Huakang medical (301235)
Committed to hospital sensing and control for more than ten years, participated in Huoshen mountain purification and won the reputation in the industry
Huakang medical has been deeply engaged in medical purification for more than ten years, and is committed to providing a clean, safe and intelligent medical environment for modern hospitals and solving the problem of medical infection. The service covers the whole construction cycle of the hospital purification system project, including preliminary plane planning and layout design, process implementation, operation and maintenance management and other processes. At the same time, the company can develop, produce and sell supporting medical equipment and medical consumables. During the fight against covid-19 pneumonia in 2020, the company was invited to participate in the design, construction and operation and maintenance of Huoshen mountain clean operating room, negative pressure ICU and other key anti epidemic areas. The company fully demonstrated its solid clean technology and efficient coordination ability, achieved synchronization with the design and construction of civil construction and electromechanical installation, took only 10 days from the initial design of the scheme to the completion and delivery, and established a high-standard clean operating room and negative pressure ICU with fresh air and full exhaust. All medical environmental indicators passed the test at one time, providing an important guarantee for huoshenshan to achieve zero infection of medical staff and zero death of patients.
Stock and new markets coexist, with a market size of more than 30 billion a year
The construction of hospital purification system is an indispensable separation wall for the prevention and control of nosocomial infection. Through the reasonable design and planning of special departments such as operation Department and ICU, we can realize the "separation of doctors and patients" and "clear cleaning and pollution" and reduce the risk of nosocomial infection. Especially under the catalysis of covid-19 epidemic, supporting policies were issued to help the construction of new medical infrastructure. During this period, the layout of a large number of new medical institutions was accelerated, involving the construction of modern disease prevention and control system, the construction of national major infectious disease prevention and control base, the upgrading and capacity expansion of key specialized hospitals, etc. In addition, under the severe background of epidemic prevention and control, there is a potential demand for the upgrading of purification system in stock hospitals, and the requirements for nosocomial infection prevention and control are more stringent. Under the dual logic superposition of epidemic background catalysis and policy assistance, the business of Huakang medical purification system is expected to benefit from it. The company estimates that the overall scale of the incremental market and stock market is expected to exceed 30 billion a year. With the company's increased marketing investment and the upgrading and iteration of purification technology in the future, the market share of Huakang medical is expected to be further improved.
Medical special EPC will become the focus of the future
The general contracting purification system project integrating EPC design, construction and operation and maintenance of special medical project has more advantages than the traditional purification system project in terms of winning the bid and the project itself. From the perspective of the hospital, it can save construction cost and time, test the technology and overall design ability in terms of the undertaking party, and the quality of the order is higher. The future medical special EPC project will become the trend of hospital purification in the future. The company's medical special project EPC mode has been successfully implemented in Shenzhen Eye Hospital, Shenzhen Children's Hospital, Central South Hospital of Wuhan University, Tianyou Hospital Affiliated to Wuhan University of science and technology, Hubei Xinhua Hospital, Wuhan Caidian District people's Hospital, etc. Since 2022, it has also successively undertaken part of EPC business. In the future, with the enhancement of the company's R & D strength of purification technology and the further expansion of the market, EPC orders are expected to become a new performance growth point of the company's purification business.
Profit forecast and investment rating
We estimate that the operating revenue of the company from 2022 to 2024 will be 1.457 billion yuan, 2.373 billion yuan and 3.199 billion yuan respectively, and the net profit attributable to the parent company will be 143 million yuan, 237 million yuan and 320 million yuan respectively. We use the PE relative valuation method of comparable companies to evaluate the company. We select three companies benefiting from the new medical infrastructure sector Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Sonoscape Medical Corp(300633) , Qingdao Novelbeam Technology Co.Ltd(688677) as comparable companies, giving the company 39 times of the target PE in 2022 and the target price of 52.61 yuan, For the first time, give a "buy" rating.
Risk tips: ① market competition intensifies the risk; ② New customer development fluctuation risk; ③ Cash flow risk of operating activities; ④ Risks such as repeated outbreaks and construction delays; ⑤ Stock price fluctuation risk.
