Acquire Qisheng Information and enter the healthy Internet.
The company bought Qisheng Information for 650 million yuan. Qisheng Information's 39 Health Network is the leading health information network platform in China, with the first number of visits to similar websites and more than 100 million users, which is favored by pharmaceutical advertisers.
The technological change of the Internet has changed the service model of the medical and health industry.
In 2012, the total market size of China's health service industry is close to 6 trillion yuan, and it will reach 8 trillion yuan in 2020, but the degree of Internet is relatively low. With the development of mobile Internet, the degree of Internet in the medical field is constantly improving. at the same time, the application of cutting-edge medical technology, big data and other IT technology tends to deepen, and a new health management service model will emerge. At present, a number of excellent healthy Internet companies have emerged in the United States, exploring a variety of profit models, such as Epocrates, ZocDoc and other enterprises. The domestic Internet medical and health field is beginning to take shape, mainly represented by 39 Health Network and "good Doctor online", respectively exploring the business model of medical and health advertising revenue, charging patients and sharing with doctors. With the application of technologies such as big data, online medical and health services may derive more business models.
The domestic online medical and health advertising market is growing rapidly.
The main customers of medical and health Internet advertising are pharmaceutical enterprises and medical institutions, among which hospitals are the main advertising customers. The scale of Internet advertising by pharmaceutical companies reached 630 million yuan in 2013, an increase of 40% over the same period last year. In 2013, the online advertising market of China's hospital industry reached 6.42 billion yuan, an increase of 65.1 percent over the same period last year. Downstream growth is rapid, 39 health network advertising-based profit model is sustainable.
Profit forecast and valuation.
The company will fully rely on Guizhou big data policy, focus on medical and health big data technology and application, medical and health service will become the company's key business direction. Assuming that Qisheng Information is consolidated in 2015, it is estimated that the company's EPS in 2014-2016 will be 0.62,1.25,1.66 yuan respectively, corresponding to 143,70,53 times PE, respectively. Considering that the company's traditional telecom voice value-added business may have a growth bottleneck, the company will be given a "hold" rating.
Risk hint: the synergy effect is not significant; the development of healthy Internet is subject to the existing laws and policies.