St National Medical Hospital, St removal, JCI comprehensive top three, flail and spread wings

St Guoyi ( Xi'An International Medical Investment Company Limited(000516) )

Events

On April 14, 2022, the company issued an announcement and received the notice of Xi'an Health Commission on the return visit, agreeing to the company's return visit from April 13; At the same time, the company will withdraw other risk warnings from April 18, and the stock abbreviation will be changed from "St national medicine" to " Xi'An International Medical Investment Company Limited(000516) "; The trading of the company's shares will be suspended for one day on April 15.

Comments

The hospital was approved for follow-up visits, St was removed, and the annual revenue increased by 82%. (1) On January 13, 2022, the hospital was suspended for three months due to the mechanical implementation of relevant epidemic prevention policies and delayed treatment during the epidemic. After 3 months of suspension and rectification, the company has returned to the hospital since April 13. Since then, the company has returned to the normal operation track and its performance growth has been determined. (2) According to the company's performance forecast, in 2021, the company's medical service chain network was initially formed, realizing the rapid growth of outpatient and inpatient volume, and the revenue increased by 82% year-on-year; With the new medical projects being put into use, the influence of the industry has increased. The overall use of medical beds of the company is in the stage of rapid improvement, and the operating costs and period expenses are still at a high level compared with the operating income. (3) The increase of the loss in 2021 is temporary, which is due to the trading financial assets held by the company. The income from changes in fair value during the reporting period is preliminarily expected to have an impact on the company's net profit of about - 115 million yuan; In the first half of 2021, the company implemented the restricted stock incentive plan and completed the grant registration. The impact of expenses incurred in the reporting period on the company's net profit was about - 135.9 million yuan.

The continuous rise in the utilization rate of beds in central hospitals is still the most important concern in the future. (1) The central hospital is one of the three private first-class hospitals certified by JCI in China, and has passed JCI certification with high scores (9.89 / 10 points). (2) The hospital is equipped with the first Zeiss Zeiss skinevo900 Siasun Robot&Automation Co.Ltd(300024) operating microscope in China and the first Siemens magnetomskyra3 in Northwest China 0t intraoperative magnetic resonance imaging equipment (MRI), the fourth generation Da Vinci Xi operation Siasun Robot&Automation Co.Ltd(300024) , panoramic scanning pet ctuexplorer with the longest axis diameter and other medical equipment, more than 6500 sets (sets) and many other advanced equipment. (3) The central hospital has completed the filing of 8 professional drug clinical trial institutions such as respiratory, digestive, blood, tumor and neurology, and has cooperated with 18 well-known pharmaceutical enterprises and cro companies at home and abroad.

Profit forecast and investment suggestions

We maintain the revenue forecast. It is estimated that the sales revenue and net profit of the company in 2021 / 22 / 23 will be 2.9/4/5.8 billion yuan and - 7.6 / - 1.33/260 million yuan respectively. We believe that the short-term impact of the epidemic and performance fluctuations are transient. The company is the target of A-share scarce private top three profitable general hospital group, which has verified the successful replication ability of its single hospital. It has both high barriers and growth. Maintain the "buy" rating.

Risk tips

Medical policy risk; Market competition risk; Talent shortage risk; The utilization rate of beds is lower than the expected risk.

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