Wanfang develops to build an Internet medical platform for hospitals, clinics and pharmacists. Hospital service fees, WeChat Pay's share, and health data operation enrich its cash model, and follow-up catalysts are expected to continue to fall to the ground.
Event: Wanfang Development signed a strategic cooperation framework agreement with the Sichuan Provincial Health and Family Planning Commission, stipulating that the Health and Family Planning Commission gives priority to the partners of Wanfang, and prescribes hospital wifi, cloud HIS and digital oral cavity as the specific cooperation direction.
Comprehensive transformation of Internet health care: Wanfang Development acquired 23% of Zhixiang Network and 40% of Yixiang Network respectively. Zhi Xiang and Sina build a Sina health channel, provide drugstores with information services such as drugstore cloud and member management free of charge, and work with Baidu, Inc. to build a platform for grading oral diagnosis and treatment. Yifei cut into the hospital with the hospital wifi and Wechat official account to realize the mobile interconnection of registration, inquiry, payment and other links in the hospital, and has been put into operation in the West China second Hospital.
The realization mode of Yi Fang platform is rich: for Wechat, Yi Fang is the channel to obtain hospital resources in Sichuan Province, and its discourse right accumulates rapidly with the expansion of access to the hospital. There is no doubt that Yixiang to improve the efficiency of medical treatment has a very strong stickiness, and the cash model that the market is worried about is expected to be landed through hospital service fees, WeChat Pay sharing and other ways. It has become a trend to use mobile Internet to carry patient health data. Yixiang has a leading advantage in hospital entrance card position, top-level resource support and technology realization. Getting through the in-hospital PACS and LIS platform to penetrate into medical technology, diagnosis and treatment will make the value of the platform enter a new dimension.
The follow-up catalyst is expected to continue to fall to the ground: the number of hospitals connected to the Yiwang platform in breadth is expected to increase significantly in the near future, the cooperation with Tencent is expected to deepen, and it is worth looking forward to strengthening the card position to the extension of medical informationization; in depth, the docking of medical technology and diagnosis and treatment system in the hospital is expected to land. The cooperation between Zhi Xiang online drugstore Yun and large chain drugstore manufacturers is accelerating. At the end of the year, 10,000 drugstores will be connected. The oral grading diagnosis and treatment platform in cooperation with Baidu, Inc. will enter the public testing stage, which is expected to realize the closed loop of hospitals, clinics and patients. The company connects patients with hospital resources, mobilizes clinics and pharmacists to form graded diagnosis and treatment, completes the closed loop of information flow and capital flow, and the overall Internet medical layout is gradually emerging.
For the first time, "highly recommended-A" investment rating. It is estimated that the earnings per share from 2015 to 2017 will be 0.01,0.05,0.08 yuan respectively, and the corresponding PE will be 336226 times. Considering the uniqueness of the company's business model in A shares and the expectation of subsequent extension, we strongly recommend-A rating with a target price of 25.00 yuan.
Risk hint: the progress of hospital promotion is not as expected, and the Internet medical cash model is not as expected.
