Runda Medical: continuous mergers and acquisitions to enrich channels and product lines
GF Securities released the Runda Medical Research Report on July 5, and the report is summarized as follows: It plans to acquire 45% equity of Hangzhou Yidan Biological in cash of 216 million yuan The company plans to acquire a 45% stake in Hangzhou Yidan Biological held by Hangzhou Yihe Investment with a consideration of 216 million yuan. Yidan Bio's 2016 annual performance commitment is not less than 40 million yuan; in 2017 and 2018, the company's deducted net profit annual growth rate is not less than 20%. The planned acquisition of the target from January to April 2016 has achieved a revenue of RMB 71.17 million, corresponding to a net profit of RMB 10.58 million. Acquired Yidan Bio, enriched the microbial product line, and added the Zhejiang IVD channel and service Yidan Bio is the general agent of Mérieux (the world's giant in the field of IVD microbiological testing). It distributes all the microbiological testing products of Mérieux and has a good customer base in Zhejiang Province (including many large top three hospitals in Zhejiang Province). And a complete sales network. On the one hand, the acquisition enriched Runda's microbial product line; on the other hand, with the original customer resources of Yidan Bio, it is expected to further expand Runda's original inspection and collection business. It should be pointed out that although this acquisition of 45% equity, Runda has formed actual control over Yidan Biological, so 45% of the equity is included in the consolidation scope. It is expected that 16 years will contribute to the growth of Runda by about 18 million. the amount. Acquired 43.1% equity of RBM Company for US$6 million and laid out POCT field Runda intends to invest in the acquisition of Response Biomedical Corp. (RBM) through SPV in conjunction with OrbiMed Investment Group (experienced in IVD, especially in the field of POCT) for no more than US$6 million. After the acquisition, Runda will hold approximately 43.1% of the equity interest in RBM. The main product of RBM is RAMP? The cardiac marker diagnostic product, whose sales account for about 90% of RBM's total revenue. The company has distributors in the United States, China, Russia, Japan and other countries. Existing products are on sale in China, and sales in China account for about 60% of total revenue. In the primary market of POCT in China, the number of high-quality targets that can be acquired is relatively small. Runda has acquired mature POCT products overseas and further increased its own POCT product line. Earnings forecast and investment rating In 2016, for the accelerated period of the company's expansion, the company's endogenous growth is stable, and the two-dimensional extension of products and channels expands and the strategy is clear. The EPS in 16-18 is 0.45/0.53/0.65 yuan, corresponding to PE63/53/43 times. Considering that the company's subsequent expansion is still expected to be strong, and the endogenous growth momentum is not reduced, maintain the “Buy†rating. risk warning There are uncertainties in overseas mergers and acquisitions; the domestic package business is progressing less than expected. Fresh Single Packed Sweet Corn
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1. The fiber content of a cup of corn is 18.4% of the recommended daily amount. This helps reduce digestive problems such as constipation and hemorrhoids.
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