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中珠医疗(600568)首次覆盖报告:全方位打造专业的肿瘤生态管理平台

華泰證券 ·  Sep 22, 2016 00:00  · Researches

The comprehensive layout of the entire oncology value chain opened up the company's market capitalization growth space in 2015. Through the acquisition of integrated medical care, the company made full use of its many years of experience in the field of oncological disease services, and fully involved in the full value chain of oncology services, including early cancer screening (liver cancer, breast cancer, etc.), tumor treatment (characterized by radiotherapy), and tumor rehabilitation (combined with real estate and medical care), forming a unique tumor ecosystem management platform with unique characteristics to meet the needs of residents that have been suppressed for a long time in the field of oncology, outline the company's future growth blueprint, and promote the company's rapid performance Growth. The company's 2016-2018 performance is expected to be 353 million, 517 million and 705 million (the medical sector contributed 153 million, 317 million and 505 million), corresponding to EPS of 0.50, 0.73 and 0.99, respectively. The rapid growth in the company's performance over the next three years will also drive a steady increase in the company's market value. It is estimated that the company's market value will probably reach 28.03 billion yuan in 2018, and the target price for the next 12 months is 33-37 yuan, covering the “buy” rating for the first time. Research and development of advanced technology to meet residents' long-suppressed early cancer screening needs. From past experience in diagnosis and treatment to future development of accurate diagnosis and treatment, diagnostic technology will be critical. In particular, early screening of major diseases (such as tumors) can not only significantly improve the survival rate of patients, but also significantly reduce the burden on patients and the country. To this end, the company is targeting early screening of major cancers (such as liver cancer), and promoting equipment (cirrhosis ultrasound detectors) to various scenarios in residents' lives (hospitals, communities, pharmacies, public places, etc.) to meet their long-term suppressed demand for early cancer monitoring in a cheaper, more convenient, and more effective way, to help them achieve self-health management and control disease risk while also being the C-terminal entry for the company's card. Currently, the promotion of cirrhosis ultrasound detectors outside hospitals is progressing very smoothly. In addition, the phased array radar breast imaging system that the company focuses on building (probably the first in the world) will be an ideal device for early screening for breast cancer, and is expected to be launched in 2018 to bring good news to women across the country and even around the world. Building a medical consortium focusing on the characteristics of the Zhongzhu radiotherapy brand will become the general trend in our country. The medical consortium will be the best model for implementing hierarchical diagnosis and treatment, while Internet+ will make it easier to implement hierarchical diagnosis and treatment. Therefore, the company will use capital advantages to rapidly expand the offline entities of the medical consortium (currently there are 30 oncology centers, and 100 oncology centers and 30 cancer hospitals will be built in the next 3-5 years); it will also use the Internet to provide medical resource support (currently, 22 domestic radiotherapy industry leaders, including Wang Junjie, to provide services in the field of radiotherapy, including remote teaching, expert consultation, planning, remote intelligent control, etc., and will gradually expand diverse services such as pathological film reading, joint consultation, and surgery by famous doctors); it will also use the experience of integrating more than 10 years of experience in operating cancer treatment centers to build a well-endowed center The Pearl brand's medical consortium (featuring radiotherapy, supplementary surgery, drugs, and other cutting-edge treatments, focusing on cancer diseases such as liver cancer, breast cancer, etc., which can be linked to the company's tumor testing service system). Using capital to build a professional cancer ecosystem management platform, companies are confident in the future. Previously, pharmaceuticals and real estate were a combination of medicine and real estate (real estate dominated). In the future, the company will firmly transform to a professional cancer ecosystem management platform, so it will resolutely outline the company's future growth blueprint through industrial mergers and acquisitions, from testing, treatment, and rehabilitation to the entire cancer business chain. However, the company is optimistic about the future development of the company from major shareholders, the chairman of the board of directors, core executives, middle level employees, the chairman of Integrated Healthcare, and core executives, and the firm acquisition of company shares through fixed increases (650 million, participation of 50%, 1748 yuan), increase in holdings, employee stock ownership plans (total 900 million, 185 million employees, currently 16.33 yuan), and mergers and acquisitions (total exchange of shares in integrated health, 14.53 yuan), etc., has shown confidence in obtaining the company's shares. 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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