Winning Health Technology Group Co.Ltd(300253) (300253)
Core view
Event: on December 6, Winning Health Technology Group Co.Ltd(300253) issued an announcement on changing the purpose of some of the raised funds. It is planned to use all the raised funds of RMB 192 million and the interest of the special account of the convertible corporate bond investment project "Internet medical and innovative operation service project - cloud Medical Project" for the "venex my project".
Part of the funds raised by convertible bonds will be used for "venex my project". The project of "cloud medicine" is a service for patients to provide Internet plus medical services. It achieves hierarchical diagnosis and treatment, family doctor contract, appointment registration, intelligent guidance, intelligent treatment and other formats. Similar products have increased in the market, market competition has intensified, and the urgency and necessity of using fund-raising funds have been reduced. The new fund-raising project venex my is in the form of Internet app, serving doctors, nurses and other medical technicians. The medical staff of any medical institution can install and use it. The best effect is to rely on the company's existing product venex, which can realize the seamless connection between out of hospital and in hospital systems.
"Internet plus medical health" policy support. In June 2021, the general office of the State Council issued the notice on the key tasks of deepening the reform of the medical and health system in 2021, which proposed to promote the construction of national health informatization. Formulate the implementation plan for medical and health information exchange and sharing of national medical and health institutions; Strengthen the construction of smart hospitals and promote artificial intelligence In addition, in December 2020, the notice on further promoting the "Internet plus medical health" and "five one" service action was launched in December 2020 to promote the integration of "shared services", "one yard" integration service, "one-stop" settlement services, "one network" government service and "one game of chess". 14 key measures in 5 aspects including anti epidemic services to support and encourage the development of medical informatization and the construction of smart hospitals.
Venex my is oriented to medical institutions, which is conducive to ensuring the quality of mobile medical care. According to the data released by AI media consulting, in 2020, the scale of China's mobile medical users reached 661 million and the scale of China's mobile medical market reached 54.47 billion yuan, while in 2011, the user scale and market scale were 29 million and 1.58 billion yuan respectively. Medical quality and safety are still the problems faced by mobile medicine. Mobile medical products for medical institutions will help to ensure medical quality, and meet the needs of medical institutions' information construction, in hospital and out of hospital homogeneous services, information interconnection and so on.
Through scenario realization and continuous iteration, venex my will realize multi domain and multi-level support for medical business, and realize four "full coverage": covering a variety of scenarios inside and outside the hospital, breaking time and space constraints, and realizing the integration and homogenization of diagnosis and treatment business; Covering clinical, scientific research, collaboration, management and other businesses, build a new generation of mobile digital hospital information system; It covers a variety of user roles such as doctors, nurses and pharmacists, and provides professional application services suitable for a variety of user roles; It covers the whole life cycle management of patients before, during and after diagnosis, and provides accurate and efficient diagnosis and treatment services for patients.
During the three-year construction period of the project, it is planned to land 100 hospitals in 2024. Venex my plans to use it for the hospital in the form of SaaS subscription and lease, and charge the rental fee monthly according to the product options and the number of medical staff users. 2022-2024 is the construction stage and 2025-2029 is the recovery stage. It is planned to continuously expand the functional blocks through the three-year landing plan to realize product iteration and deepening of application scenarios. The company plans to build 10 hospitals in 2022, 50 hospitals in 2023 and 100 hospitals in 2024, covering more than 100000 users. In the recovery stage, with the significant improvement of implementation and deployment efficiency, the landing rhythm of venex my will continue to accelerate. By the end of 2029, it is estimated that there will be more than 1400 medical institutions, with more than 1 million end users, and the cumulative income will reach about 350 million yuan.
Three in one, the investment potential: the number of potential users of medical mobile terminal products is huge, and the market prospect is broad. It plays an important role in the development of the trinity of intelligence hospitals, information interoperability, continuing education reform of doctors, and integration of hospital and out patient clinics. WiNEX MY products will enhance the market competitiveness of the company in the Internet plus medical service field in the future. We estimate that the operating revenue of the company from 2021 to 2023 will be RMB 2.992 billion, RMB 3.830 billion and RMB 4.864 billion respectively, the net profit attributable to the parent company will be RMB 636 million, RMB 858 million and RMB 1.148 billion respectively, and the EPS will be RMB 0.30, RMB 0.40 and RMB 0.54 respectively. Maintain the "buy" rating.
Risk tip: industry competition intensifies; The construction of the new project was not as expected.
