深度报告-20230213-华创证券-迪瑞医疗-300396.SZ-深度研究报告_华润入主_开启成长新篇章_20页_2mb.pdf
2009 1210 2023 02 13 300396 36 28.50 IVD IVD 80%120 5 5 5 IVD 2020 28%19 2021 2022 IVD 1 2019 MUS-3600 MUS-9600 MUS-4800 2 800 CS-2000 3 22 640 CM-640 4 2022 22-24 2.54 3.30 4.40 20.8%30.2%33.3%22-24 EPS 0.92 1.20 1.60 2023 PE 30 2023 30 36 1 2 3 ReportFinancialIndex 2021A 2022E 2023E 2024E()906 1,258 1,650 2,205(%)-3.4%38.8%31.2%33.7%()210 254 330 440(%)-21.4%20.8%30.2%33.3%()0.76 0.92 1.20 1.60()37 31 24 18()4 4 4 3 2023 2 10 S0360520110002 S0360520110004()27,520.83()24,858.25()78.43()70.85(%)30.02()6.99 12/29.95/13.74(12)-24%9%43%77%22/02 22/04 22/07 22/09 22/11 23/022022-02-102023-02-10 300 300396 2009 1210 1 IVD IVD 5 5 5 IVD 2 2021 2022 3 IVD 22-24 2.54 3.30 4.40 20.8%30.2%33.3%22-24 EPS 0.92 1.20 1.60 2023 PE 30 2023 30 36 300396 2009 1210 3 IVD.5.7.9.9.10 IVD.11.11.12.13.14.15.16 300396 2009 1210 4 1.5 2.6 3.6 4.6 5.7 6.7 7.8 8.9 9.10 10.11 11.11 12.12 13.12 14.13 15.13 16 2021.13 17.13 18.14 19.15 20.15 300396 2009 1210 5 IVD 1994 2014 80%5 5 5 IVD 1 2020 7.09%2020 9 11%2020 12 6%51%34%2021 9.06 2.1 2021 9.06 11.60%1.83 2.31%2022 8.02 26.70%1.95 24.64%300396 2009 1210 6 2 3 Wind Wind 2019 2020 22 21 4 Wind 21 367 10%300396 2009 1210 7 5 6 Wind Wind 1 IVD 128 2015 9 51%2020 7 11%1.186 2020 12 6%34%2020 2 A21663+PCR 2022 9 6 IPO 2016 14.78%+2020 8 24 53.8%28%12%7729 2020 300396 2009 1210 8 11 26 7 Wind 2023 2 9 2022 2020 12 28 2021 2021 1 2021 2022 4 MUS-9600 MUS-3600 GMD-S600 300396 2009 1210 9 1 100 16 2.8 2 3 8 2022 2023 8,500 60 14,560 500 5,653.89 51 6,000 18,440 8,500 6,060 14,560 18,940 5,653.89 51 2021 2022 300396 2009 1210 10 9 Wind 2017 2018 2017 2019 20 IVD 120 19 23 10 30%2021 2020 21-23 25%55%100%2022 2021 22-23 38.89%79.21%2021 22-23 20.89%42.89%2022 300396 2009 1210 11 10 2020 2021 2020 2021 2021 2022 39%13.03 2022 24.55%11.28 4.79%2.20 2022 55%14.53 2022 38.89%12.58 20.89%2.54 2023 74%16.31 2023 55.92%14.12 25.27%2.63 2023 100%18.74 2023 79.21%16.23 42.89%3.00 IVD 2022 28 17 11 50%11 1995 10 1998 VC VC 1999 H-100 2006 H-800 2009 FUS-100 2012 H-800 FUS-100 FUS-300396 2009 1210 12 2000 2018 FUS-2000 FUS-3000Plus FUS-1000 2019 MUS-3600 MUS-9600 MUS-4800 120 70%2022 253 15%70%30%45%12 13 800 180 2000 CS-2000 2022 24 20 A 300396 2009 1210 13 2021 327.9 2025 632.6 CAGR 17.9%14 15 2021 76%24%16 2021 17-2022 CM-180 CM-320 CM-640 CSM-8000 22H1 CM-640 CM-640i CM-640 640/4 300396 2009 1210 14 22H1 10%TLA 2020 2000 300 90%18 2022 50 2023 300396 2009 1210 15 2022-2024 63%28%28%2022-2024 20%35%40%19 2020A 2021A 2022E 2023E 2024E(9.37 9.06 12.58 16.50 22.05 yoy-7%-3%38.8%31.2%33.7%5.22 4.74 6.09 8.30 11.49 56%52%48%50%52%3.76 4.03 6.57 8.39 10.72 yoy 7%7%63%28%28%40%44%52%51%49%29%26%26%28%29%5.55 4.99 5.97 8.06 11.29 yoy-15%-10%20%35%40%59%55%47%49%51%74%74%73%74%74%0.06 0.04 0.04 0.04 0.04 yoy 25%-38%5%5%5%1%0%0%0%0%40%42%40%40%40%Wind 22-24 2.54 3.30 4.40 20.8%30.2%33.3%22-24 EPS 0.92 1.20 1.60 2023 PE 30 2023 30 36 20 2022E 2023E 2024E 300760.SZ 3930 40 33 28 300832.SZ 487 39 30 23 603658.SH 411 33 26 20 PE 37 30 24 Wind 2023 2 10 300396 2009 1210 16 1 2 3 300396 2009 1210 17 Table_ValuationModels2 2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 461 254 387 531 906 1,258 1,650 2,205 0 0 0 0 432 648 820 1,056 129 192 239 306 10 16 21 27 16 30 37 40 136 189 253 362 237 400 472 599 52 72 95 126 0 0 0 0 95 128 157 209 467 510 526 571 0-25-8-8 1,310 1,386 1,661 2,047-6-6-6-6 104 127 153 190-2-2-2-2 400 400 400 400 1 1 1 1 192 172 153 137 38 38 38 38 0 1 2 3 18 18 18 18 82 74 66 60 230 278 361 481 288 286 286 284 0 0 0 0 1,066 1,060 1,060 1,074 1 1 1 1 2,376 2,446 2,721 3,121 229 277 360 480 150 150 150 150 19 23 30 40 74 97 111 153 210 254 330 440 77 102 124 157 0 0 0 0 0 0 0 0 210 254 330 440 41 50 65 87 NOPLAT 210 231 323 433 49 49 49 49 EPS()0.76 0.92 1.20 1.60 3 3 3 3 50 65 85 113 444 516 587 712 2021 2022E 2023E 2024E 0 0 0 0 0 0 0 0-3.4%38.8%31.2%33.7%56 56 56 56 EBIT-26.5%9.9%40.0%34.1%56 56 56 56-21.4%20.8%30.2%33.3%500 572 643 768 1,876 1,874 2,078 2,353 52.3%48.5%50.3%52.1%0 0 0 0 23.2%20.2%20.0%20.0%1,876 1,874 2,078 2,353 ROE 11.2%13.5%15.9%18.7%2,376 2,446 2,721 3,121 ROIC 23.1%24.9%28.7%31.0%21.0%23.4%23.6%24.6%2021 2022E 2023E 2024E 11.1%11.1%10.0%8.9%167-34 202 245 3.0 2.7 2.8 2.9 246 260 350 457 2.4 1.9 2.0 2.0-19-163-72-127-25-75-51-68 0.4 0.5 0.6 0.7 83 47 36 75 47 46 47 45-118-103-60-92 50 50 50 48-281-2-2-2 190 177 192 183-20-3-3-3()-27 0 0 0 0.76 0.92 1.20 1.60-234 1 1 1 0.61-0.12 0.73 0.89-119-171-67-99 6.82 6.81 7.55 8.55 3 0 0 0-140-131-169-224 P/E 37 31 24 18 0 0 0 0 P/B 4 4 4 3 18-40 102 125 EV/EBITDA 43 41 30 23 300396 2009 1210 18 2020 2020 2020 2020 2020 2020 2020 2023 2021 2022 2022 2022 300396 2009 1210 19 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82871425 0755-83024576 0755-82756804 0755-82756803 0755-82871425 021-20572536 021-20572551 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572560 021-20572509 021-20572548 021-20572573 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 0755 82756805 300396 2009 1210 20(300)6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522
