【行业研究报告】泰坦科技-产品与渠道并重，科研服务平台型领军企业

Keywords:#importsubstitution
InvestmentThesis
◼Inthelargeandpromisingmarketofscientificresearchservices,platform-based
◼Inthelargeandpromisingmarketofscientificresearchservices,platform-based
enterpriseshaveadvantages:from2015to2021,theCAGRofresearchfundingfrom
universities&researchinstitutesandenterpriseswas11%and12%respectively,showing
asteadygrowthtrend.Weexpectthedomesticmarketsizeforresearchreagents,
consumables,andequipmenttoexceedRMB200bn.TheproportionofR&Dexpenditure
toGDPinChinaislessthan2.5%,whichisstillsignificantlylowerthan3%+indeveloped
countries.Therefore,webelievethatthescientificresearchservicesindustryisalargeand
promisingmarketwithlong-termgrowthprospects.Asthedomesticmarkethaslongbeen
monopolizedbyinternationalgiants,domesticsubstitutionrateisstillrelativelylow.
However,withtheongoingeffortsofdomesticenterprisesandthecatalysisofCovid,
domesticfirmsseetheopportunitytogrow.Reviewingthedevelopmentofinternational
leaderFisherScientificanditsfinancialimprovementaftermergingwithThermo,we
believethatcomprehensiveserviceplatform-basedenterpriseshavegreateradvantages.
◼Drivenbyadvantageousproductsandchannels,Titancontinuestoacquireand
integratetoconnecttheentireindustrychain:1)Product:thecompanyadoptsasales
modelthatcombinesindependentbrandsandthird-partybrands.By2022,withnumberof
SKUsexceeding5million,titanhasformedacompleteproductmatrixandenjoysleading
capabilitiesofcomprehensiveservice.Inaddition,Titan'sindependentbrandSKUhas
exceeded200,000,anditwillcontinuetoincreasefutureR&Dexpenses(2018-2021
CAGRof41%)toexpandself-developedbrands.Withtheincreaseintheproportionof
independentbrands,weexpectTitan'sGPMtograduallyimprove.2)Channel:Titan's
nationalwarehousinganddistributionsystemhasbeenlargelycompletedin2021,and
regionalcenterwarehouseshavebasicallyachievednext-daydeliverycoverage.In
addition,thecompanyhasestablishedane-commerce"explorationplatform",andthe
proportionofonlineordersinrevenuehasincreasedto11.69%in2019andisexpectedto
furtherincreaseinthefuture.Aspertrafficdataofitswebsite,itsbusinesshasnotyet
returnedtothelevelbeforeCovid,butwebelieveitislikelytorecoverinQ2.3)Withthe
jointeffortsofproductsandchannels,thecompany'sperformancehasmaintainedhigh-
speedgrowth,withaCAGRof42%/43%inrevenueandnetprofit2013to2021,
respectively.Afterthecompany'slisting,itcontinuestofocuson"heavy"manufacturing
and"deep"technologyandhasacquiredhigh-qualitytargetssuchasAnhuiTiandiand
strategicallyinvestedincompanieslikeHanhaiNewEnzyme,graduallyconnectingthe
entireindustrychainandfurthersynergizingwiththecompany'sexistingproductsand
channels.Therefore,webelievethatthecompany'sfutureperformancegrowthisalso
highlyguaranteed.
◼EarningsForecast&Rating:WeexpectTitantoachieverevenueandnetprofitof
RMB2.63/3.56/4.8bnandRmb126/233/326mnin2022-2024,withcorrespondingP/Eat
81x/44x/31x.WeinitiatewiththeBuyrating.
◼Risks:Lower-than-expecteddomesticsubstitution;operationalcashflowrisk;intensified
marketcompetition;lower-than-expectedbusinessexpansion.
PricePerformance
MarketData