\u3000\u3000 Meinian Onehealth Healthcare Holdings Co.Ltd(002044) (002044)
The performance improved quarter by quarter, achieved positive return to parent company and negative deduction in 2021, and maintained the “buy” rating
On January 28, the company released the performance forecast for 2021: the revenue in 2021 was 9-9.2 billion yuan (an increase of 14.73% – 17.28%); The net profit attributable to the parent company was 60-90 million yuan (down 83.50% – 89.00%); The non net profit deducted was 61-91 million yuan (an increase of 110.08% – 115.12%); EPS is 0.0154-0.0231 yuan / share. The performance in 2021 is in line with our previous expectations. On the whole, in 2021, the revenue increased year-on-year compared with 2019, and excluding the impact of the implementation of the new leasing standards, the impact of share based payment expenses related to the employee stock ownership plan and the impact of goodwill impairment, the company’s operating net profit in 2021 was 135-165 million yuan, which was significantly improved compared with 2020 (the same caliber in 2020 was – 270 million). Taking into account the impact of the epidemic and the increase in quality control costs, standardized operation costs of stores and other factors, we lowered the profit forecast for 2021-2023. It is estimated that the net profit attributable to the parent company in 2021-2023 will be 75 (formerly 3), 535 (formerly 6), 663 (formerly 900) million yuan and EPS will be 0.02/0.14/0.17 yuan respectively. The corresponding P / E of the current stock price is 373.7/52.3/42.2 times respectively, which is improving medical quality and services With the strengthening of refined management ability, all-round digital assistance, innovation guidance and other factors, the company has entered the inflection point period of triple improvement of quantity, price and quality, and maintained the “buy” rating.
Jilin Changyi meinian realized participation in change control, improved business scale, consolidated industry status and improved economic benefits
The company also announced that it had acquired 43.2% of the shares of Jilin Changyi meinian to participate in the transformation control. This acquisition has further improved the company’s business scale and market space, which meets the strategic needs of the company’s sustainable development, helps to enhance the company’s profitability, further consolidate the company’s industry position and improve the company’s economic benefits.
The new president helped to improve the company’s operational capacity, and e-commerce + innovative business + cooperation promoted new growth
The company also announced that Mr. Yu Rong, chairman of the board, resigned as president of the company and was replaced by Mr. Xu Tao, CO president. Mr. Xu Tao has rich practical experience in company operation management and performance improvement in the retail industry. We expect that under the background of continuous optimization of management division of labor, the company’s operation capacity will continue to improve. 2022q1 company started the Thanksgiving season marketing activities, increased e-commerce channels and launched innovative business. With the strengthening of the company’s fine management ability and the strengthening of the incentive mechanism for sales personnel, there is a large growth space for innovative projects. On January 26, 2022, the company cooperated with magnesium health, an innovative medical and health service platform, to explore an innovative insurance + national characteristic medical service model.
Risk warning: the improvement of refined management ability is less than expected; Management risks in the expansion of physical examination center
