\u3000\u3 China Vanke Co.Ltd(000002) 044 Meinian Onehealth Healthcare Holdings Co.Ltd(002044) )
Core view
In 2021, the volume and price will rise at the same time, and all business indicators, excluding investment income, will develop better. In 2021, the company achieved revenue, net profit attributable to the parent company and net profit deducted from non net profit of 9.156 billion yuan (+ 16.66%), 64 million yuan (- 88.36%) and 73 million yuan (+ 112.11%) respectively, and EPS of 0.02 yuan.
Among them, the net profit after deduction increased by 112% year-on-year, and the net profit attributable to the parent decreased year-on-year, mainly due to the high base caused by the sale of investment income such as Meiyin health equity in 2020. On the cost side, R & D expenses increased by 31.16% year-on-year, mainly due to the increase in R & D investment in innovative projects, and the other expenses remained stable. The growth of the company’s physical examination revenue is mainly due to the year-on-year growth of the number of people and customer unit price. Among them, the number of people in the physical examination center held by the company increased by 11.80% year-on-year (group customers and individual customers accounted for 83% and 17% of revenue respectively, the same as the same period last year), and the customer unit price increased from 507 yuan to 520 yuan (+ 2.6% YoY). In addition, by the end of 2021, the company held 274 physical examination centers, accounting for 88% of the more mature stores with a store age of more than 3 years, and the physical examination business continued to mature.
Offline + online channels simultaneously make efforts to actively expand customers, innovate + big health projects, enrich the types of individual inspection projects, and continue to increase both volume and price in the beginning of 2022. Taking 2022 as a new starting point, the company formulates a three-year development strategy, vigorously develops online e-commerce channels, carries out 2022 Meinian Onehealth Healthcare Holdings Co.Ltd(002044) Thanksgiving season activities, and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) actively expands customers at the same time; At the same time, actively explore the afternoon mode and further improve the utilization efficiency of venues and equipment. In addition to innovative projects such as tumor and gene testing, the company plans to pilot major health projects such as digestion, sleep, chronic disease management, light medicine and beauty in some cities in 2022, and carry out individual service projects. According to the company’s disclosure, from January to February 2022, the company’s operating revenue increased by 17% year-on-year, of which the number of inspectors increased by 5% year-on-year, and the customer unit price increased by 12% year-on-year, realizing the simultaneous rise of volume and price. Considering the obvious seasonality of the company’s business and the impact of the epidemic on the offline physical examination business, the company’s business is expected to usher in rapid development in the second half of the year.
Optimize the division of labor of the company, optimize the incentive mechanism of the company’s operation personnel, and enhance the ability of sales management. On January 29, the company announced that Mr. Yu Rong, chairman and President, resigned as president and elected Mr. Xu Tao, CO president, as president. Mr. Yu Rong focused on the company’s strategic development in the follow-up. With the further optimization of the company’s management division of labor, it is expected to improve the company’s fine management ability and store operation efficiency. At the same time, the company focuses on optimizing the incentive mechanism for sales personnel, takes innovative business as one of the key tasks of this year, and sets up performance evaluation objectives separately, which helps to promote the rapid promotion of innovative products and packages.
Profit forecast and investment rating: considering the increase of the company’s customer unit price and the increase of the number of inspectors due to the active expansion of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channels and the relief of the epidemic, it is estimated that the company’s net profit attributable to the parent company from 2022 to 2024 will be 513 / 628 / 889 million yuan, 0.13/0.16/0.23 yuan and 43 / 36 / 25 times of PE respectively, giving the investment rating of “overweight”.
Risk tip: the development of online channels is less than expected; The promotion of innovative business is less than expected; The impact of the epidemic on the physical examination business; The risk of high proportion of equity pledge of the actual controller.
