\u3000\u30 Zhongyan Technology Co.Ltd(003001) 43 Inkon Life Technology Co.Ltd(300143) )
Key investment points
Event: on March 7, 2022, the company issued an announcement on signing the entrusted management agreement on Shanghai Yongci rehabilitation hospital and related party transactions.
Yongci hospital is entrusted under the agreement, and the company will charge a management fee of no more than 80 million yuan. The company signed the entrusted management agreement on Shanghai Yongci rehabilitation hospital with Yongci investment and Yongci hospital on. The agreement stipulates that the operation and management rights of Yongci hospital will be entrusted to the company. The company will manage the operation of Yongci hospital for a period of three years, and 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.
Yongci hospital has outstanding characteristics of severe rehabilitation, and its business performance is stable and good. Yongci hospital is a non-profit rehabilitation hospital set up as a tertiary rehabilitation hospital, which integrates clinical and rehabilitation. It is adjacent to Shanghai XINHONGQIAO Xi’An International Medical Investment Company Limited(000516) park. The hospital has 26 outpatient, emergency, clinical medical, clinical rehabilitation, rehabilitation treatment technology and medical technology departments. Yongci hospital is characterized by severe rehabilitation medical treatment. It closely combines modern rehabilitation technology with clinical medicine and traditional medicine. It offers traditional Chinese medicine treatment, physical therapy, exercise therapy, occupational therapy, speech therapy and psychopsychological counseling to provide all kinds of patients with comprehensive medical services from acute rescue, early intervention to mid and late rehabilitation treatment. According to the company’s announcement, as of December 31, 2021, the unaudited total assets of Yongci hospital were 126 million yuan, the net assets were 47.34 million yuan, and the medical income in 2021 was 375 million yuan. Considering that the operation of Yongci hospital was partially affected by the epidemic in 2021, we believe that in the future, with the normalization of epidemic prevention and control and the gradual elimination of the epidemic, the long-term performance of Yongci hospital is expected to return to steady growth.
Trusteeship Yongci hospital will directly increase the company’s performance and realize the expansion and coordination of medical business layout. After completing the trusteeship of Yongci hospital, the company will generate stable trusteeship fee income in the next three years, directly thickening the performance of listed companies. In addition, trusteeship Yongci hospital will further solve and avoid the horizontal competition between the hospitals under Haier Group, the actual controller of the company, and the company’s medical service sector. At the same time, it will make full use of the company’s management and operation experience in the field of medical services and promote the accessibility of first-class medical resources. In the future, the company can provide Yongci hospital with Internet of things hospital consulting and construction, system support, comprehensive information technology support, supply chain management services, financial management support and human resources support, so as to help Yongci hospital become bigger and stronger. At the same time, relying on the rehabilitation medical system of Yongci hospital, the company will further improve its business layout in the East China market and realize its extension in the field of rehabilitation medicine.
Profit forecast and investment rating: we expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 135 / 228 / 303 million, and the PE corresponding to the current market value is 54x / 32x / 24x respectively. Maintain the “buy” rating.
Risk warning: the operation and profit of the hospital may not be as expected; Hospital accidents and personnel mobility risks; Pharmaceutical industry policy uncertainty risk; The risk of repeated outbreaks.
