The United States Clinic is one of the first medical subdivisions in the south of the country. The sub-network of the collection covers the South and other areas such as Fujian Province. Based on the data of the target information, calculated according to the income of the medical subdivision service in 2014, the cluster is the third largest private medical subdivision company in the south-eastern region. According to the same data, for the years ended December 31, 2012, 2013 and 2014, the market share concentrated in the South China market was about 2.3%, 2.2% and 2.4% respectively, while the market share in the Chinese market was about 0.2%, 0.2% and 0.3%, respectively. We recommend investing in speculative stocks.
The company is in charge of
(1) Cluster is one of the leading mature medical distributors in the southern region, it can fully take advantage of the trade integration opportunity and the exhibition of the Chinese medical sub-market and benefit from it; (2) maintain a secure relationship with major customers and suppliers; (3) have an efficient distribution network and distribution mechanism; and (4) have conscientious and experienced management excellence.
Overview of the industry
According to the target information, the total sales volume of Chinese medical products at the end of the market (including those sold by hospitals, clinics, health stations and retail stores to consumers) rose from 6750 yuan in 2010 to 12457 billion yuan per person, with a compound annual growth rate of 16.6 percent, and the market has good prospects for development. In addition, the mark information estimates that the combined annual growth rate of total sales of goods sold in the end market from 2014 to 2018 is 10.5%. In 2018, it will reach 18565 billion yuan.
According to China's health and family planning statistics, China's total medical expenditure increased from 19980 yuan in 2010 to 35380 billion yuan in 2014, with a compound annual growth rate of 15.4 percent. With the continuous promotion of the national medical reform, China's total medical expenditure has increased rapidly, and it is expected to continue to grow in the coming years. According to the data of mark information, China's expenditure on expenditure is expected to continue to grow at a compound annual growth rate of 11.8% from 2014 to 2018, and will reach 55215 billion yuan in 2018.
According to Chinese health and family planning statistics, China's per capita medical expenditure increased from 1490 yuan in 2010 to 2587 yuan in 2014, with a complex annual growth rate of 14.8 percent. According to the data of target information, there is still a very large gap in per capita medical expenditure between China and most countries in the world. China's per capita medical expenditure is less than 5% of that of the United States, and it is estimated that China's per capita medical expenditure will continue to grow rapidly, thus promoting the growth of medical expenditure.
Profit ability and duty number
Based on the historical records of the past three years, the revenue of the collection company has increased from HK $2016.9 million in 2012 to HK $3014.1 in 2014, with a compound annual growth rate of 22.2%. The annual growth rate is 60.7%, which is from HK $1.41 million in 2012 to HK $3.64 million in 2014. The increase in revenue during the previous period was mainly due to the increase in the number of products sold by first-tier sub-contractors and the increase in sales of products sold to retail outlets.
Collection purpose
HK $185.2 (at HK $8.10 per share) from this collection will be used for the following purposes: about 35 per cent will be used to enhance, develop and integrate storage distribution networks and capabilities; about 10 per cent will be used to improve and promote our B2B e-commerce platform; about 30 per cent will be used to borrow money from repayment banks; and about 15 per cent will be used to collect medical services in the southern region. About 10% will be used for financial assistance and general business purposes.
Valuation
According to the IPO price ratio of HK$7.60 to 8.60, the historical price-to-earnings ratio of Fannie Mae is 18.6-21.0 times, and the price-to-market ratio is about 1.71-1.83 times. The historical P / E ratio and P / E ratio of 1099.HK, 2607.HK and 1345.HK are 23.7 and 2.67 times, 14.3 and 1.33, 14.4 and 3.35, respectively. The inland medical unit has always used the concept of an aging population and an increase in medical expenditure to obtain the vision of the market, but the market share is not large, and the division is the main responsibility, and it lacks the element of raising gross profit margin of its own market, and its relative strength is not high. Therefore, we only recommend speculative investment in this stock.
Negative factor
(1) the collection company has limited or fundamental control over the supplier and the quantity of the supplied products. If their performance fails to meet their expectations, the collection may be held responsible and may be accepted. The recall of products, product defects, product defects, or any other incidents that have a negative impact on the overall integrity and popularity of the banking industry may also have an adverse impact on the business of the collection industry; (2) the industry is fierce, the market may face more severe challenges as a result of the government's policy of accepting small-scale medical distributors and large-scale medical subcontractors. If the collection is not available, business, business conditions and business transactions may be significantly adversely affected. Collection may even become the revenue target of large national and local distributors, in which case it may face uncertainties such as receipts and future prospects; (3) sales mainly depend on sales in southern China, and if there are few or other factors affecting the region, the responsibility, operating conditions and operating conditions of the collection may be significantly affected. (4) the collection supplier supplies all the products and fails to maintain a relationship with the supplier or has an adverse effect on the collection; (5) the collection and retail channel sells the products to the most vulnerable consumers according to the customer, and generally does not establish a long-term sales agreement with the customer, if the relationship with them cannot be maintained or the collection can be accepted. (6) under the influence of the policies and regulations of the Chinese government, customer preferences and medical needs, China's medical profession is rapidly changing and may not be able to respond adequately in a timely manner, which may have an adverse effect on medical services, business conditions and medical expenses.
