\u3000\u30 Zhongyan Technology Co.Ltd(003001) 43 Inkon Life Technology Co.Ltd(300143) )
Events
On March 7, 2022, Inkon Life Technology Co.Ltd(300143) signed the entrusted management agreement on Shanghai Yongci rehabilitation hospital with Yongci investment and Yongci hospital. The agreement agreed to entrust the operation and management rights of Yongci hospital to the company. The company will manage the operation of Yongci hospital for a period of three years, and charge corresponding entrusted management fees according to the agreement.
Comments
Promote the coordinated development of hospital business and common utilization of resources
Haier Group’s hospitals focus on four scenarios: cancer treatment, rehabilitation, nursing and elderly care and high-end family medical care, which is expected to realize the coordinated development of the whole industry chain of cancer treatment. Previously, Shanghai Yongci rehabilitation hospital was the first rehabilitation hospital under Haier group approved by Shanghai Municipal Health Commission to be built according to the three-level standard, with 400 beds and up to 600 beds. The hospital is characterized by severe rehabilitation medicine and combined with internet medicine, and has built “five Shanghai Dzh Limited(601519) scenes” such as “smart ward, smart diagnosis and treatment, smart offline, smart settlement and smart rehabilitation”, Gradually build it into an “Internet of things medical ecological platform characterized by severe rehabilitation”. The company brings Shanghai Yongci rehabilitation hospital into custody, which will effectively realize a high degree of coordination of hospital resources, realize resource coordination with friendship hospital, friendly hospital and Suzhou Guangci hospital with tumor treatment characteristics of the company, and improve the comprehensive service capabilities of tumor screening, surgery, radiotherapy, immune targeted therapy, rehabilitation and nursing.
Horizontal competition is further eliminated and the company’s performance is expected to thicken
The term of the trusteeship agreement is three years, and the management fee is 5% of the medical income of Yongci hospital in the previous fiscal year. In 2021, the income scale of Shanghai Yongci hospital reached 375 million yuan, and the source of income is further optimized, which is expected to increase the performance of the company. In addition, the signing of the custody agreement will further solve and avoid the horizontal competition between Yongci hospital and the company. At the same time, with the help of the company’s management and operation experience in the field of medical services, the medical service level of Yongci hospital will be further improved by providing Internet of things hospital consulting and construction, supply chain management services, comprehensive information technology support, etc, Promote the business development and growth of Yongci hospital.
Profit forecast and investment rating
In the medical service sector, the consolidated income of Guangci hospital in 2021 and the successive trusteeship of Yuncheng first hospital and Shanghai Yongci rehabilitation hospital will increase the company’s performance. The steady progress of linear accelerator and head body integrated knife high-end radiotherapy equipment in the medical device sector is expected to expand the sales market share of radiotherapy equipment in the future, We predict that the company’s revenue from 2021 to 2023 will be 1.147/17.12/2.176 billion yuan and the net profit attributable to the parent company will be 1.61/2.77/348 billion yuan, maintaining the company’s “buy” rating.
Risk warning: repeated epidemic risk, medical policy risk, and the risk that the sales of radiotherapy equipment is less than expected.
