Event: Beijing Beiyi Pharmaceutical Co., Ltd., a wholly-owned subsidiary, signed a "long-term service contract for the supply and distribution of drugs, reagents, medical consumables and other materials in Peking University International Hospital" with Peking University International Hospital. Peking University International Hospital shall be provided with drugs, reagents, medical consumables, office supplies, logistics and distribution services, as well as medical equipment supply services. The three-year contract is 500 million RMB. If the service is satisfactory after the expiration of the contract, both parties will automatically renew the contract for three years.
Comments:
1) Beijing Medical Medicine, which is mainly engaged in pharmaceutical circulation, is an important link in the layout of the company's whole industry chain. The company has initially formed the embryonic form of the layout of the whole industry chain of pharmaceutical industry-pharmaceutical circulation-medical service. Beijing Medical University is the core enterprise in the pharmaceutical circulation plate with a prominent position. Its business mainly covers preparation sales, pharmaceutical distribution, high-end equipment agents, etc., and has accumulated some experience and advantages in the above-mentioned fields. Beijing Medical University has established a sales and circulation network covering the whole country with Beijing, Chongqing and Hubei as the core.
2) the next city after Peking University people's Hospital-Peking University International Hospital. In September, Beijing Medical University and Peking University people's Hospital signed an agreement to provide in vitro diagnostic reagents and consumable materials supply and distribution, the amount is 88880099.789 yuan, although limited to in vitro diagnostic reagents, and the amount of money is small, but it marks the start of the integration of pharmaceutical circulation supply chain business and medical services. This time, the contract with Peking University International Hospital has expanded the scope of supply and distribution to drugs, reagents, medical consumables, and office supplies, and the amount has been expanded to 500 million RMB; it proves that the previous attempt at the people's Hospital, Beijing Medical University Medicine has learned more experience in serving the hospital, in order to further enhance its business capacity and prepare for more business cooperation around the hospital. This contract will rapidly enhance the business scale of the company's circulation sector, significantly improve the bargaining power between the company and upstream manufacturers, and further accumulate experience in providing overall supply chain management services for large-scale comprehensive hospitals. it lays a key step for Beijing Medical University to transform and upgrade from a simple pharmaceutical distributor to a professional enterprise that provides overall solutions for supply chain management for medical institutions.
3) the hospital of Peking University is rich in resources and has a good prospect of supply chain integration. Peking University Medical Department has 8 third-class hospitals and 13 teaching hospitals. Peking University Medical has 5 hospitals, including Peking University International Hospital, and more than 30 hospital projects are being promoted and the future "Peking University Oncology" specialist hospital network. will provide a broad space for the company's supply chain business expansion. With the acceleration of the integration of the supply chain of Beijing Medical University, the profitability of the supply chain business will be significantly improved.
Valuation rating: the company's overall performance is stable, but the landing of Integrated Medical acquisition and the acceleration of supply chain integration will promote the company's profit inflection point. Considering the equity dilution, it is estimated that the EPS for 14-15 years will be 0.09,0.19,0.27 yuan respectively, corresponding to 191,93,66 times of PE.
Risk hints: shareholder disputes; the benefits of supply chain integration are conducive to expectations.