Inkon Life Technology Co.Ltd(300143) company information update report: Yongci hospital is planned to be entrusted to solve the horizontal competition and further build differentiated rehabilitation medical ability

\u3000\u30 Zhongyan Technology Co.Ltd(003001) 43 Inkon Life Technology Co.Ltd(300143) )

Shanghai Yongci rehabilitation hospital trusteeship company operates to further avoid horizontal competition and is expected to contribute to trusteeship income

On March 7, the company announced that the company plans to sign the entrusted management agreement on Shanghai Yongci rehabilitation hospital with Yongci investment and Yongci hospital on March 7, 2022. The agreement stipulates that the operation and management rights of Yongci hospital will be entrusted to the company, and the company will manage the operation of Yongci hospital for a period of three years, The collection amount of management fee is 5% of the audited medical income of Yongci hospital in the previous fiscal year. The cumulative amount shall not exceed 80 million yuan. In 2021, the medical income of Shanghai Yongci hospital was 375 million yuan, and it is expected to contribute 18.75 million yuan of management fee income to the company in 2022. We keep the profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 137 / 256 / 348 million respectively, EPS will be RMB 0.21/0.40/0.54 respectively, and the corresponding P / E of the current stock price will be 55.1/29.5/21.7 times respectively, maintaining the “buy” rating.

The company helps Yongci improve its comprehensive operation ability, and Yongci empowers the company to build differentiated rehabilitation medical ability

The company manages the operation of Yongci hospital, and the trusteeship period is three years. During the trusteeship period, the company will focus on building digital medical ability, university department development ability, supply chain management ability and comprehensive operation ability for Yongci hospital. At the same time, the company is expected to rely on the experience of severe rehabilitation in Yongci hospital, bring the synergy of differentiated curative effect experience to the company, and further empower the company to build a “tumor + rehabilitation” medical service network.

Haier’s excellent hospital operation ability is expected to be replicated in other hospitals, which can be expected in the future

Haier’s strong hospital operation ability enables 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, which is expected to be replicated in other hospitals. Haier has rich high-quality hospital assets. Out of the promise of peer competition, it is expected to inject into the company in the future and thicken the company’s performance. In addition to listed companies, as of 2021q3, Haier Group has indirectly controlled and participated in 15 hospitals, including 2 general hospitals, 5 tumor characteristic / specialized hospitals, 2 rehabilitation hospitals, 5 nursing homes for the aged and 1 high-end diagnosis and treatment hospital. In terms of qualification, there are 4 tertiary hospitals, 10 secondary hospitals and 1 primary hospital. Many extracorporeal hospitals have independent operation ability and are in the stage of business expansion. In the future, extracorporeal hospitals are expected to contribute to the company’s performance.

Risk tip: the progress of extracorporeal hospital injection is less than expected, and the sales of gamma knife is less than expected.

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