Goldenfield Medical (603882) Company In-depth Report: Third-party testing ushers in the advantages of explosive growth leader

Goldenfield Medical (603882) Company In-depth Report: Third-party testing ushers in the advantages of explosive growth leader
The penetration rate of the ICL industry is constantly increasing, and the scale is expected to exceed 30 billion US dollars in the next three years. The domestic independent medical laboratory (ICL) industry is developing rapidly.The ICL market size was only about 1.2 billion in 2010, and the market size in 2018 was about 14 billion, with a compound annual growth rate of 31%.According to the National Health and Family Planning Commission’s forecast, it will grow at a rate of 30% in the next three years, and it is expected to exceed 30 billion US dollars in the next few years. Comparing the penetration rate in the United States (36%) and Japan (67%), the gradual penetration rate is reduced to about 5%. National policies favor the development of third-party laboratories. With the advancement of medical insurance control fees, hierarchical diagnosis, and the reform of public hospitals, the market for primary hospitals has grown steadily, and medical tests have penetrated from public hospitals to third-party medical testing institutions.Golden Miles Medical reduces marginal cost through scale effect, thus achieving higher profitability. Four ICL companies including Jinyu Medical have expanded their market share by nearly 70%, of which Jinyu Medical accounts for 30%. Leading companies have obvious advantages in scale and cost control. Through upstream and downstream mergers and acquisitions, they will accelerate network construction and R & D efforts, which is expected to win the competition.Leading companies become first-mover advantages, and the final market structure may be similar to that in the United States, where two to three oligopolistic monopolies are formed. Leading domestic ICL industry, the era of profit is coming. Golden Medical is a leading domestic ICL industry. It has three major systems of nucleic acid detection, protein and metabolite detection and tissue, cell and subcellular morphology detection, and can provide more than 2,600 inspection items. The company has 37 central laboratories and provides medical testing services to 22,000 medical institutions, with an annual test volume of more than 60 million cases. Provincial-level labs have been admired for level one, and the company has gradually completed the national chain layout of central laboratories.As the central laboratory continues to mature and develop, the number of samples collected by subsidiaries at the grassroots level continues to increase, the scale effect of sales expenses and management expenses continues to increase, net profit rates continue to increase, and profitability continues to improve.From the financial data of the five major laboratories, Guangzhou Jinyu’s net profit margin was 9 in 2018.41%, Sichuan Jinyu is as high as 17.52%, Kunming Golden Mile 14.71%, Changsha Golden Domain 11.44%, Guizhou Golden Mile 15.18%, stable operation, indicating that third-party laboratories are a viable business model and mature laboratories will have better profitability.It is expected that 2-3 subsidiaries will turn losses into profits in 2019, and performance growth can be expected.The future development direction is to form a disease alliance with the top three hospitals and empower grassroots hospitals. Benchmarking the US ICL leader, the region’s future net interest rate still has much room for improvement.The US company Quest and LabCorp have a gross profit center of 38% and a net profit center of 9%. At present, Golden Domain’s gross profit rate is similar to that of foreign leaders, but the overall net profit level is less than 6%.In 2018, Golden Net Medical’s net interest rate was 5.64%, lower than LabCorp’s 7.80% and Quest 10.46%. Entering upstream and downstream manufacturers to form a complete industry chain. Golden Medical uses 2,027 logistics outlets and information network systems to improve the inspection and pathological diagnosis services of cooperative medical institutions to meet the needs of internal medical institutions in the region.Jinyuda Logistics, which belongs to Jinyu Medical, specializes in the implementation and optimization of medical-related cold chains. It has a professional team of more than 2,000 people and covers 31 provinces across the country. Give full play to the advantages of scale, quickly respond to the various inspection needs of downstream customers, and form a competitive advantage that is difficult to replicate in the short term.In another part, the inspection center has a wide radiation area, and the increase in inspection sample size will help the company to centrally purchase upstream reagents and equipment, improve bargaining power, reduce procurement prices, and convert scale effects into cost advantages. Increasing 深圳桑拿按摩 independent research and development efforts to carry out the transformation and application of key technologies of genomics, proteomics and other cutting-edge technology platforms.The proportion of revenue from traditional testing projects has been shrinking. The company has gradually increased high-end inspection projects with high gross margins. The proportion of genomics revenue has increased from 18 in 2014.39% jumped to 25 in the first half of 2017.19%, optimize income structure.The company develops in the direction of upstream reagents and instruments, extends the industrial chain, cooperates with reagent manufacturers and scientific research institutes, introduces advanced detection technologies in areas such as gene mapping, and continuously improves the level of clinical 杭州桑拿网 testing technology. The investment suggestion company is a domestic leading company in the ICL industry, with rich testing projects, perfect service outlets and strict quality management systems. It has transformed the central laboratory into a mature stage, and its profitability has continued to improve.M & A and strategic cooperation, the introduction of advanced technologies in the field of genetic intervention, and continuously improve the level of clinical laboratory technology.It is estimated that the company’s operating income for 2019-2021 will be 54.8.9 billion, 66.8.4 billion and 81.7.6 billion, net profit attributable to mothers was 2.8.9 billion yuan, 3.7 billion and 4.880,000 yuan, EPS0.63 yuan, 0.81 yuan and 1.07 yuan, corresponding PE is 54X, 42X and 32X respectively, the first time coverage is given a “recommended” level. Risk warning: industry competition is intensified; medical test prices are falling.

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