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广发证券:维持华润医疗(01515)“买入”评级 目标价8.55港元

GF Securities Co., LTD.: maintain the target price of HK $8.55 for China Resources Medical (01515) "Buy" rating

智通財經 ·  Dec 28, 2021 12:46

Zhitong Financial APP learned that GF Securities Co., LTD. issued a research report saying that to maintain China Resources Medical's (01515) "buy" rating, it is estimated that the 2021-23 net profit of return to the mother is 4.495.13 / 580 million yuan, and PE is 9.6 PE 8.5 times. China Resources Medical has rich experience in hospital management, through continuous mergers and acquisitions + to improve the operational efficiency of existing hospitals with two-wheel-driven growth, with reference to the valuation of comparable companies and taking into account the current illiquidity of Hong Kong stocks, 18 times PE in 22 years, with a target price of HK $8.55.

GF Securities Co., LTD. 's main points are as follows:

The epidemic situation has been effectively controlled throughout the country, and the company's business has grown steadily.

The epidemic situation in some areas had little impact on the overall operation of the company. in the first half of the year, despite the impact of the epidemic in Guangzhou and the transformation of Beijing Coal Hospital into a non-consolidated hospital, the medical business income of the company's member hospitals still increased by 14.5% compared with the same period last year. The company's home net profit increased by 8.8% compared with the same period last year. The second half of the year is expected to continue the growth trend of the first half of the year, coupled with the increment of Huaiyin Hospital, the profit growth rate is expected to be better than

The dust of the lawsuit in Yanhua Hospital has been settled, which has a positive impact on the company.

According to the company's recent announcement, Yanhua Hospital IoT agreement dispute of the second instance upheld the original judgment, and was ruled as the final judgment. The main ruling includes: Yanhua Hospital unilaterally rescinded the agreement invalid, need to pay 14.4 million yuan in liquidated damages. If the other party does not bring up a retrial, the judgment shall be upheld. The bank believes that the settlement of the Yanhua Hospital lawsuit has several positive effects on the company:

1)It can obtain 14.4 million yuan in liquidated damages, and can recover the loss of supply chain and management fees over the past 19 years (refer to the profit contribution of Yanhua Hospital in 18 years, about 107 million yuan).

2)It shows that the IOT mode is not prohibited by law, and the law supports the validity of the agreement. IOT model is a transitional model, at present, the company is more acquisitions for its own hospital, in addition to doing OT project exploration, output management capacity, charge management fees.

The dual-drive growth strategy of endogenous plus M & A remains unchanged.

China Resources Medical and China Resources Health Management team have achieved a high degree of integration, forming a team and two platforms, with the same assessment objectives, which is conducive to the follow-up asset injection. China Resources Health has about 15000 beds (excluding China Resources Medical). Recently, it has reached a cooperation with Guangzhou Industrial Control Health to jointly promote the Guangzhou Iron and Steel Xincheng Hospital project (1200 beds, third-class general hospital). In the future, we will continue to work with China Resources Health to promote the landing of high-quality projects of central enterprises, acquire high-quality for-profit general hospitals, and create characteristic specialties through internal derivatives and external mergers and acquisitions.

Risk Tips:The expansion process was not as expected, and the epidemic situation had an adverse impact on offline hospitals.

The translation is provided by third-party software.


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