ 28000+ 1781 1200+ SKU448 + 125.53 26.06 30.65 112.23 8.73 12.00% 5.83% 14.51% 5.43% 7.94% 5.87% 2.89% 8.15% 5.79% 2.80% 8.02% 1.63% 12.44% 10.51% 1.03% 0.28% 2.25% 1.24% 0.57% -0.39% Wind 118 / 27 2 4 4.1 25 2017 1.12 2020 3.75 49.44% 26 Wind 2017 1 2019 2.38 2020 0% 10% 20% 30% 40% 50% 60% 0 50 100 150 200 250 300 350 400 2017 2018 2019 202019 / 27 POCT 2019 10.36% 2020 35.81% 27 Wind 4.2 8 6000 13,000 / 28,000 16 2021 12 31 19 2017 1.01 2020 2.54 35.87% 0 500 1,000 1,500 2,000 2017 2018 2019 2020 POCT POCT20 / 27 28 Wind CRO CRO 29 Wind 4.3 90% Top20 Top50 80% 0% 10% 20% 30% 40% 50% 0 50 100 150 200 250 300 2017 2018 2019 2020 0 500 1,000 1,500 2,000 2017 2018 2019 2020 CRO21 / 27 9 30 2017 0.47 2020 1.74 54.38% 88% 89% 90% 91% 92% 93% 94% 95% 2018 2019 202022 / 27 31 Wind 1700 32 Wind 4.4 + + 2001 8 + + 10 2001-2008 2009-2016 2017- 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 50 100 150 200 2017 2018 2019 2020 0 50 100 150 200 250 300 2017 2018 2019 202023 / 27 2014 0.85 2020 3.68 27.79% 33 Wind 34 Wind 4.5 50 0% 10% 20% 30% 40% 50% 0 50 100 150 200 250 300 350 400 2014 2015 2016 2017 2018 2019 2020 0 200 400 600 800 1,000 1,200 2017 2018 2019 202024 / 27 35 2013 1.09 2020 8.49 34.01% 2015 0.09 2020 0.75 54.96% 36 37 Wind Wind 83% 81% 1% 0% 10% 20% 30% 40% 50% 60% 0 200 400 600 800 1,000 2013 2014 2015 2016 2017 2018 2019 2020 0% 20% 40% 60% 80% 100% 120% 140% 160% 0 10 20 30 40 50 60 70 80 2015 2016 2017 2018 2019 202025 / 27 38 39 Wind 11 EPS PE 2020A 2021E 2022E 2023E 2020A 2021E 2022E 2023E 301080.SZ 157 1.93 2.35 3.39 5.11 - 66.84 46.35 30.71 301047.SZ 318.08 22.11 13.96 12.52 12.53 - 22.79 25.4 25.39 688105.SH 2.28 1.96 2 2.57 A20704.SZ A20417.SZ Wind Wind 2021 11 1 5 0 200 400 600 800 1,000 2017 2018 2019 2020 0% 20% 40% 60% 80% 100% 2018 2019 202026 / 27 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50027 / 27 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065
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