Main points of investment:
The transformation of Internet medical care is fast and ruthless. The transformation of the Internet medical enterprise company with the most potential in to c business has been brewing for a long time, and its determination is strong in execution. The company team has a very strong Internet gene, but also accumulated a lot of high-quality medical resources, the business model is both online and offline, online is expected to quickly obtain traffic, offline resources are also accelerating the layout, to c business is the most potential Internet medical enterprises.
The strongest endorsement of Internet genetic and medical resources to build core business barriers
Through multiple layouts, the company has built a medical plate layout with "hospital-drugstore-family-rehabilitation" as the core. YiFang network to build an integrated intelligent medical model, with the help of "Wechat platform + China Telecom Corporation" to seize the entrance of medical traffic, and settle down on mobile operators, medical institutions, doctors and patients, to build the key nodes of the entire business model. Adhere to the network deep ploughing medicine O2O, layout digital oral grading diagnosis and treatment. The signing of a strategic cooperation agreement with the Sichuan Health and Family Planning Commission is expected to promote the rapid replication of the business model in Sichuan Province.
The closed-loop model is unique, the profit model is gradually clear, and the imagination space is huge.
The company is based on the existing Internet medical business card traffic entrance to form a commercial closed loop. The future of Yixiang can be realized based on the share of hospital sales revenue, hospital service fees, marketing services and user fees. Clinging to the image can realize the collection of service fees for drugstores after users have accumulated to a certain extent. Digital oral business is expected to participate in income sharing, or choose to realize it from other links of the industrial chain; in the long run, the company can realize it through drugs and medical services (consultation fee sharing).
Strong financial strength, follow-up industrial chain + regional extension double layout
The company has sufficient cash reserves and set up a health industry fund, which is expected to further improve the efficiency of mergers and acquisitions, improve the layout of the online and offline industrial chain, and expand to the southwest by relying on Sichuan.
It is estimated that the company's EPS for 15-17 years will be 0.01,0.06 and 0.09 yuan respectively. With reference to the valuation level of Internet medical companies, and considering the scarcity and high growth of the company's business, we think that the company's market capitalization is undervalued, covered for the first time, and given a "recommended" rating.
Main risk factors: 1. The progress of promotion is not as expected; 2. The realization mode of Internet medical treatment is not as expected.