Core ideas:
The company announces 21-year results. In 21, the income was 4.447 billion yuan, + 61.7% compared with the same period last year, compared with + 110.3% in 19 years; the net profit of returning home increased by 34.8% to 418 million yuan compared with + 6.9% in 19 years; excluding the impairment of investment and accounts and deferred income tax credit, the net profit of returning home in 21 years increased by 20% compared with 19 years. The overall medical business income in 21 years was + 24.5% to 8.272 billion yuan compared with the same period last year, compared with + 20.4% in 19 years. The contribution of hospital profits decreased by 2.3% to 698 million yuan compared with 19 years, and the contribution rate of hospital profits decreased by 2.0pct to 8.4% compared with 19 years.
And list hospitals: in 21, the medical income of Jiangong Hospital increased by 26.1% compared with the same period last year, the profit contribution rate increased from 6.5pct to 18.1%, the income of brain hospital increased by 13.7% to 1.017 billion yuan, and the profit contribution rate increased by 1.5pct to 10.0%. Compared with 20 years, the income of Huaikuang Hospital increased by 2.3% to 768 million yuan, and the profit contribution rate increased by 4.2pct to 12.5%. Compared with 20 years, the income of run Neng hospital increased by 19.4% to 577 million yuan, the profit contribution rate increased by 5.0pct to 6.0%, the income of heavy truck hospital increased by 28.8% to 294 million yuan compared with 20 years, and the profit contribution rate decreased by 0.8pct to 6.9%.
Non-amalgamated hospitals: in 21 years, the income of Beijing Coal Hospital increased by 15.4% to 1.778 billion yuan compared with 20 years, and the profit contribution rate decreased by 1.0pct to 8.1%; the income of the two hospitals of WISCO increased by 27.6% to 957 million yuan compared with 20 years, and the profit contribution rate increased by 1.4pct to 6.3%.
Profit forecast and investment rating. It is estimated that the net profit of homing in 22'23 will be 496 and 541 million yuan, and the latest share price corresponding to PE will be 10.4 and 9.6 times. China Resources Medical has rich experience in hospital management, comprehensive integration with parent company China Resources Health, strengthening resource coordination, integrating member units, and two-wheel-driven growth through continuous mergers and acquisitions + improving the operational efficiency of existing hospitals. With reference to the valuation of comparable companies and taking into account the current illiquidity of Hong Kong stocks, it is given 16 times PE for 22 years, corresponding to a reasonable value of HK $7.35 per share. Maintain a "buy" rating.
Risk hint. The epidemic has an adverse impact on offline hospitals; the process of network expansion of group hospitals is not as expected; the integration or operation of mergers and acquisitions of hospitals is not as expected.