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阳普医疗(300030):定增9亿加码医疗服务领域

國泰君安 ·  Nov 30, 2015 00:00  · Researches

The company plans to issue shares privately, and the total amount of capital raised will mainly be used for the “Chenzhou Regional PPP Project for Hierarchical Diagnosis and Treatment”. Comment: The company plans to increase the medical service sector by 900 million dollars and maintain the rating of increasing its holdings. The capital raised by the company is mainly used for the “Chenzhou Regional Hierarchical Diagnosis and Treatment PPP Project”, including the Chenzhou Third People's Hospital Headquarters Renovation (PPP) and the Yizhang County Hospital of Traditional Chinese Medicine Overall Relocation (PPP) Project. This fixed increase will accelerate the company's transformation to hospital management, promote the upgrading of the business model from B2B to B2B2C, that is, from medical device sales to mobile medical technical support and medical services, and further enhance competitiveness. Maintain the EPS forecast of 0.24/0.32/0.44 yuan, continue to be optimistic about the increase in value brought about by the company's transformation into the medical service sector, and maintain an increase in holdings rating. The target price is 39.96 yuan. The PPP project in Yizhang County has won the bid. The company previously announced that it had obtained a bid notice for the overall relocation project of the Yizhang County Hospital of Traditional Chinese Medicine, with a total project of 300 million yuan. The company invested 200 million yuan to cooperate with the Yizhang County Government in PPP mode to build a traditional Chinese medicine hospital. The medical service resources in Yizhang County are relatively poor, and the company's current cooperation with the county government has a lot of room for market demand. At the same time, the company is trying to get involved in the field of hospital management, and the company's information technology products and medical devices are expected to be deeply integrated with hospital management, further enhancing the company's competitiveness. The order for Chenzhou Third People's Hospital is expected to be opened after a fixed increase, so the company can explore supply chain hosting for the old hospital. The reserves of new products are abundant, and it is expected that they will be launched one after another. The thromboelastography instrument was announced in the first half of the year. The instrument received a third-party test report, and supporting reagents are being prepared for third-party testing; the fully automated blood type blood type matching instrument and ischemia treatment device have entered the third-party testing stage; initial construction of a proctoscopy (photoacoustic imaging technology) prototype has been completed, and third-party tests will be carried out later. Risk warning: fixed growth is lower than expected; medical services have a long profit cycle; accounts receivable recovery risk;

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