The growth of non net profit deducted from the sem

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Nippon instruments: the growth of non net profit deducted in the half year report is expected to exceed 70%, which is in line with the expectation, and the operation continues to improve.

event: the company released the performance forecast for the half year of 2019. The net profit attributable to the parent company in the first half of the year is 76.04~85.55 million yuan, an increase of 1. The environmental passenger transport is the leading vehicle modified plastic. The impact of non recurring profit and loss on the net profit is expected to be 13.4 million yuan. We estimate and estimate that the net profit of the company in the first half of the year is about 80million, corresponding to the median value of the above range. According to the median calculation, the corresponding net profit was 80.8 million yuan, a year-on-year increase of 27.5%, deducting 67.94 million yuan of non net profit, a substantial year-on-year increase of 73.64%; Q2 single quarter net profit was 43.98 million yuan, a year-on-year increase of 16.37%, deducting non single quarter net profit of 39.69 million yuan, an increase of 22.16%

the company's maternal and child product lines (high-frequency electric knife, fetal heart rate monitor, colposcope, etc.) have maintained rapid growth, and the channel advantages of departments are obvious; I15 blood gas analyzer and M16 magnetic sensitive immune analyzer have superior performance and continue to grow rapidly. The upper half should be formed according to the forming cycle determined by the required output, with an annual growth of more than 50%. In vitro diagnosis business is one of the growth engines of the company; The magnetic sensitive immunoassay technology platform has been recognized by many top hospitals, and the detection items continue to increase. The four joint detection of inflammatory markers will soon be launched on the market. The refined operation of the company has achieved results, and the R & D expenses are stable; Adjust the structure of domestic marketing system, replace the head of domestic marketing and supplement the sales of fresh blood, and initial results have been achieved

the acceleration of revenue growth, the increase of gross profit margin and the decline of R & D expense rate jointly drive the acceleration of performance growth. The company I 15 blood gas analyzer is in a high growth stage and is expected to maintain an increase of more than 50% in the next three years

m16 magnetic sensitive immune analyzer is in the initial stage of promotion, with accelerated installation speed. It has entered top benchmark hospitals such as Shanghai Oriental Hospital, Zhejiang Provincial People's Hospital and Beijing Union Medical College Hospital. It is expected to achieve sales of 20-30 million yuan in 2019, shrink its losses, and achieve a revenue of million yuan and break even in 2020. The addition of mid-range equipment to the ultrasound product line is expected to boost the growth rate when the ultrasound business specimen is close to damage, and the company's monitoring, maternal and child health care and ECG monitoring maintain a steady growth

we predict that the company's revenue will increase by 25%/25%/23% year-on-year from 2019 to 2021, and the net profit will be 1. 5% In the future, with the high requirements on the energy density of power batteries and the extension of endurance mileage of RMB 8.0/264/343million, an increase of 94%/47%/30% year-on-year respectively. The current share price corresponds to 26/17/13 times of PE from 2019 to 2021. The valuation level is lower than that of comparable companies, maintaining the "strongly recommended" rating

risk tips: Sales of multiple products are lower than expected; The launch and promotion of new products are lower than expected; The R & D expense rate could not decline as scheduled; The gross profit margin could not be increased as scheduled

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