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朗玛信息(300288):打造医疗O2O闭环 收购线下医院更具稀缺性

Longma Information (300288): Building a closed-loop medical O2O to acquire offline hospitals is more scarce

興業證券 ·  Nov 20, 2015 00:00  · Researches

Key points of investment

Incidents:

On the evening of November 13, the company announced a major asset purchase plan: Langma Information and Hospital Management Group increased its capital to Six Medical Company. Among them, Langma Information invested about 155.2941 million yuan in cash, and Hospital Management Group invested about 80 million yuan (subject to the final evaluation results) of Guiyang Six Medicine's assets package after the capital increase. After the capital increase, Langma Information held 66% of Six Medical Company's shares, and the Medical Management Group held 34% of the shares of Six Medical Company, and Six Medical Company became a holding subsidiary of Langma Information.

Reviews:

The company plans to acquire offline physical hospitals, and the strategic direction of Internet medical care is determined. The company's strategic development of Internet healthcare is mainly due to: on the one hand, the company's main telephone-to-peer business was impacted by WeChat, Momo, etc., which fell 19% year on year in 2014, and is expected to continue to shrink in the future; on the other hand, as China's population aging accelerates, the number of patients is increasing day by day, and domestic medical resources are scarce, so Internet healthcare is expected to usher in major development opportunities, and the future is broad.

The future value of the Internet medical industry chain is huge. Aware of the opportunities for the integration of the Internet with traditional industries, the company chose “Internet+Healthcare” as the future business development direction, and laid out the industry chain around the three elements of “user entrance, medical resources, and big data.” The acquisition of physical hospitals is an important part of the company's Internet medical industry chain layout. We believe that Internet hospitals will be the core carrier of future Internet medical services. Furthermore, in June 2014, the company acquired 39 Health Network, the largest health portal with the most content and users; in May 2015, the company collaborated with Baidu to use its brand and traffic advantages to develop Internet secondary diagnosis services for severe and difficult diseases. 39 Health Network and Baidu traffic account for online user entrances and big data, and physical hospitals provide offline medical resources. We believe that the company is building an Internet medical system covering health information services+health management+drug service+Internet hospitals, which will have great future value.

The core advantages of building an Internet medical O2O platform are outstanding. At present, the company has arranged in an orderly manner in the fields of Internet access, big data technology, pharmaceuticals, doctors, medical testing services, etc. The hospital acquired this time is the core asset of Internet medicine. The company can rely on physical hospital qualifications to build an Internet hospital platform covering both online and offline diagnosis, treatment and health management services combining online and offline. Because the company has physical hospitals, it is qualified for online consultations. Once channels are opened up and connected to offline medical resources, it will definitely have a strong competitive advantage in the Internet medical market. Therefore, in the future, the company is expected to fully grasp medical, patient, and drug information, build a complete Internet medical O2O closed-loop system, and its core advantages will be fully demonstrated.

A favorable policy environment helps the company successfully implement its Internet medical strategy. The proposed acquisition of the company Guiyang Six Medicine is a Class II General Hospital under the Guiyang Municipal Health Planning Commission. The government supports hospital restructuring and encourages development in the direction of Internet medicine. We believe that the company's acquisition has received strong support from the government, which is conducive to the smooth implementation of the Internet medical strategy. The company received 5 million yuan of “Health Big Data Industry Development Funds” for the third batch of municipal subsidy funding projects to support industrial and information technology development in 2015, and also received 5 million yuan of simultaneous funding from Guiyang High-tech Zone. The company received this one-time government subsidy fund of 10 million yuan on September 29, 2015.

We believe that as the degree of aging in our country continues to rise, the number of patients increases, and traditional medical resources are scarce, the Internet medical market space spawned by this will be huge. Through the acquisition of hospitals, the company relied on physical hospital qualifications to carry out O2O diagnosis and health management services to create an Internet medical ecosystem platform integrating medicine, patients, and medicine. Its core advantages are obvious and scarce. Therefore, we are positively optimistic about the company's future development space. We expect EPS to be 0.23 yuan, 0.29 yuan, and 0.36 yuan respectively in 15-17, maintaining the “increase in holdings” rating.

Risk warning: Innovation business is not progressing smoothly, the impact of national health-related policies

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