The company has a strong sense of innovation and change genes. From the perspective of the company's development process, the company has been steady from the start of the ODM business to the launch of its own brand IHEALTH, but when it sees the industry trend and value of mobile medical care and health big data, the company's product design and marketing concept is extremely advanced.
The Ihealth brand is recognized by the global market. Since the establishment of the iHealth brand in 2010, the company has become a global leader in the field of mobile medical intelligence hardware, with a relatively complete product line of health wearable devices in various fields, including blood pressure, blood sugar, weight, blood oxygen, exercise meter and so on. 1) more than 10000 stores in North America can see the company's own-brand iHealth home mobile medical products, which have entered the mainstream channels such as Apple Retail, Best Buy, Target, Walgreen and so on. 2) in 2013, the company set up a subsidiary in Paris, which is responsible for its own-brand European business, and has initially established an European distribution network. In 13 years, the total sales of the two major markets in the United States and Europe exceeded 10 million US dollars.
Investment advice: the company is in the process of transforming from a hardware company to a data service company with hardware as an entrance: (1) rely on the global brand IHEATH brand and rapidly accumulate user resources. At present, there are 1 million product users in the United States: obtaining users in the United States through cooperation with professional groups; rapidly accumulating users in China through cooperation with XIAOMI, and the number of users is expected to reach 10 million in the next 2-3 years; (2) the company pays attention to brand building and product boutique design. From user feedback, IHEALTH series products have high customer stickiness. (3) the value of biological big data is gradually recognized, and there is a huge imagination space for both the data itself and the health management of the user group. It is estimated that the EPS in 14-16 will be 0.03,0.04,0.1RMB respectively. We are optimistic about the transformation of the company from a hardware company to a data service company. As the core target under our health management + big data logic, we will be given a "Buy-A" investment rating.
Risk hint: the company's short-term investment is large, and there is pressure on the profit statement.
