\u3000\u30 Zhongyan Technology Co.Ltd(003001) 43 Inkon Life Technology Co.Ltd(300143) )
Main points:
Event: the company issued the custody announcement on March 7, 2022
On March 7, 2022, the company announced that Inkon Life Technology Co.Ltd(300143) plans to sign the entrusted management agreement on Shanghai Yongci rehabilitation hospital with Shanghai Yongci Hospital Investment Management Co., Ltd. and Shanghai Yongci rehabilitation hospital. 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. This transaction constitutes a connected transaction and does not constitute a major asset reorganization.
Comments: the trusteeship hospital will go to the next city and cut into the field of rehabilitation; Further solve the horizontal competition, and the custody fee is expected to increase the performance
The company entrusts the management of Yongci hospital through Yongci investment, and collects the custody fee according to 5% of the medical income (excluding financial subsidy income, non operating income and other income). Shanghai Yongci hospital is the third hospital entrusted by the company. With the characteristics of severe rehabilitation, combined with modern rehabilitation technology, clinical medicine and traditional medicine, it provides all-round and full-cycle medical services, supplemented by innovative technology, and gradually becomes a “medical ecological platform of Internet of things with the characteristics of severe rehabilitation”. This trusteeship is a measure taken by Haier Group, the actual controller of the company, to fulfill its commitment to solve horizontal competition, which will solve and avoid horizontal competition between Yongci hospital and the company.
Investment advice
The company started with the edible fungus business, reorganized and acquired masip in August 2015, reorganized and stripped off the edible fungus business in January 2017, and transformed tumor radiotherapy equipment and tumor medical services with the strategy of “one body and two wings”. The company’s trusteeship of Yongci hospital will receive income in the form of trusteeship fee. After the layout of the rehabilitation field, it is expected to continue to make efforts, and take the east wind of the rehabilitation industry policy to further boost the company’s performance. We continue to be optimistic about the company’s ability of coordinated development of dual business lines and maintain the “buy” rating. We expect the company to realize operating revenue of RMB 1.11/14.1/1.78 billion and net profit attributable to parent company of RMB 165258/331 million respectively in 21 ~ 23 years, corresponding to P / E 45 / 28 / 22x; Corresponding to EPS 0.26/0.40/0.51.
Risk tips
The risk of repeated epidemics, the income of entrusted hospitals is less than expected, and the development of radiotherapy equipment is less than expected.
