Event description
On the evening of March 7, the company issued a resolution announcement of the board of directors, announcing the establishment of Guangzhou Pearl River Industrial Health Industry Management Co., Ltd. as a joint venture with Guangzhou Jianyuan Hospital Management Co., Ltd. The joint venture company has the franchise of medical devices and diagnosis and treatment services, the main scope of which is old-age services and health management. Pearl River Industries holds a 62% stake in the joint venture. The company's early investigation and research on the pension industry has finally been put into practice.
Event comment
The layout of pension conforms to the trend of the industry. The rapidly accelerating and irreversible aging of the population is giving birth to a broad space for industrial investment. In recent years, medical, insurance, real estate and other enterprises have extended their tentacles to the pension industry, in which the combination of real estate and pension has become a hot transformation direction of many real estate enterprises. Pearl River industrial layout of old-age real estate is not overnight, this choice to cooperate with medical institutions has taken a strategic step.
The whole industry chain model of "real estate + medical treatment" is worth looking forward to. The preliminary plan announced by the company is to set up a joint venture subsidiary of United Jianyuan Co., Ltd., which is a wholly owned natural person company in Guangzhou with high-end medical consulting and hospital investment management as its main business. From the point of view of United Medical Company, Pearl River Industry's development plan for the pension industry may not be a simple pension real estate. We judge that the main purpose of Pearl River Industrial United Jianyuan may be to make use of each other's medical management resources, combined with the company's own real estate resources, to create a pension model of the whole industry chain.
The real estate business is advancing steadily. Although the company's explosive growth in 2009-11 is gone, the steady growth of the real estate business in the future can still be seen. After a series of management and operational adjustments, the company has obviously accelerated the pace of land financing in the past two years, and the sales scale has gradually increased. While deeply ploughing residential real estate, the company's tourism real estate and pension real estate also take a two-pronged approach. Among them, the company acquired the Hainan Wuyuan River Leisure Tourism Resort project by way of equity investment for 13 years, and officially entered into tourism real estate, and the establishment of the joint company also marked the opening of the company's pension real estate curtain.
May benefit from the reform of state-owned enterprises in Guangzhou. As the only listing platform of Zhushi Group controlled by Guangzhou SASAC, under the background of the restart of the new round of state-owned enterprise reform, the company is likely to make a breakthrough in the support of major shareholders and system reform, and is undoubtedly the subject stock of Guangzhou state-owned enterprise reform.
Maintain the recommended rating. The current share price is 6.62 yuan, and RNAV is valued at 16 yuan, which is as undervalued as the real estate sector. It is estimated that the 13-year and 14-year EPS of the company is 0.95 yuan and 1.23 yuan respectively, and the corresponding PE is 6.99 and 5.39 times, respectively.