The performance continued to grow at a high rate, and the increase in expenses affected the current profit. Overall, we believe that the company still maintains a high growth trend through endogenous + extension. In the first three quarters, the company's revenue increased by 25% year-on-year, of which 2016Q3's single-quarter revenue growth rate was as high as 34%, maintaining a high growth momentum. Due to the merger of Soho Yi Ming and Sino-German Midland, the company's sales expenses increased by 176% to 180 million yuan; management expenses also increased by 82% to 82.08 million yuan, mainly because the company increased the research and development expenditure of precision medical projects, an increase of 10.63 million yuan; The company's cash acquisition resulted in a decrease in interest income and amortization of the cost of equity incentives totaling approximately 6.34 million yuan. Overall, the company's expense ratio increased by 1.9 percentage points year-on-year, which has a greater impact on current profits.
The second child is released to help the growth hormone continue to grow at a high rate. The market for growth hormone is broad. At present, the market size of the industry is about 1.5 billion yuan, but the market space in the future will exceed 8 billion. With the full liberalization of the second child, the market will continue to expand. Growth hormone is the core product of the company. It will increase brand influence by increasing academic marketing, patient education, and customer team building. It is expected to maintain a high growth rate of more than 30% in the next three years. The company's current growth hormone is a powder injection type, the water injection dosage form is expected to be re-declared in the second half of the year, and the long-acting growth hormone is also in the clinical research stage, and the new product launch will bring greater performance increase in the future.
The tumor precision treatment industry chain continues to expand and stabilize its leading position. Through continuous outreach mergers and acquisitions, the company promotes the continuous expansion of the precision medical industry chain. It owns CAR-T, PD-1, and tumor-targeted gene-virus treatment technologies. It has the most complete line of tumor precision treatment products and is the well-deserved precision medical faucet for A-shares. . In the field of CAR-T cell therapy, the company cooperates with Boshengji, and the CAR-T cell therapy technology of solid tumors is in a leading position, and extends to non-solid tumors such as leukemia, with the widest product line layout. In the field of PD-1 antibody therapy, the partner Lijinjin has completed the development of PD-1 antibody and engineering cell strain, and can improve the curative effect with existing anti-tumor therapy. The technical level and research progress are leading in China. Liu Yuanshi, the chairman of Xiyuan Bio, is the first to propose a tumor-targeted gene-virus treatment strategy in the world. Both theory and technology are in a leading position in the world. With three cutting-edge precision treatment technologies for tumors, the future development prospects are worth looking forward to.
Earnings forecasts and investment advice. The EPS of 2016-2018 is expected to be 0.37 yuan, 0.54 yuan, and 0.73 yuan respectively, corresponding to PEs of 70 times, 48 ​​times, and 35 times respectively. Considering the company's sustained high growth in performance and the prospective merger of cancer precision treatment industry chain, maintain "buy" Into the rating.
Risk Warning: The main product may have the risk of price reduction; the performance of the M&A project may not be as expected; the progress of technology development may be lower than expected.
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Shenzhen Zuomi Technology Co., Ltd. , https://www.zuomicamera.com