Inkon Life Technology Co.Ltd(300143) (300143)
Yingkang Yuncheng hospital is entrusted to Sichuan friendship hospital to further solve the horizontal competition
On December 13, the company announced that Sichuan Friendship Hospital, a subsidiary of the company, and Qingdao Yingkang medical investment, the controlling shareholder of the company, signed the entrusted management agreement on Yingkang Yuncheng hospital Co., Ltd. on December 13. The agreement agreed that Yingkang medical investment entrusted Yingkang Yuncheng hospital to friendship hospital for management and operation. The entrusted management period is 3 years from January 1, 2022. 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 custody period from 1 year to 3 years. After Haier holding, the company focused on cancer + rehabilitation medical treatment and further promoted the “1 + N + n” layout. The integration of devices + services improved the scale effect and had a large expansion space. We maintained the profit forecast unchanged. It is estimated that the net profit attributable to the parent company in 2021-2023 will be 137 / 256 / 348 million yuan and EPS will be 0.21/0.40/0.54 yuan respectively. The corresponding P / E of the current stock price is 70.7/37.8/27.9 times respectively, maintaining the “buy” rating.
The trusteeship fee brings benefits, the operation experience of friendship hospital helps the development, and the layout of the national service network is becoming more and more perfect
Form custody income and avoid horizontal competition: the custody of Yingkang Yuncheng hospital can further solve and avoid horizontal competition between Yuncheng hospital and the company. As of the announcement date, friendship hospital has managed three hospitals in total: Hangzhou Yikang hospital, Changchun Yingkang hospital and Yingkang Yuncheng hospital. The custody fee can increase the company’s income and have a positive impact on the company’s operation. With the management and operation experience of friendship hospital in the field of medical services, help the development of the hospital: Sichuan friendship hospital has rich management and operation experience, which is expected to further improve the profitability of Yingkang Yuncheng hospital and accelerate the incubation of Hangzhou Yikang and Changchun Yingkang. It is expected to implement the layout of the flagship medical center in the Northwest Economic Circle and improve the national service network.
Haier’s excellent hospital operation capability is expected to be replicated in other hospitals, which can be expected in the future
Haier’s strong hospital operation ability and rich hospital assets enable the company to develop in an all-round way. After Suzhou Guangci hospital was acquired by Haier in 2018, under the efficient operation of Haier, the core indicators of the hospital have improved significantly. For example, the bed utilization rate has increased from 88% in 2017 to 98% in 2021h1, the number of bed turnover days has decreased from 8.66 days to 7.51 days, the number of inpatients and outpatients and the diagnosis and treatment capacity have significantly improved, and the net interest rate has exceeded 7%, which is expected to be replicated in other hospitals. After Haier holding, the company focused on the track of tumor + rehabilitation medical treatment, deeply promoted the “1 + N + n” layout, integrated equipment + service, improved the scale effect, and had large room for expansion in the future.
Risk tip: the schedule of Suzhou Guangci was not as expected, and the sales of gamma knife was not as expected.