The growth rate of operating income was obvious, and the increase in management expenses and financial expenses led to a decrease in net profit attributable to the mother. The company's third-quarter operating income was 177 million yuan, a year-on-year increase of 27.9%; net profit attributable to mothers was 27.3 million yuan, down 3.9% year-on-year; net profit after returning to non-family was 26.52 million yuan, down 11.9% year-on-year. The company's expense ratio during the period from January to September was 39.4%, higher than the 35.0% in the same period last year. Among them, due to increased investment in research and development of new products, management costs of 120 million, compared with 20.7% of the same period last year, the administrative expense rate increased by 2.6% (to 23.3%); in addition, due to the acquisition of Ningbo Ruiyuan and cash expenditure, reduce some interest Revenue and financial expenses were changed from negative to positive, with an expenditure of 3.71 million; sales expenses were 78.65 million, and the expense ratio decreased slightly, down 1.9% to 15.4%. Ruiyuan's performance is in line with its commitment, and the parent company's reagent growth rate is obvious. Ningbo Ruiyuan's operating income in the first three quarters was 143 million, contributing a net profit of 49 million. The parent company's sales revenue from January to September was 369 million. According to the product classification, the instrument sales revenue was about 180 million, the reagent sales revenue was less than 120 million, and the test paper sales revenue was about 60 million. The parent company's biochemical reagent product revenue growth rate exceeded 40%. The "instrument + reagent" bundling model is currently beginning to pay off, and the number of instruments and reagents sold has increased. Some chemiluminescence reagents have been approved and are expected to add momentum to the growth of profits. The company's chemiluminescence instrument was approved in September last year. Currently, 22 of the 51 chemiluminescent reagents have been approved, and the remaining reagent registrations are expected to be nearing approval. Since the chemiluminescence instrument is closed, it is necessary to wait for the reagents to be rich before it has a market advantage. The sales channels of chemiluminescence products include some original teams and some new teams. The establishment of sales teams is still under construction. The company's revenue in 2016-2018 is estimated to be 759 million, 861 million, and 982 million respectively; the corresponding net profit is 142 million, 169 million, and 203 million, respectively, with year-on-year growth of 32%, 19%, and 20%; EPS is 0.93, 1.10, respectively. , 1.32. Give the company 62 times PE in 16 years, corresponding to the target price of 57.66 yuan. ZHANGJIAGANG DINSHENGLIN TRADING CO.,LTD , https://www.dslhouse.com
Dyre Medical: Revenue growth is obviously looking forward to new products