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【华泰证券】中珠医疗:逐步剥离地产,加速布局医疗产业

華泰證券 ·  Dec 2, 2016 00:00  · Researches

The gradual divestment of real estate strengthened the company's determination to transform healthcare. On the evening of December 1, the company announced that it would sell part of its real estate business and obtain nearly 500 million dollars in cash. This move strengthened the company's determination to transform healthcare and also provided solid financial backing for the company to lay out the medical sector business. At the same time, the company announced the acquisition of 65% of the shares in Anhui Lu'an Development Zone Hospital to continue to accelerate the layout of the company's entire oncology business chain; in addition, the company also announced that it has obtained exclusive patent rights for the national class 1 new drug, motherwort, from Fudan University, injecting impetus into the company's continued development in the medical sector. Build a comprehensive professional tumor ecosystem management platform. Through the acquisition of integrated medicine, the company will make full use of its many years of experience in the field of oncological disease services and enter the entire value chain of oncological disease services, including early tumor screening (liver cancer-cirrhosis ultrasound detector, breast cancer-phased array radar breast imaging system): promote equipment to various scenarios in residents' lives to meet their long-term suppression needs for early cancer monitoring in a cheaper, more convenient and more effective way, and help them achieve self-health management while also entering the C end of the card; cancer treatment: building a medical consortium with the Zhongzhu brand (characterized by radiotherapy, assisted by radiotherapy), Pharmaceuticals and other cutting-edge therapies focus on cancer diseases such as liver cancer and breast cancer that can be linked to the company's tumor testing service system) and tumor rehabilitation (combined with real estate and medical care). Capital helps the company accelerate the layout of the entire oncology business chain. This year, with capital, the company made rapid progress in the layout of the entire oncology business chain: in terms of cancer screening equipment: in the first three quarters, cirrhosis ultrasound detectors were sold nearly 400 units (240 units in 2015), and sales are likely to exceed 700 units throughout the year. Next year, the phased array radar breast imaging system (which may be the first in the world) is currently progressing smoothly and is expected to be launched in 2018. In terms of the oncology medical consortium: 28 treatment centers under the company's military system are still operating normally. This year, the company signed 4 new oncology treatment centers (3 will open within the year) and 2 hospitals. The company plans to establish 100 cancer treatment centers and 30 oncology specialist hospitals in about three years. Subsequent companies will also continue to use capital to accelerate the layout of the company's entire oncology business chain. It also obtained exclusive patent rights for the national class 1 new drug, motherwort. The motherwort project is a result of 10 years of research by Zhu Yizhun, a Changjiang scholar, chief science expert of the National 973 Program, and professor at Fudan University. After 10 years, the “11th Five-Year Plan” and “12th Five-Year Plan” of the country's “major new drug creation” science and technology projects were approved. It has now been proven that it has obvious curative effects on fat reduction and treatment of stroke (suppressing inflammation of atherosclerotic plaques and reducing the area of cerebral cortical infarctions caused by cerebral ischemia). In the future, Zhongzhu will accelerate the launch of this product and inject momentum into the continued development of the company's medical sector. Profit forecasts and investment advice. Considering that the date of the real estate divestment has not yet been determined, the company's 2016-2018 performance is currently maintained at $353 million, $517 million and $705 million (medical sector contribution of $153 million, $317 million and $505 million), corresponding to EPS of 0.50, 0.73 and 0.99 million yuan, respectively. The company's subsequent extension expectations are strong, and the company's major shareholders (private equity convertible debt exchange cost is 26.75 yuan), the chairman, core executives, middle level employees, and the chairman and core executives of integrated health care are all optimistic about the future development of the company. Through a fixed increase of 655 million yuan, participation of 50% 1,748 yuan), increased holdings, employee stock ownership plans (890 million yuan, employee output of 185 million yuan, cost 17.98 yuan, considering leverage costs of 19.10 yuan), mergers and acquisitions (total exchange of shares for 1453 yuan with integrated medical care, 14.53 yuan; lifting the ban in February next year) shows confidence in obtaining the company's shares and maintaining a “buy” rating. Risk warning: The progress of business promotion is lower than expected, and the progress of mergers and acquisitions is lower than expected.

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