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【国泰君安】汉森制药:公布定增方案,全面布局医疗服务

國泰君安 ·  Dec 31, 2015 00:00  · Researches

The company plans to increase the medical service industry by 1.08 billion dollars, maintaining the rating of increasing its holdings. The company plans to increase the layout of private hospitals by 1.08 billion dollars, maintaining the rating of increasing its holdings. With the company's current fixed increase, the controlling shareholder Hanson Investment plans to subscribe for no less than 50 million yuan, and raise capital mainly for the Ningxiang Women's and Children's Project (249 million) and the Yiyang Women's and Children's Hospital project (531 million yuan) to supplement the working capital of 300 million yuan. Considering the company's active promotion of the medical service sector, other medical services are still being actively promoted, maintaining a profit forecast of 0.41/0.50/0.62 yuan for 2015-17. The company uses the PPP model to intervene in the field of medical services, aiming to build a large-scale “pharmaceutical manufacturing+medical service” industrial group, further expand the health industry chain, maintain an increase in holdings rating, and target price of 30 yuan. Starting from maternal and child hospitals, we entered the medical service industry. The two hospitals identified in this fixed increase investment project are all in the maternal and child category, and there is some synergy with the company's leading product, simo soup. From a regional perspective, listed companies and shareholders in Ningxiang County and Yiyang City all have good resource advantages, a good economic base, and high demand for middle and high-end services. Judging from the model, the company uses an equity cooperation and PPP trusteeship model to effectively integrate the original public medical resources, while also mobilizing the interests of hospital management in terms of incentive models. Judging from the scale of investment, both hospitals have added 500 new beds, so the construction and equipment are relatively expensive. Medical service projects are being actively promoted. Due to the time limit for postponing the resumption of trading, the company's fixed increase plan currently has only 2 hospitals, and Yiyang Children's Hospital is still awaiting an agreement with the government. The company previously announced exchanges and cooperation between 3 maternity and child hospitals, and the remaining 1 is still continuing to advance. Risk warning: Depreciation of the GMP transformation of old workshops continues to increase; there is a big risk of health expansion.

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