Main points of investment:
Large-scale acquisition of plus Internet medical business
The company plans to acquire shares in the two companies with 786 million yuan in cash, adding to the Internet medical business. The sale of subsidiaries engaged in wood wholesale and retail business will accelerate the divestiture of the traditional business with weak profitability, the transformation of Internet medical care is firm, and the execution is strong. The company's medium-term performance forecast will turn losses into profits, and profitability is expected to be gradually enhanced.
Acquire Zhixiang Network and reconstruct the pharmaceutical retail ecology with Baidu, Inc. Pharmaceutical Direct and Sina Health.
Traditional medicine retail is faced with problems such as lengthy retail channels and high costs, the growth rate of the industry slows down, pharmaceutical e-commerce shows explosive growth, and has great potential for development. The company acquires the entrance of Zhixiang online card store, cooperates to create a "drugstore cloud" platform, and organically combines with Baidu, Inc., Sina and other resources to create an Internet pharmaceutical ecosystem. With years of experience and rich resources in the pharmaceutical industry, Zhi Xiang Network has a diversified profit model for drugstores, such as business decision-making, shop staff training and so on.
Invest in NetEase, Inc, improve the link of medical informatization
The perfect health information management system is the foundation of the Internet medical platform; the company's proposed acquisition of ICT NetEase, Inc is the major HIS supplier in the southwest region; the cooperation between ICT NetEase, Inc and Qinghai medical institutions will help the company to lay out Qinghai and open up the business territory of the southwest region; 4) through the cooperation with ICT NetEase, Inc, Wanfang Development will be more professional, systematic and comprehensive in medical informatization.
The strongest Internet + endorses medical resources and is expected to become the leader of Internet medical treatment.
The company and Tencent, Baidu, Inc., Sina and other companies reached in-depth cooperation, with the strongest Internet genes. At the same time, the layout of the company is perfect, and Yifeng Medical, which was acquired last year, has obvious synergy with the two companies acquired this time. The company will copy the Sichuan model and move forward rapidly from the southwest to the whole country. In the follow-up, it is expected to continue to consolidate physical medical resources.
Assuming that the acquisition is completed, the EPS for the 16-18 exam is expected to be 0.12,0.32 and 0.42 yuan respectively, and the company is expected to become the Internet medical leader and maintain the "recommended" rating.
Main risk factors: (1) the company's performance is lower than expected; (2) the overall development of smart medical industry is not as expected; (3) market competition risk.