\u3000\u30 Shenzhen Fountain Corporation(000005) 16 Xi’An International Medical Investment Company Limited(000516) )
Revenue increased rapidly quarter by quarter, operating profit continued to improve, and the “buy” rating was maintained
On April 27, the company released its annual report for 2021: the revenue in 2021 was 2.921 billion yuan (+ 81.78%, all year-on-year in 2020), and the net profit attributable to the parent company was -822 million yuan (45 million yuan in 2020); Deduct non net profit of -751 million yuan (- 15.85%); The net operating cash flow is 456 million yuan (41 million yuan in 2020), and the basic EPS is – 0.37 yuan / share. In 2022q1, the revenue was 305 million (- 51.78%, both year-on-year) and the net profit attributable to the parent was – 428 million (- 134.01%); Deduct non net profit of -414 million (- 217.85%); Net operating cash flow was -206 million (- 410.92%). The revenue side of the company maintained rapid growth, and the overall performance met our expectations. Considering the three-month suspension of the central hospital and high tech hospital, the impact of the epidemic and the great depreciation pressure in the next few years, we lowered the profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the return to parent in 20222024 will be -3.82 (formerly 1.84), 2.53 (formerly 3.84) and 479 million yuan respectively, and the corresponding P / E of the current stock price is -51.1/77.0/40.7 times respectively. The company extends the industrial chain and opens the growth ceiling by relying on the hospital platform, The utilization rate of hospital beds in its hospitals has more room to improve and maintains the “buy” rating.
Revenue increased rapidly quarter by quarter, showing a quarterly loss reduction trend after excluding non operating factors
In 2021, the company achieved a revenue of 2.921 billion yuan, exceeding the growth of 80% of the equity incentive assessment target. By quarter in 2021, revenue increased quarter by quarter, with a significant year-on-year increase. The revenue growth of q3-q4 was slightly slower than before due to the impact of the epidemic. In 2022q1, due to the suspension of high-tech hospital and central hospital from January 13 to April 13, the revenue decreased by 52% year-on-year. In 2021, the net profit of q1-q3 excluding the profit and loss of changes in fair value and equity incentive expenses showed a loss reduction trend compared with the same period in 2020, and the loss of Q4 increased. We expect that it is related to the increase of depreciation and amortization expenses caused by the opening of the new medical service building of high tech hospital.
Release the five-year development strategic plan (20222026), and strive to achieve 10 billion revenue in 2026
In 2021, the number of outpatient and emergency patients of the company was 1.8098 million (+ 36.10%), and the number of inpatients was 122600 (+ 64.24%). It is expected that the high-tech hospital and central hospital will basically realize full load operation by the end of 2021. The company issued a five-year development strategic plan (20222026), proposed to achieve the development goal of 10000 medical beds operating at full capacity and 10 billion annual income of medical services within five years, and explored the establishment of specialty chains to expand the high value-added medical market.
Risk tip: the cost control of medical insurance is becoming stricter, and the climbing speed of hospitalization is not as fast as expected.
