Main points of investment
The income structure continues to be optimized, and the revenue of medical and beauty services, medical and beauty raw materials business accounts for 13V% and 26% of revenue. In the first half of the year, the company achieved operating income of 1.167 billion yuan, an increase of 291% over the same period last year, and a net profit of 50.1292 million yuan, an increase of 126% over the same period last year. The gross profit / net profit rate of the company was 27.62% (+ 12.24pp) / 3.67% (+ 73.29pp), and the rate of letter loss / management fee / financial expense was 4.2% 11.96% and 5.36% respectively. In terms of sub-sections, the operating income of real estate / chemical fiber / medical services in the first half of the year was 303 / 1.56 billion yuan, respectively, and the proportion of revenue was 52%, 26%, 13%, respectively.
Lian Tianmei has excellent profitability and steady progress in the transformation of its medical and beauty business.
Through the 55% equity acquisition of Liantianmei Group, the company added 156 million yuan in consolidated income in the second quarter, with a net profit of 24.96 million yuan, and a gross profit / net interest rate of 55% / 16% respectively. The two medical care hospitals have excellent profitability. For the whole first half of the year, the income of the two hospitals from January to June was 301 million yuan, the net profit was 53.51 million yuan, and the net interest rate was 18% (compared with the 20-year income / net profit of 486 million yuan / 80.55 million yuan, the net interest rate was 17%). Among them, the proportion of micro-plastic surgery / skin / sitting / other / oral cavity in revenue is 43.13% 28.64% 16.54% 6.56% 513% respectively. Lian Tianmei's leading advantage in the regional market is obvious. So far, the two hospitals have a total of 330000 members, with 45600 active users in the first half of the year.
In terms of upstream products, in the first half of the year, through strategic cooperation, the company launched three kinds of medical and aesthetic products, such as fullerene cold application, collagen freeze-dried powder and nano-drug-loaded cold rescue paste, to create a product matrix of "cosmetic equipment" and "medicine" brand series. At the same time, the company exclusively represents the global laser giant Senoxiu Monalisa Touch, such as Nalisa Kiss Private Laser and other equipment, plans to set up a joint venture with KDM to act as agents for related products, and plans to make use of the relevant preferential policies of Hainan Lecheng to introduce more overseas hot medical technology and products, with more blossoms in layout.
The medical and beauty raw material business needs to be warmed up, and the integrated layout of production, marketing and research. The medical customs base material green business reached 303 million yuan in the first half of the year, an increase of 59% over the same period last year. In the first half of the year, the production line of the first phase of the 100000-ton medical and American base material green fiber project was officially put into production, and the construction of the second phase of the 60, 000-ton production line will also be promoted in due course. In the future, the company will also establish a core organization for the research and development of medical and aesthetic materials, combine with the new technology of drug-carrying mask to develop new mask products, promote the mass production of green fiber medical and American derivative products, and promote the construction of medical mask and makeup remover industry base.
With light travel, the real estate business will be spun off soon. The income of the completed delivery of the real estate project reached 607 million yuan in the first half of the year. By paying close attention to the management of the real estate sector, the company speeds up the development and construction of the project, ensures that each schedule node is in line with the development plan and delivers the building on schedule, and through optimizing product design, project plan, personnel structure, cost strategy and other key measures to reduce cost and increase efficiency. At the same time, the company sold its 100% stake in Jinghan Real Estate, 100% stake in Beijing Yangjia Health and 35% stake in Penglai Hualu Jinghan Pension by way of public listing, which has been examined and approved by the company's third interim shareholders' meeting in 2021.
Profit forecast and valuation: we expect the company's income from 2021 to 2023 to be 21.5,26.0 and 3.57 billion yuan respectively, an increase of 8%, 21% and 37% over the same period last year. The return net profit is 1.7,2.6, 360 million yuan respectively, corresponding to PE is 61.41,29 times. Considering that the layout of the company's medical and beauty industry chain has initially taken shape, the revenue and profit volume will continue to be expanded through high-quality endogenous growth and external mergers and acquisitions in the future, and Quintessence Medical Beauty is scarce in A shares, maintaining the "overweight" rating.
Risk hints: 1) the epidemic affects the retail environment; 2) the risk of increased market competition; 3) the acquisition progress is lower than expected risk; 4) the transformation progress is not as expected.