\u3000\u3 China Vanke Co.Ltd(000002) 044 Meinian Onehealth Healthcare Holdings Co.Ltd(002044) )
Event: the company released its annual report for 2021, realizing an operating revenue of 9.156 billion yuan, a year-on-year increase of 16.66%; The net profit attributable to the parent company was 64 million yuan, a year-on-year decrease of 88.36%; The net profit deducted from non parent company was 73 million yuan, with a year-on-year increase of 112.11%.
The amount and price of revenue rose at the same time, the number of physical examination people increased by 11.8% year-on-year, and the customer unit price increased by 2.6%. In 2021, the company realized an operating revenue of 9.156 billion yuan, of which the revenue of “meinian great health” brand was 7.023 billion yuan, accounting for 76.7%; “Ci Ming” and “AoYa” achieved an income of 2.003 billion yuan, accounting for 21.9%; “Meizhao” brand achieved revenue of 130 million yuan, accounting for 1.4%. In 2021, the company received a total of 30.8 million people (including the joint-stock physical examination center), an increase of 16.01% over the same period of last year, of which the holding physical examination center received a total of 18.6 million people, an increase of 11.80% over the same period of last year. The proportion of group customers and individual customers in revenue was 83% and 17% respectively, which was basically the same as that of the same period of last year. In 2021, the company’s customer unit price reached 520 yuan, a year-on-year increase of 2.6%. By the end of 2021, the number of physical examination centers under the company was 613, including 274 holding physical examination centers and 339 participating physical examination centers. 88% of the holding physical examination centers have been in business for more than 3 years, and 12% of the holding physical examination centers have been in business for less than 3 years, so there is great potential for store expansion.
The deduction of non profit side was improved and the operating cash flow was good: in 2021, the company realized the deduction of non parent net profit of 73 million yuan, with a year-on-year increase of 112.11%, and the operating profit turned around. In 2021, the net cash flow from the company’s operating activities was about 2.060 billion yuan, with a year-on-year increase of 109.33%, mainly due to the large increase in cash received from business income compared with the previous period. At the same time, affected by the new leasing standards, and the provision for impairment, depreciation of fixed assets and other non cash cost expenses did not affect the cash flow from operating activities. In recent years, the company has greatly optimized the physical examination process and implemented the supervision system through a series of management measures. In 2021, the company will coordinate the informatization construction of all regions from the group level and enhance the group’s ability to coordinate chain operation and management; Through the construction of a company level master data and standardization platform, coordinate and coordinate the standardization of more than 600 physical examination centers across the country. Focusing on the two core directions of improving system standards and deepening quality control inspection, the company has carried out a number of measures, organized and carried out the “medical quality ten thousand miles” flight inspection activity, and evaluated and guided the medical management system of nearly 600 physical examination branches in 31 provinces, cities and autonomous regions of China according to the standard of Meinian Onehealth Healthcare Holdings Co.Ltd(002044) medical quality assessment standard (version 2021), so as to promote the quality management level and awareness of medical lines at all levels. Through the promotion of fine management and high-level medical standards, the profit side of the company is expected to continue to improve in the future.
Profit forecast and investment rating: considering the company’s continued increase in investment in internal management and medical system construction, as well as the impact of the epidemic, we expect the net profit attributable to the parent company to be RMB 385 / 487 / 607 million respectively from 2022 to 2024, and the PE corresponding to the current market value to be 56 / 44 / 36x respectively. For the first time, give a “buy” rating.
Risk tip: business integration may not be as expected, and the increase of customer unit price and physical examination person times may not be as expected.
