Main points of investment:
Overseas sales of Ihealth series have formed a scale, and the rapid growth will continue in the future. After overseas market promotion from 2010 to 2013, ihealth series has entered the overseas mainstream channels such as Bestbuy and Apple Inc stores. In recent years, large-scale investment of manpower and material resources and overseas expansion experience accumulated through many trials and mistakes constitute the company's core competitiveness. Overseas sales of the ihealth series exceeded US $10 million in 2013, and sales are expected to double this year, with rapid growth expected in the future.
Join hands with XIAOMI to ihealth the domestic market and jointly create a popular product in the field of mobile health care in the domestic market. After the successful sale of Ihealth series in overseas markets has been verified, the company launched its first ihealth series products to the domestic market in July this year and began to promote it in the domestic market. In September this year, XIAOMI invested 25 million US dollars in strategic investment, and XIAOMI held a 20 per cent stake in ihealth.Inc. In the cooperation, the company can enjoy XIAOMI's e-commerce channel resources free of charge and work together to create cost-effective popular products. This cooperation is expected to quickly open the domestic market of ihealth series.
There is a huge space in the mobile medical industry, and the company takes the lead in exploring various ways of cooperation. In 2017, the global mobile health care market will reach 23 billion US dollars. In 2014, the size of China's mobile health care market is about 2.84 billion yuan, and is expected to exceed 12.5 billion yuan in 2017, with a compound annual growth rate of about 64%. The company is the leader in the field of mobile health care and is expected to share the rapid growth of the mobile health care industry.
Increase investment in the surrounding ecology of mobile medical care to ensure the future development of the company. The company plans to raise no more than 810 million yuan to invest in mobile medical surrounding ecological and hardware research and development base, product experience center and so on.
Cover for the first time, giving a "highly recommended" rating. Taking into account the broad prospects of the mobile medical industry, as the industry leader, the company will share the rapid growth of the industry. Although the short-term performance is not up to expectations, it is recommended to continue to pay attention. We estimate that the EPS from 2014 to 2016 is 0.02,0.04,0.12 yuan respectively. Risk hint: the risk that the promotion of ihealth series is lower than expected, the risk brought by RMB appreciation, and the risk of intensified competition among domestic enterprises.