Inkon Life Technology Co.Ltd(300143) (300143)
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On December 13, 2021, friendship hospital, a subsidiary of Inkon Life Technology Co.Ltd(300143) and Yingkang medical investment, the controlling shareholder of the company, signed the entrusted management agreement on Yingkang Yuncheng hospital Co., Ltd., which agreed that Yingkang medical investment entrusted Yuncheng hospital to friendship hospital for management and operation. The entrusted management period agreed in this Agreement shall be implemented from January 1, 2022, the trusteeship period is 3 years, and the corresponding entrusted management fees shall be charged according to the agreement.
In addition, friendship hospital and Yingkang medical investment signed the supplementary agreement on the entrusted management agreement of Changchun Yingkang hospital Co., Ltd. on December 13, 2021, changing the entrusted management period from 1 year to 3 years.
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Further eliminate horizontal competition, and the business growth of Yingkang Yuncheng hospital can be expected in the future
Yingkang Yuncheng hospital is located in the northern New Area of Yuncheng City, Shanxi Province, with a construction area of more than 200000 square meters, including 170000 square meters of business room. It is a high standard and modern three-level comprehensive hospital integrating medical treatment, first aid, teaching, scientific research, prevention and health care and rehabilitation. In terms of scale, the hospital has 1500 beds, ranking 40th among the top 100 social hospitals in 2021. In terms of business, the hospital has opened more than 50 clinical and medical technology departments, of which the cardiovascular department is a municipal key clinical specialty in Yuncheng City, and the cardiovascular department has won the construction project unit of clinical key specialty of Shanxi social hospital. Since the operation of the hospital, various business indicators have been continuously improved. At the same time, it has a good brand reputation advantage in the local area. It is a teaching hospital of medical colleges and universities such as Shanxi Medical University, Datong University and Changzhi Medical College. The signing of this trusteeship agreement effectively relies on the management and operation experience of friendship hospital in the field of re medical services, promotes the development and growth of Yuncheng hospital’s business, and effectively solves and avoids the horizontal competition between Yuncheng hospital and the company.
It is expected to increase the company’s operating income and lay the foundation for the expansion of medical service market in Northwest and northeast economic circles
Inkon Life Technology Co.Ltd(300143) during the trusteeship period, you can charge corresponding management consulting fees from Shanxi Yuncheng hospital, which can increase the company’s income in the future and have a positive impact on the company’s future operating results. The hospitals under Inkon Life Technology Co.Ltd(300143) Sichuan friendship, Chongqing friendship and Suzhou Guangci hospital, which is about to be completed, are now deployed in the southwest and East economic circles of the country. In the future, with the further expansion of the business scale of Shanxi Yuncheng hospital and Changchun Yingkang hospital and the continuous maturity of the operation mode, it is expected to become the development point of the medical service market in Inkon Life Technology Co.Ltd(300143) northwest and northeast economic circles.
Profit forecast and investment rating
We predict that the company’s revenue from 2021 to 2023 will be RMB 684 / 1431 / 1717 million (without considering the consolidated statements of Suzhou Guangci hospital, according to the company’s announcement, it predicts that the operating revenue of Guangci hospital from 2021 to 2023 will be RMB 439 / 488 / 545 million) and the net profit attributable to the parent company will be RMB 131 / 143 / 157 million (without considering the consolidated statements of Suzhou Guangci hospital, according to the company’s announcement, Guangci hospital’s commitment to deduct non parent net profit from 2021 to 2023 is 37 / 49 / 59 million yuan), maintaining the company’s “buy” rating.
Risk warning: goodwill impairment risk; Repeated epidemic risk; Medical policy risk.
