Report guide
The company announced the purchase of all shares in Guangdong Aurora Health Management Consulting Co., Ltd.
Main points of investment
We will add the layout of medical beauty clinics and continue to promote the transformation of the medical and beauty business. The company signed an "equity transfer agreement" with former Hai Hongxing and Aoyuan Health to acquire a total of 30 million yuan for its 100% stake in Guangdong Aurora (70% of the former Hai Hongxing and 30% of Aoyuan Health). In 2020, Aurora realized income / net profit of 25.75 million yuan, with a net interest rate of 9%. The corresponding PE/PS for this acquisition is 13.5%, and the income / net profit from January to August in 21 years is 12.63 million yuan. Aurora has two medical beauty clinics in Guangzhou Aurora and Guangzhou Aurora Huacheng, of which the 20-year income / net profit of Guangzhou Aurora clinic is 162.2 million yuan, and the 21-year income / net profit of January-August is 462 million million yuan. Guangzhou Aurora Huacheng outpatient clinic 20-year income / net profit 4.51 million million, 21-year January-August income / net profit 212 income 1.94 million yuan. At the same time, the company appointed Lin Bifeng as the vice president of the company to promote the development of the company's medical terminal business. Mr. Lin was the chief consultant of Wuzhou Hanchen plastic surgery Group and the president of Mabel Medical and Beauty Group with rich experience in the industry.
The written documents of the local health committee may become the "standard" of mergers and acquisitions on the terminal track. For this transaction, the Olympic Garden provided a written document issued by the Health and Health Bureau of Fancheng District, Xiangyang City, where the company was registered, indicating that there was no objection to the transaction; at the same time, the company provided a written statement from the Guangzhou Health Commission, where the underlying company is located, "without the approval and filing of our unit". Prior to the acquisition of three medical and beauty hospitals around the world by SUNING, they also provided written documents from the local health committees of Shijiazhuang, Tangshan and Wuxi, where the institutions are located, stating that "there is no need for approval and reporting by our committee." and the same letter of dissent from the Jilin Health Commission, where the listed company is located. With the tightening of regulatory policy, the written documents of the Health Commission may become a necessary preparation for mergers and acquisitions in the medical and beauty terminal track.
The linkage between the upstream and downstream of the industrial chain will deepen the layout of optoelectronic medical and beauty equipment. In addition to the layout of the terminal organization, the company continued to promote the layout of optoelectronic medicine throughout the year: 1) signed a contract on May 10 to represent its MonalisaTouch Mona Lisa kiss private laser products, and 2) on September 16, Aoyueting, a wholly-owned subsidiary, was granted the exclusive agency for a number of medical and beauty laser instruments owned by WON TECH of South Korea in China. 3) on September 23, together with the leading doctors of the global optoelectronic medicine, the first batch of agents of its Divine Pro special protein machine (facial rejuvenation maintenance, CE certification), Legend Pro legendary beauty muscle (muscle compactness + skin compactness) two optoelectronic beauty laser equipment. Light medical beauty is the main trend of the development of medical beauty in the future. the price and psychological threshold of optoelectronic projects are relatively low, and most of the domestic mainstream laser medical equipment are mainly imported. The company cooperates with a number of international leading optoelectronic companies in the way of exclusive agency. enrich the product matrix of medical equipment, continuous layout to the upstream of medical beauty, and enhance the linkage between upstream and downstream.
Profit forecast and valuation: we expect the company's revenue 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, of which the contribution income of medical and beauty business for 21 and 22 years is 5.3,1.16 billion yuan; the net profit of returning home is 1.7,2.6 and 360 million yuan respectively, corresponding to 74,50,35 times of PE. 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 epitaxial mergers and acquisitions in the future, and pure medical beauty will be scarce in A shares and maintain 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.