It is proposed to acquire the shares of Zhi Xiang Network and Xintong Network.
The company issues plans for major asset sales and major asset purchases: 1) the 90% stake in Suifenhe Shengtai is to be sold in cash, with a tentative transaction price of 3.69 million yuan; 2) the 60% stake in ICT NetEase, Inc is to be acquired in cash, the interim transaction price is 186 million yuan; 3) the 100% equity stake in Zhi Xiang network is to be acquired in cash, and the interim transaction price is 600 million yuan. After the completion of the transaction, the company will no longer operate wood sales business, the main business will increase medical information software research and development and sales business, Internet medical care, intelligence hospital, Internet drugstore O2O platform operation business and so on.
Deeply bundled with Internet giants such as Baidu, Inc., Tencent and Sina in the big health field.
The company is active in high-quality flow resources and scarce medical resources. Zhixiang Network cooperates with Baidu, Inc. Pharmaceutical Direct (Baidu, Inc. is currently the main project promoted in the pharmaceutical field of Internet medicine, and the service field is mainly Dr. Baidu, Inc., etc.). It is the operator of Baidu, Inc. Pharmaceutical Direct, which can be diverted to offline drugstores. Zhi Xiang Network cooperates with Sina Health to set up Sina Pharmaceutical Section (Zhixiang has always been the content provider of Sina Health Plate). Yi Fang Medical and Tencent Wechat have achieved in-depth cooperation in the field of smart hospitals (Tencent's layout in Internet medical care is mainly smart hospitals and smart doctors, etc.), is the only builder of Wechat Hospital in Sichuan, built the Wechat wifi smart hospital project in Huaxi second Hospital, promoted the construction of payment platform with social security, and has begun to gradually promote it throughout the country (Shenzhen, Beijing, etc.) NetEase, Inc is the leading overall solution provider of medical informatization in southwest China, with complete solutions for telemedicine and graded diagnosis and treatment.
The ecological platform of "Wisdom Cloud Medicine" has appeared.
The company's extension cut into "Internet + Health". In the future, it is expected to integrate and link up business resources such as Yi Fang Medical (Wechat Wisdom Hospital, Health Cloud platform), Zhi Xiang Network ("drugstore Cloud" OTO platform, pharmaceutical e-commerce), Xintong Network Yi (medical informatization) and Yantian Information (established as a joint venture with Mandala, layout big data, promoting medical informatization grading diagnosis and treatment) and other business resources. To achieve telemedicine, online and offline interaction, health management, etc., to create a complete "intelligent cloud medicine" ecological platform, and then to achieve in-depth interaction among pharmaceutical companies, medical institutions, government, doctors, patients and other parties. On this closed-loop platform, medical services such as rehabilitation can be grafted in the long run to open up the company's growth space.
Gorgeous transformation opens the room for growth and maintains the "overweight rating".
It is estimated that the net profit in 2016 will come from the 51% equity income of Hainan Longjian Industrial Co., Ltd. 21 million yuan. The high performance growth from 2017 to 2018 is mainly due to the low base and the investment income brought by Yixiang Medical. It is estimated that the company's EPS from 2016 to 2018 will be 0.02,0.03 and 0.08 yuan respectively (EPS0.08, 0.10,0.16 yuan), taking into account the listed companies with similar business in the same industry, such as Wanda Information (medical informatization, market value 26.1 billion), Weining Health (medical informatization, market capitalization 20.1 billion yuan), Hai Hong Holdings (PBM health insurance fee control business, market capitalization 41.5 billion), Yi Lianzhong (medical and health service system). Market capitalization 8.3 billion) Market capitalization, we believe that this year can achieve a turnaround to profit, performance flexibility, while the company's "Smart Cloud Medicine" is the industry's most well-built "Internet + health" platform, giving the company's first target market capitalization of 10 billion yuan, corresponding to the stock price center of 32.36 yuan, the target price is adjusted from 20.00-21.50 yuan to 31.00-33.00 yuan, maintaining the "overweight" rating.
Risk tips: Zhi Xiang network, Xintong network easy business development is lower than expected, the effect of Internet medical resources integration is lower than expected.