? I want to analyze and compare the strengths and weaknesses of the two companies and strategy from five aspects.
1. Product classification and product gross margin
From the above, we can see that the overall gross profit of AnTuBio is higher than that of Mike Bio, and after the listing of AnTuBio's main business basically changed into the main reagents to do a company, which is a high profit and high turnover of the project, which led to AnTuBio's net profit is higher than that of Mike Bio at the same time as the operating Cash flow is positive important reason.
2. Management efficiency
From the above icons, we can see that AnTuBio's operating cycle and accounts receivable cycle is much higher than that of Mike Bio, and Mike Bio's management and accounts receivable is slightly weakened, proving that the company's overall management efficiency still needs to be improved, and AnTuBio's ability to control the downstream is also stronger than that of Mike Bio. At the same time, we can see that the two companies are very strong investment in research and development, and in this area, AnTuBio is stronger than Mike Bio.
3. Corporate Culture
Andersen : Corporate Purpose : Committed to the popularization and improvement of medical laboratory technology, for the service of human health
Corporate Vision : To become a medical laboratory products and services provider with brand influence; return to employees, return to investors, return to society. Returns to employees, investors, and society. Corporate Strategy: Focus on the field of medical laboratory, to provide users with a comprehensive range of products and services solutions; Enterprise Spirit: the pursuit of excellence, perseverance.
Mike Bio: Mission: To serve human health through science and technology.
Vision: To become a first-class enterprise in the global diagnostic industry?
Values : To be a leading company in the global diagnostic industry.
People-oriented?
□ We respect each other, understand each other, and sympathize with individual and cultural differences?
□ We communicate with each other and listen to others in a sincere manner regardless of class or position?
□ We believe that excellence begins with people?
□ We empower individuals to utilize their abilities to serve the community?
□ Our environment will support the growth and continuous learning of our employees?
From the above there can be seen the difference between the vision of the enterprise and the development of ideas: both want to do scientific and technological services also health, but the two companies in the development of Mike Bio pay more attention to technological research, and hope to become an industry leader and technology leader with their development in these decades.
In vitro diagnostics industry chain
With the development of the global economy, people's awareness of health care and most countries around the world to improve the medical insurance policy, the global IVD industry continues to develop. 2016, the global IVD industry market size of about 61.7 billion U.S. dollars, according to Allied Market Research forecasts, the next few years, the global IVD industry will increase by about 5%. In 2016, the global IVD industry market size was approximately $61.7 billion, and Allied Market Research predicts that the global IVD industry will grow at a CAGR of approximately 5% in the next few years and reach $74.7 billion by 2020.
Global In Vitro Diagnostics Market Size and Forecast (US$ billion)
At present, the global in vitro diagnostics demand market is mainly distributed in North America, Europe, Japan and other developed economies, Europe, America and Japan*** account for more than 70% of the global in vitro diagnostics industry market share, the demand is relatively stable, slow growth; China, India and other emerging economies with a relatively low global market share, but due to the large population base, India and other emerging economies with a large population base, the demand for in vitro diagnostics industry is relatively stable and slow growth. China, India and other emerging economies have a relatively low share of the global market, but due to the large population base, high economic growth rate, and the continuous growth of healthcare investment and per capita healthcare spending in recent years, the in vitro diagnostics industry is in a period of rapid growth.
Global Market Distribution of In Vitro Diagnostics Industry
Compound Growth Rate of IVD Reagent Sales by Regions, 2011-2016
China's in vitro diagnostics industry is in the growth stage of the industry's life cycle, and factors such as population aging, urbanization, people's health awareness, support of policies, and advances in diagnostic technology are all driving the industry's rapid development. The industry is in the growth stage of the industry's life cycle. We will discuss the development trend of in vitro diagnostics industry in China from four perspectives: population, economy, policy and technology.
With the development of economy and society, the proportion of elderly people in China's total population has been increasing. 2016, China's elderly population over 65 years old is about 150 million, accounting for 10.8% of the total population. According to the standard of the United Nations, if the proportion of the population over 60 years old reaches 10% of the total population or the proportion of the population over 65 years old reaches 7% of the total population, it is considered to be an aging society, and our country has long exceeded the standard and stepped into the ranks of the aging countries.
The growth trend of China's elderly population over 65 years old
In 2016, China's per capita expenditure on in vitro diagnostics was about US$4.6, which is only about half of the world's average (the world's per capita expenditure on in vitro diagnostics was about US$8.5 in 2016), and even lower than that of the per capita expenditure on in vitro diagnostics of countries in the developed economies of Europe, America, Japan, and other developed economies, and there is a huge room for development.
In 2016, the per capita in vitro diagnostic expenditure level of different countries or regions (USD)
In 2016, China's in vitro diagnostic market size of about 43 billion yuan, according to the China Health Industry Blue Book (2016) released by China Pharmaceutical Industry Information Center (CPIIIC), by 2019, China's IVD market size is expected to reach 72.3 billion yuan, with a compound annual growth rate of 18.7% in three years. The compound annual growth rate of three years is as high as 18.7%, which is a rapid development.
China's in vitro diagnostic products market size and forecast (billion yuan)
5.? Clinical diagnosis refers to the doctor to examine the patient's disease, and the cause of the patient's disease, the pathogenesis of the classification of identification, as a way to develop treatment programs and methods. According to the different uses, clinical diagnosis can be divided into in vitro diagnosis and in vivo diagnosis, in addition to diagnostic products used for diagnosis, such as the old tuberculin, Brucella, Sick's toxin and other intradermal in vivo diagnostic products, most of them are in vitro diagnostic products. Therefore, the usual "diagnostic industry" generally refers to "in vitro diagnostic industry".
5. Strategic management and planning
? 1. Mike Bio started out as an agent, and its business is mainly the agent of foreign products and its own production of new products in two modes of operation and development into 20 years, the company has been horizontal research-oriented, the production and development of the entire industry, its business is also mainly in the country.
AntuBio is a Sino-foreign joint venture with a domestic holding. Strategically the company is also from the agent to develop its own products, but after the listing of its main business basically changed to immunodiagnostic products, microbiological testing products featured the development of the pattern, there is no self-produced low-growth rate and low-profitability biochemical diagnostic products; only by acquiring Toshiba's largest agent in the country the Shengshijunhui way, into the field of biochemical diagnostics in order to make up the product line, is a vertical development of the company. It is a company with vertical development. This brings benefits to the company is the industry's high profit turnover speed, to the enterprise's profits and cash flow are created by the very channel.
6. Valuation
? Antu Bio market now gives the valuation as of December 7, 2018 is 22.9 billion, price-earnings ratio PE: 42.9. price-net ratio PB: 12.89.
Mike Bio market gives the valuation as of December 7, 2018 is 9,620 million, price-earnings ratio PE 22.3, price-net ratio PB: 3.78.
7.Market Hypothesis and Think
The market for Mike Bio last kill is also now a lot of debt problems in the market, as can be seen from the above, Mike Bio because of cash flow replenishment problems, resulting in the rapid development of the company now need to continue to finance from the market, we are still worried about these few years, the company can no longer be a major increase in cash flow from its main business, if this piece can be effectively resolved, then the If this can be effectively solved, then the market for the company still has a lot of space for imagination.
This time I also seriously think about the pain of copying their own homework, buy stock logic and ideas they do not understand thoroughly when it will lead to their own stock holdings when confidence shaken, and can not think about the problems faced by the enterprise and the enterprise is now doing the development of these actions strategy and ideas. Strategy affects the financial, financial response to the degree of strategic implementation, and the development of whether there is an advantage.