\u3000\u3 China Vanke Co.Ltd(000002) 044 Meinian Onehealth Healthcare Holdings Co.Ltd(002044) )
In 2021, the operating performance improved significantly, the fundamentals improved steadily, and the “buy” rating was maintained
On April 15, the company released its annual report for 2021: the revenue in 2021 was 9.156 billion yuan (+ 16.66%, both year-on-year in 2020); The net profit attributable to the parent company was 64 million yuan (- 88.36%); The net profit deducted was 73 million yuan (+ 112.11%); The net operating cash flow was 2.06 billion yuan (+ 109.33%). At the same time, the company updated some contents of the fixed increase plan issued in September 2021 and issued a revised draft. At present, the fixed increase plan has been deliberated and approved at the level of the board of directors and the general meeting of shareholders, which needs to be approved by the CSRC. Taking into account the impact of the epidemic and the increase in quality control costs, standardized operation costs of stores and other factors, we lowered the profit forecast for 20222023. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 400 (formerly 5.35), RMB 487 (formerly 663) and RMB 607 million respectively, and EPS will be RMB 0.10/0.12/0.15 respectively. The corresponding P / E of the current stock price is 55.8/45.8/36.8 times respectively. In improving medical quality and service and strengthening fine management ability With all-round digital assistance, innovation leadership and other factors, the company has entered a turning point period of triple improvement in volume, price and quality, and maintained a “buy” rating.
In 2021, the performance will be improved quarter by quarter, the inspection arrival imbalance will be improved, and the sales system will be downsized to increase efficiency
The company’s revenue from 2021q1 to Q4 increased quarter by quarter, the profit from 2021q1 to Q2 decreased significantly quarter by quarter, and Q4 was the peak season of physical examination, realizing high growth. The operating net profit of the company in 2021 is expected to be RMB 125 million, which is significantly improved compared with that in 2020 (the same caliber in 2020 is – 270 million). From the perspective of volume price splitting, the increase of the company’s revenue is mainly due to the increase of person times. In 2021, the number of physical examination person times of holding stores increased by 11.8% and that of joint-stock stores increased by 23%, indicating that the joint-stock stores have developed rapidly and the company’s expansion reserve target is relatively high-quality. The epidemic situation will increase in 2020, and the individual detection to detection will be uneven, which will be significantly improved in 2021. In 2021, the output per sales person was 1.034 million, an increase of 206500 compared with 2020 (an increase of 37000 compared with 2019). The company’s sales system has achieved remarkable results in reducing staff and increasing efficiency.
The new president helps to improve the company’s operation ability, innovate business and promote new growth
More than 600 stores across the country have been transformed and standardized. In terms of fine management, it has been upgraded successively, including sales, physical examination and health management. The development group unified the innovation package and promoted the implementation of new products.
Risk warning: the improvement of refined management ability is less than expected; Management risks in the expansion of physical examination center
