医药生物行业：科创板医药生物系列之二十四，东方基因

规范、专业、创新 请阅读最后一页重要免责声明 1 证券研究报告·个股深度报告 证券研报告 华鑫证券·科创板报告 证券研究报告·行业研究 主要财务指标（单位：百万元）  科创板已受理企业名单中，医药生物占据 39 席。截止目前，科创板已受理企业达 165 家，其中医药生物公司占 39 席，分别为：微芯生物、南微医学、心脉医疗等。本系列我们接着介绍科创板中的医药生物企业——东方基因。东方基因的主营业务为体外诊断产品的研发、生产和销售。  公司主要从事体外诊断产品的研发生产。公司成立于 2005年，主要从事体外诊断产品的研发、生产和销售。公司主要产品为 POCT 即时诊断试剂，主要应用于毒品检测、传染病检测、优生优育检测、肿瘤标志物检测和心肌标志物检测，其中毒品检测和传染病检测是其两大核心领域。公司产品远销北美洲、亚洲、非洲、欧洲、南美洲和大洋洲，客户遍布全球一百多个国家，并在美国、加拿大设立了全资子公司，外销占比约 95%。  体外诊断行业迅速发展。2017 年全球体外诊断行业为 526亿美元，我国的市场规模达 700 亿元，未来 5 年有望保持 15%以上的增速。POCT 是近年来体外诊断行业发展最快的方向之一，中国 POCT 市场 2013-2018 年复合增长率约为 20.69%，远高于全球体外诊断行业增速。POCT产品的消费与医疗条件、健康意识以及生活水平有关，目前我国体外诊断领域产业政策密集出台，国家扶持力度不断加大，国内市场处于快速增长期，发展空间巨大。  公司营收和利润稳定增长，盈利能力尚可。2016-2018 年间，公司营业收入稳定增长，2018 年实现营业收入 28589 万元、归母净利润 6537 万元；公司毛利率、净利率和 ROE 分别为48.67%、22.37%和 32.52%，公司盈利能力尚可。2019H1 公司实现营业收入 16969 万元、归母净利润 3321 万元。2019H1 公司毛利率、净利率和 ROE 分别为 46.81%、18.38%和 16.39%。  风险提示：产品研发失败风险；市场竞争风险；汇率变动风险。 2016 2017 2018 营业收入 182 224 286 （＋/－） 23.0% 27.5% 营业利润 40 37 75 （＋/－） -7.69% 101.93% 归属母公司净利润 36 33 65 （＋/－） -6.37% 95.97% EPS（元） 0.41 0.37 0.73 资料来源：Wind，华鑫证券研发部 分析师：杜永宏 执业证书编号：S1050517060001 电话：021-54967584 邮箱：yankw@cfsc.com.cn 华鑫证券有限责任公司 地址：上海市徐汇区肇嘉浜路 750 号 邮编：200030 电话：（8621）64339000 网址：http://www.cfsc.com.cn 2019 年 10 月 25 日 医药生物 科创板医药生物系列之二十四：东方基因 规范、专业、创新 请阅读最后一页重要免责声明 2 证券研究报告·行业研究 目录 1. 公司概况 ······································································································································· 3 2. 公司所处行业分析 ························································································································ 3 3. 公司主营业务分析 ························································································································ 5 4. 公司财务状况分析 ························································································································ 6 5．可比公司估值分析 ························································································································ 8 6．公司募投项目情况 ························································································································ 8 7．风险提示 ······································································································································ 9 图表目录 图表 1：公司股权结构························································································································ 3 图表 2：2013-2022 年全球 POCT 市场规模 ······················································································ 4 图表 3：2013-2018 年我国 POCT 市场规模 ······················································································ 4 图表 4：公司主要产品························································································································ 5 图表 5：公司主营业务构成················································································································ 6 图