\u3000\u3 China Vanke Co.Ltd(000002) 044 Meinian Onehealth Healthcare Holdings Co.Ltd(002044) )
2022q1 eliminated the impact of the epidemic, continued the performance improvement trend and maintained the “buy” rating
On April 29, the company released the first quarterly report of 2022: in 2022q1, the company realized revenue of 1.352 billion yuan (+ 1.12%); The net profit attributable to the parent company was -431 million yuan (- 1.44%); The net profit deducted from non profits was -446 million yuan (- 14.42%); Net operating cash flow was – 412 million yuan (+ 41.16%); The basic EPS is -0.11 yuan / share. 2022q1 performance is in line with our previous expectations. Under the factors of improving medical quality and services, strengthening fine management ability, all-round digital assistance and innovation guidance, the company has entered the turning point period of triple improvement of volume, price and quality. We maintain the previous profit forecast. It is estimated that the net profit attributable to the parent company in 20222024 will be 400, 487 and 607 million yuan respectively, EPS will be 0.10/0.12/0.15 yuan respectively, and the corresponding P / E of the current stock price is 48.9/40.2/32.3 times respectively, maintaining the “buy” rating.
From January to February 2022, the income increased rapidly, and the growth slowed down due to the epidemic in March
In March 2022, the epidemic situation in Shanghai developed rapidly, and the epidemic situation in other regions spread in many places. The company sent medical staff to support the front-line anti epidemic work. At the same time, the revenue growth of the company decreased in March. The revenue in 2022q1 increased by 1.12% year-on-year, and the net profit attributable to the parent company was – 430 million yuan, which was basically the same as that in 2021q1. The net profit deduction was – 446 million yuan, an increase of 56 million yuan compared with that in 2021q1. It is expected that the increase in nucleic acid detection revenue will lead to a decrease in gross profit margin, an increase in information investment Related to the impact of share based payment. Q1 is the traditional off-season of the physical examination industry, but the company’s revenue increased by 17% from January to February 2022, including a high growth of 12% in customer orders and a 5% increase in passenger flow, indicating that the company’s fine management ability has achieved certain results. We believe that the improvement trend of the company’s performance remains unchanged and remain confident in the growth of q2-q4 performance in 2022.
Continue to promote innovative business and online individual inspection projects, acquire insurance companies and realize closed-loop service
The company continues to promote the introduction and development of innovative projects, including advanced testing, early screening, AI diagnosis, vaccine and so on. Comprehensively launched innovative projects such as brain health, lung health / pulmonary nodule service package and HPV, made breakthroughs, continued to improve the performance of traditional innovative projects such as capsule gastroscope, gene testing and fundus AI, promoted Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales of individual examination projects, and actively expanded high-quality enterprise customers. In addition, the company implemented the closed-loop service of “professional physical examination + intelligent diagnosis + specialist diagnosis + insurance payment” through the acquisition of national insurance brokerage companies.
Risk warning: the improvement of refined management ability is less than expected; Management risks in the expansion of physical examination center.
