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湖南发展(000722)中报点评:业务符合预期 养老产业稳健推进

長江證券 ·  Aug 3, 2015 00:00  · Researches

Incident reviews were affected by the drag on incoming water volume and increased tax pressure, and the negative growth in the company's performance in the first half of the year was basically in line with expectations. The company's incoming water and electricity volume decreased slightly compared to last year. The amount of feed-in electricity decreased from 617.832 million kilowatt-hours to 549.2544 million kilowatt-hours, a year-on-year decrease of 11.10% over the previous year, which directly led to a 10.7% reduction in overall operating income. Starting this year, the company's five-year tax deduction period will officially expire, and it will no longer enjoy preferential income tax loss policies. Income tax payable during the reporting period is 19.6173 million yuan. In the face of increased tax pressure, the decline in the company's performance is also expected. The company actively lays out the health industry with the theme of “medical treatment, health care, and old-age care” and promotes equity investment in due course. Currently, the basic structure has been completed, and it will enter a period of rapid expansion in the future. The company's Chunhua Health City project has obvious location advantages. It has signed a strategic cooperation agreement with a total investment of 9.749 billion yuan; in terms of rehabilitation medicine, it has joined hands with Mr. Zhou Jianglin to obtain shares in the Xiangya Pok Oi Rehabilitation Hospital. The Children's Rehabilitation Hospital is expected to be put into operation in the second half of the year. At present, the company's old-age care business is progressing in an orderly manner, preliminary accumulation has been completed, and rapid expansion within the province will be achieved in the future. China's rehabilitation medical industry belongs to the blue ocean market. The company is expected to be based in the Hunan region to further replicate and promote the “Xiangya model” and become a national platform company in the field of rehabilitation medicine. With the strengthening of policy support and the gradual opening up of market space for rehabilitation medicine, the company enjoyed certain policy dividends. The partner, Mr. Zhou Jianglin, is an authority in the field of rehabilitation medicine in Hunan and has rich resources and experience; the Xiangya Pok Oi Rehabilitation Hospital is directly connected to the Xiangya Hospital, has a stable source of disease, and has improved the quality of medical services under the comprehensive trusteeship model. In the short term, the company will replicate rehabilitation hospitals in the province and build a platform-based rehabilitation company. It is estimated that the company's EPS from 2015 to 2017 will be 0.29, 0.38, and 0.59, respectively, giving it a “recommended” rating.

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