Items:
The company announced that Internet + Medical Strategic Cooperation Agreement was signed with Zhuo Jian Technology, and the two sides intend to give full play to their respective advantages in the fields of medicine, health and mobile healthcare, and cooperate in many fields, such as the provision of overall medical and medical solutions, the construction of medical and health platform and intelligent business platform, to promote the common development of both sides.
Comments:
Zhuo Jian Technology deeply ploughs the mobile medical market in Jiangsu and Zhejiang provinces. Zhuo Jian Technology was founded in 2011 and completed round B financing led by Tencent in early 2015 (150 million yuan). Mr. Wei Jianfeng, co-founder and CEO, is a specially appointed expert in Zhejiang Province, PhD in surgery in the United States, and a hepatobiliary surgeon in the first Hospital of Zhejiang University, with a profound medical background. The characteristic of the company is not to blindly pursue the increase in the number of covering hospitals, but to dig deep into Jiangsu and Zhejiang regional hospitals, digging hospital service value and patient stickiness. Already has palmtop hospital and mobile telemedicine service platform, web+ hospital portal, health cloud TV and other solutions.
The two sides are mutually beneficial and win-win and give full play to their respective resource endowments. The two sides jointly provide multi-link overall solutions such as patient diagnosis and treatment and pharmaceutical marketing for medical institutions in Zhejiang Province, and the company can use its own hospital terminal resources to assist Zhuo Jian in promoting its mobile medical business. Zhuo Jian's information platform advantages will help the company's new products admission, doctor relationship maintenance, the promotion of high-quality new and special products in the hospital, and so on.
In the future, we will build a professional health care and wisdom business platform. The two sides will jointly develop data and resources involved in the health and business sectors (including, but not limited to, mobile payments, O2O interactive marketing, data management, BI analysis, etc.). In addition, in the face of newly developed hospital customers, the two sides can jointly provide a series of services such as consulting, design, operation and development of smart health care and business platform in the form of project consortia.
The injection of 50% stake in Intel Pharmaceutical Co., Ltd. has made steady progress. Due to historical reasons, the company's ownership structure is more complex, Sinochem Group is the actual controller, but the proportion of shares controlled by Zhejiang SASAC is similar. The injection of 50% of Intel Pharmaceutical's equity outside the listed company marks the strategic determination of the cooperation between the two major shareholders to develop, expand and strengthen the listed company, and is expected to speed up the pace of operation in the future. At present, the pre-issuance plan has been pre-approved by SASAC, which still needs the formal approval of SASAC, the shareholders' meeting and the examination and approval of CSRC.
The layout of high-margin business and innovative models continues. Since 2013, the company has successively distributed equipment consumables, traditional Chinese medicine slices, DTP pharmacy and pharmaceutical e-commerce. It is expected that the revenue of equipment and prepared slices will grow by more than 40% in 2015 compared with the same period last year. Pharmaceutical e-commerce and DTP pharmacies have formed a preliminary layout in Zhejiang Province.
Risk factors. The progress of additional issuance is lower than expected, and the expansion of business such as medical devices and pharmaceutical e-commerce is lower than expected.
Give a "buy" rating for the first time. Considering the dilution of IPOs, we predict that the EPS for 2015-2017 will be 0.56,0.65 and 0.79 yuan. The company is expected to speed up its reform and new business layout in the future. The comparable company will give it 55 times PE in 2016, with a target price of 35.75 yuan, and a "buy" rating for the first time.