Event description: the company plans to buy 100% equity of China Shihan for 280 million yuan, the transaction price is 280 million yuan, including 168 million yuan for issuing shares, 9.8 yuan for locking price, for a total of 17.1429 million shares, with 112 million yuan in cash. In addition, it raises no more than 162.9 million yuan to pay for the cash consideration of China Shihan, the construction of the remote video service platform for graded diagnosis and treatment, and the fees of related intermediary agencies.
1. Shenzhou Shihan is a leading intelligence outpatient service provider in China, covering more than 400 tertiary and first-class hospitals. In 2010, the company began to actively cut into the field of smart medicine, by providing customized triage and guidance solutions for various departments of the hospital, quickly covering more than 400 domestic third-class hospitals, and contributing major revenue and profits to the company. The triage guidance system is the most important part of the outpatient system in addition to electronic medical records and HIS. 17H1's revenue accounts for 62%, and commercial smart screen business accounts for 28%.
two。 We have acquired Mijian and Shihan successively, with high business cooperation and large integration space. Through the acquisition of Mijian and Shihan, we have opened up the product lines of HIS and CIS, expanded the company's marketing channels, and greatly enhanced the company's competitiveness in the field of medical information.
3. The government actively promotes the construction of medical big data, and the establishment of three national teams is expected to promote the establishment of industry standards. Up to now, three national team companies, China Health Medical big data Co., Ltd., China Health Medical big data Science and Technology Development Group and China Health Medical big data Industrial Development Co., Ltd., have formed a tripod pattern in the medical and health field, and industry standards are expected to be established quickly.
Profit forecast and valuation: based on the perfect layout of the company in the field of HIS and CIS, we believe that after entering "Rongke 3.0", the strategic transformation thinking is clear and the new business develops rapidly. Assuming that Shihan completes the acquisition in 17 years, the net profit of the company in 2017-2019 is 57 million yuan, 76 million yuan and 95 million yuan, and the corresponding EPS is 0.18,0.24,0.30 yuan respectively. The current valuation corresponds to 46 times in 18 years. Taking into account the rapid growth of the company's future performance and the active expansion of the field of artificial intelligence big data in the future, it is given a valuation of 60 times in 18 years, corresponding to the target price of 13.2yuan, and there is still room for more than 20%, which is highly recommended. During the suspension period, the gem index rose 5.7%, and the Citic computer index rose 8.3%.
Risk hint: the demand for medical informatization is lower than expected; market competition intensifies.