Items:
The company recently announced a 70 per cent equity intention acquisition agreement with PRP, Australia's second-largest independent medical imaging company, leaving the remaining 30 per cent to its original shareholders and management team. The subject of the transaction has 29 imaging diagnostic centres in New South Wales, Australia, providing imaging services such as MRI, CT, SPECT, ultrasound, mammography and curved tomography as well as PET. The total assets of the subject matter are about 575 million yuan (RMB), the net assets are about 111 million yuan, the operating income is about 836 million yuan, and the net profit is about 104 million yuan.
Main viewpoints
1. Layout independent medical images, enrich the company's medical service industry upstream content company after the establishment of Shanghai Renying Medical Imaging Company in August this year, another big move, the acquisition of Australian medical imaging companies, the formation of the linkage of medical imaging diagnosis at home and abroad, the introduction of Australia's advanced imaging diagnosis technology and experience into China, the formation of complementary advantages It has laid a solid foundation and technical strength for the continuous development of independent medical imaging centers in China. This acquisition is conducive to giving full play to Hengkang's scale synergy in the field of medical services and realizing efficient professional connections among patients, hospitals, imaging centers and imaging experts. To achieve the rapid development of the company's medical imaging, remote diagnosis and treatment and other medical services.
two。 The third-party medical imaging diagnosis center is an important part of graded diagnosis and treatment. "the outline of the 2030-year Plan of Health China" clearly puts forward that "continue to promote the policy of graded diagnosis and treatment". From the policy level, third-party medical services such as medical imaging diagnosis centers will be brought into the framework of graded diagnosis and treatment. At the same time, the National Health and Family Planning Commission formally promulgated the basic standards and management norms of the industry on August 12 this year, encouraging the development of collectivization, chaining and standardization of medical imaging diagnosis centers, which paved a broad road for the landing and future development of the industry. At present, the market share of the third-party medical imaging business in the United States is close to 50%. Calculated in this proportion, the future market scale of this field in China will also reach the level of hundreds of billions of dollars, with broad prospects.
3. Investment advice:
We believe that with the full implementation of Medical Services document No. 40 at the end of 2013, the medical service industry has entered a cycle of supply-side reform. The company forms the development direction of oncology, gynecology, obstetrics and reproduction, and medical imaging is an extension of the upper reaches of the medical service industry chain. We are optimistic about the company's layout in the third-party medical imaging field and build a closed-loop medical service industry chain. It is estimated that from 2016 to 2018, the EPS is 0.22, 0.30, 0.38 yuan, respectively, and the corresponding PE is two times that of 60-45-35. Maintain a "strong recommendation"
Investment rating.
4. Risk Tips:
Due to the suspected illegal disclosure of information, there may be the risk of delisting, the management and integration of hospital investment and the risk of medical reform policy.
