Summary:
Events:
Shangrong Medical released its semi-annual report on August 31, 2017. During the reporting period, the company realized operating income of 1.016 billion yuan, up 19.46% over the same period last year; realized operating profit of 120 million yuan, up 15.81% over the same period last year; realized total profit of 125 million yuan, up 17.52% over the same period last year; realized net profit of 95 million yuan belonging to shareholders of listed companies, an increase of 14.52% over the same period last year. Realized basic earnings per share of 0.14 yuan, an increase of 16.67% over the same period last year.
Comments:
The brand has obvious advantages and perfect marketing channels. As of the first half of the year, the company has provided a number of hospitals with overall solutions for modern hospital construction, and has accumulated rich industry experience, professionals, core technology, application software and the best industry solutions. "Shangrong"
The brand has won the love and trust of customers, the effect of the company's brand management is remarkable, and the brand value and brand advantage are obviously improved. In addition, the company has formed a relatively perfect sales and service network throughout the country, and has set up offices in key provinces and cities, and the market has covered most parts of the country.
The construction of industrial chain will become an important direction of the company's future development. Relying on the overall construction business of the hospital, Shangrong Medical has the advantages of providing customers with services such as the management of hospital construction projects, the implementation of medical professional projects and the configuration of medical devices, and uses the means of M & An investment to build a chain covering hospital construction engineering, medical professional engineering, medical software development, medical equipment sales, medical consumables sales, hospital logistics trusteeship, hospital construction and investment. The structure of the whole industry chain will give full play to its synergy, so that the company has the core advantages of the industrial chain and is in a leading position in the fierce market competition.
Profit forecast: we predict that the company's EPS from 2017 to 2019 will be 0.28,0.31,0.37 yuan, corresponding to 34.7,31.9,26.1 times of PE.
Rating.
Risk tips: 1) the risk of raw material price fluctuation; 2) the process of M & An and integration is lower than the expected risk; 3) the risk that the project contract can not be performed on schedule.
