The hottest Kehua biological enters the value rang

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Kehua biology: entering the value range, the blood screening market can still expect the reagent business to maintain steady growth throughout the year. At present, the reagent business of Kehua is still the main contribution point of the company's profits. The revenue in 2009 increased by 12.41% compared with the previous two months, entering a stable growth stage. However, there was no growth in the first quarter of 2010, resulting in lower than expected performance in the first quarter. The reasons include: 1. The income of two half pairs of hepatitis B reagents fell due to the national physical examination policy of canceling enrollment and employment; 2. The revenue recognition method of the company has changed; 3. There was less confirmation of reagent export in the first quarter. We believe that the company's traditional reagent business will return to the industry growth level after these factors are gradually eliminated. On the one hand, the company's hepatitis E series and other products will grow rapidly, which will make up for the decline of hepatitis B series, while the gradual listing of new products of chemiluminescence will bring new growth points to the company; On the other hand, the growth trend of the company's export business has not changed, and the first quarter was not normal

the focus of the future lies in the spread of the blood screening market and the rapid growth of the instrument industry, whose goal is to remove the polishing damage layer. From the perspective of the business structure of the company, the company has really achieved the two wings flying together in 2009, and the proportion of instrument revenue reached 42%, while the proportion of instrument business in the first quarter of 2010 further increased. In 2009, the growth rate of the company's instrument business reached 58%, of which the excellent series of self-produced instruments increased by 67%. We believe that the instrument allocation of primary medical institutions will continue in the future, and the rapid growth of self-produced products can still be maintained

the revenue of agency instruments increased by 55%, and the actual sales growth rate was also more than 30%. In the first quarter of 2010, the instrument business increased by more than 50%, and it is expected to maintain rapid growth throughout the year. Another key to the company's future growth lies in the launch of the blood screening market, which will start pilot projects in more than 10 provinces and cities from June 1 to November. If the pilot results are good, it will be fully launched. Although at present, in the bidding of the first batch of orders in Shanghai, "Hu Qianlin said, due to the strategies of competitors, the results are not clear, we believe that if the market is rolled out, the import manufacturers will not fully adopt radical pricing strategies. Kehua is in a leading position in terms of approval documents, product prices and pulp station relations, and will obtain a market share of 30% - 50%, with the entire market capacity of billion yuan. We believe that the spread of the blood screening market is a gradual process, which requires years of elimination time from the following three aspects

maintain the "recommended" rating. We predict that the annual EPS of the company is 0.63, 0.81 and 1.04 yuan. The current valuation level is 11 years of 25X PE, which has entered the range of value investment. We give Kehua biology a target price of 24.3 yuan and maintain the "recommended" investment rating

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