Main points of investment
Performance summary: the company released the 2016 interim report, achieving revenue of 140 million yuan (+ 79.6%), net profit of 31.34 million yuan (+ 170.4%), and net profit of 30.24 million yuan (+ 162.9%).
Shixuan technology and table, the performance of substantial growth. (1) in a single quarter, 2016Q2 achieved revenue of 84.47 million yuan (+ 89.6%) and net profit of 21.28 million yuan (+ 173%), a substantial increase over the same period last year, mainly due to the positive impact of Shixuan technology. (2) from a business point of view, the income of power fault recorder is 51.67 million yuan (+ 20.6%) and that of medical and health care is 63.09 million yuan (+ 440%). (3) the contribution of medical and health business comes from Shixuan Technology, Exxon and Daqianobi. among them, Shixuan Technology is a first-class medical information solution provider in China, which has profound medical system resources and works together with Exxon and Daqian Biology. significantly enhance the company's comprehensive competitiveness in the field of health care. (4) the performance commitment of Shixuan Technology from 2017 to 2018 is not less than 58.59 million yuan and 73.24 million yuan respectively. We believe that the performance increment is expected to exceed expectations.
We will actively explore the "1-6" business model and open up a new pattern of the medical industry. The main results are as follows: (1) relying on the existing medical information platform represented by Shixuan, integrate regional health resources, extend the new pattern of medical industry that goes hand in hand with the construction of key disciplines, gene testing centers, regional imaging and ECG centers, regional temporary inspection centers, intelligent pension and medical supply integration. Examination, ECG, imaging, medical services, pension, supply chain and other functional modules to achieve the extension of the intelligent medical industry chain; (2) the construction of regional imaging, regional ECG and regional temporary inspection centers can effectively integrate limited medical resources and maximize the interests of hospitals, doctors and governments. It is a beneficial attempt to promote medical reform and a development trend in the future.
Establish Zhongyuanhui to expand a variety of investment business models. (1) extension expansion has always been an important strategy of the company. Zhongyuanhui has been established as a professional organization for the company's foreign investment, which is responsible for the company's direct investment and its own investment. (2) the establishment of Zhongyuanhui is conducive to innovating business models, expanding the company's business areas and investment channels, and improving the company's investment decision-making mechanism, integrating resources and improving the ability of value-added services. It will help to improve the efficiency of the use of funds to a greater extent and enhance the ability to resist risks.
Profit forecast and investment advice. It is estimated that the EPS of the company from 2016 to 2018 is 0.28,0.34 and 0.41 yuan respectively, and the corresponding price-to-earnings ratio is 43 times, 36 times and 29 times respectively. We believe that the company's product line is complete, and its future layout is expected to be strong in the fields of health management platform, pension, medical services, Internet medical care, medical big data, etc., the industrial chain will continue to improve, and the company has high growth potential to maintain a "buy" rating.
Risk hints: the progress of acquisition integration may not be as expected; market competition may intensify; contract performance or extension.